Deadline October 1st.
This information is provided to help you to prepare for your compliance requirement with the Affordable Care Act.
Even though the “Employer Mandate” and “Full Time Equivalent” calculations have been deferred another year, there is still a very important requirement right on our doorstep.
On or before October 1st, employers must notify all of their employees of the option to purchase health coverage through the Federal Health Insurance Marketplace, aka “The Exchange”. In addition, this notice must be given to any newly hired employee within 14 days.
All employers with revenue of $500,000 or more, no matter how many employees they have, regardless of whether or not they offer a health plan, must provide this information to their employees.
Plain and simple…. You have no choice….This Must Be Done!
Payroll Dynamics has made the Department of Labor model forms available on our website at http://www.payrolldynamics.com/resources_clientforms.htm. There are two forms available. One form is to be used by employers that currently offer a health plan, and the other is to be used by employers that do not offer a health plan.
The appropriate form must be filled out and distributed to your employees. We recommend that you receive a signed copy back for your records, or use a distribution method that is traceable in order to prove that each employee was given their copy.
We strongly advise that you consult with your benefit administrator or other health insurance professional for assistance on completing these forms.
Here is a link to the FAQ that the DOL posted:
Here is a link to an insightful blog from a labor attorney regarding the penalties associated with this provision
Employee Benefits Legal Blog