Employee Notification About Health Insurance Marketplace

Health Insurance MarketplaceDid you know that if you’re an employer with a business over $500,000, you need to provide notice to your employees about the Health Insurance Marketplace by next Tuesday, October 1?

This is part of the Affordable Care Act and applies to all employers covered by the Fair Labor Standards Act.

According to the Small Business Administration, the notice should inform your employees:

  • About what the new Health Insurance Marketplace is, and that open enrollment begins on Oct. 1, 2013
  • That, depending on their income and what coverage may be offered by the employer, employees may be able to purchase lower cost private insurance in the individual Marketplace
  • If employees buy insurance through the individual Marketplace, they may lose the employer contribution (if any) to their health benefits

If you’re wondering whether you have to comply with the Fair Labor Standards Act, take this test to see if your company meets the rules.

The Department of Labor provides sample notices that you can send to your employees:

For employers who offer health coverage – http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf

For employers who do not offer health coverage – http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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