Have you been holding off dealing with Affordable Care Act because it doesn’t become effective until January 1, 2014? If so, we have some very important information that not only you, but your network must know before October 1, 2013!
If you are a business owner that produces $500,000 in annual revenue and has at least ONE employee, you are responsible for notifying all current employees, regardless if they are part-time or full-time of the Health Insurance Marketplace Coverage Options. In respect to current employees before October 1, 2013, employers are required to provide one of two notices no later than this date. The notice may be provided in writing and be mailed via first-class or sent electronically(1).
An example of how to notify your Employees:
The Exchange Notice Without Plans may be sent to Employees who are not currently offered a health plan by their Employer. The Exchange Notice With Plans may be sent to Employees who are offered a health plan by their Employer. Employers may send their own notices as long as it follows the same context as the above-referenced notices. Going forward, any employee hired after October 1, 2013 must be notified within 14 days of their start date.
What happens if a business owner does not send a form of the exchange notice to each current employee by October 1? They will be charged a penalty of $100 per day.
Your human resources department should be up-to-date on all of these guidelines, but double checking to ensure these steps are carefully examined and are taking place is crucial to saving your company a large penalty charge via the Patient Protection and Affordable Care Act for non-compliance.
For a complete outline regarding the $100-Per-Day Penalty, please visit the United States Department of Labor Release.