Tips for Running Your Business: Affordable Care Act Required Notification

By September 27, 2013In the News, Members

TBCo member Dan Schmidt (The Emerging Business CFO) kindly put together a communication regarding the Affordable Care Act required to send to your employees. If your company (or you know anyone with a company) that falls into the category mentioned below, you are required to distribute communications to employees by October 1 (next week) and to any new employees moving forward. If you are not in the category now, keep these notices handy for when you are. Please read below and attached for details and sample communication.

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We wanted to inform you of an important Affordable Care Act requirement that may affect you and your business.

If your business is covered by the Fair Labor Standards Act (generally, those businesses that have at least one employee and at least $500,000 in annual sales), you must notify your full-time and part-time employees by October 1, 2013, of their options for complying with the new healthcare law. See example communication below.

All new employees hired after October 1, 2013, must be notified on the date of their hire.

The Department of Labor has created two sample notices, which have been attached to this email.  Please note that the determining factor is whether your company currently offers health insurance to employees.

Even if your business does not currently meet the FLSA requirements, we suggest that you keep these notices handy in case employees ask for the information they provide.

Download PDF for Affordable Care Act Required Notice (Employer Coverage Offered)

Download PDF for Affordable Care Act Required Notice (No Employer Coverage Offered)

 

EBCFO logo

Dan Schmidt, CPA

The Emerging Business CFO

Dan@EBCFO.com

816.392.8425

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Here is an example of what you could use to send to your employees (feel free to use this):

When key parts of the health care law take effect in 2014, there will be a new way to buy health insurance: the Health Insurance Marketplace. To assist you as you evaluate options for you and your family, this notice provides some basic information about the new Marketplace and employment based health coverage.

The Marketplace can help you evaluate your coverage options, including your eligibility for coverage through the Marketplace and its cost. Please visit www.HealthCare.gov for more information, including an online application for health insurance coverage and contact information for a Health Insurance Marketplace in your area.