As everyone is aware, the implementation of Obama Care, aka the Affordable Care Act, is quickly approaching.
Beginning January 1, 2014, individuals and employees of small businesses will have access to coverage through the new private health insurance market. Open enrollment for health insurance coverage through the Marketplace begins October 1, 2013.
No matter what your opinion of Obama Care is, if you are a small business owner with even 1 employee, here’s something you need to know: Section 1512 of the Affordable Care Act creates a new Fair Labor Standards Act (FLSA) section 18B requiring a notice to employees of coverage options available through the Marketplace.
So what does this mean? Most employers with less than 50 employees tend to think they do not have to do anything since they are not required to provide insurance under Obama Care. This is not entirely true. All employers, rather they have 1 or 1000 employees are required to give every employee a New Health Insurance Marketplace Coverage Options and Your Health Coverage letter prior to October 1, 2014. Failure to issue this letter could result in $100.00 per day, per employee fine.
For more information about this requirement click HERE.
To download a model notice for Employers that provide insurance click HERE.
To download a model notice for Employers that do NOT provide insurance click HERE