The Affordable Care Act requires employers to notify their employees of the existence of health benefits exchanges. That notification requirement was to be fulfilled by March 1, 2013.
The notification date has been postponed. A new date most likely in late summer or early fall will be announced. The goal is to coincide with open enrollment on the Exchanges, which begins Oct. 1, 2013 (for a Jan. 1, 2014 effective date.)
Two reasons were cited for this delay:
1. To coordinate with educational efforts and guidance on minimum value (the rule that employer-sponsored coverage must be affordable and cover at least 60% of services).
2. To provide employers with sufficient time to comply.
When published, the notification must inform the employee of the existence of the Exchanges, including a description of the services provided by the Exchanges and the manner in which the employee may contact the Exchanges to request assistance. In addition, the notification must convey the availability of premium tax credit to the employee if the employer's plan doesn't cover 60% of services and the employee purchases coverage through the Exchanges. The employee may lose the employer contribution (if any) toward the cost of health benefits if the employee purchases coverage through the Exchanges.
BCN will work with you on Department of Labor and HHS requirements and provide the necessary notices needed for your Plans. Please call us at 1-800-891-9911 or or contact us.
