WASHINGTON – Oct. 1 is fast approaching. Have you told your employees about the new health insurance marketplace?
By the start of next month, the Affordable Care Act requires most employers to have provided all employees, regardless of whether they are part- or full-time and enrolled in the company’s health care plan, with information about the health insurance marketplace, opening for enrollment Oct. 1.
In writing, employers must explain that their employees, depending on their income, may be able to obtain a cheaper plan on the marketplace than from their employer. If an employee’s individual contribution to his or her employer coverage exceeds 9.5 percent of their income and their income falls below 400 percent of the federal poverty level, they will be eligible to receive tax credits to lower monthly premiums for plans purchased on the exchange.
But if they purchase coverage on the exchange, they may lose their employer’s contribution to their health care costs - another fact that must be included in the required notifications.
The notice requirement applies to all businesses subject to the Fair Labor Standards Act. The FLSA generally applies to all businesses with one or more employees who generate at least $500,000 annually.
The U.S. Department of Labor is providing employers with sample notices. One for employers who provide health care can be found HERE. Another for employers who do not provide coverage can be found HERE.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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