Are you aware of the healthcare reform law that goes into effect on January 1, 2014? Did you know that as an employer, you are required to send a marketplace notice to your employees by October 1, 2013?
Effective January 1, 2014, individuals may purchase private health insurance on a “Health Insurance Marketplace” which will be set up by each state. The Marketplace is designed to help individuals find health insurance that meets their needs and fits their budget. The Marketplace offers “one-stop shopping’ to find and compare private health insurance options. Open enrollment for coverage through a Marketplace begins October 1, 2013. All employers subject to the Fair Labor Standards Act (FLSA) must provide a Notice to employees informing them of the option to purchase health insurance coverage in a Marketplace.
All employers, regardless of the number of employees or whether or not they provide health coverage, are required to provide a notice if they are subject to the FLSA. Employers are subject to the FLSA if they have an annual volume of business of $500,000 and have at least one employee.
Employees hired before October 1 must receive the notice by October 1, 2013. New employees hired on or after October 1 must receive the notice within 14 days of their date of hire. A Notice must be provided to all employees, including part-time employees.
The DOL has provided two Model Marketplace Notices. There is one model for employers who do not offer a health plan and another model for employers who offer a health plan to some or all employees. The DOL Model Marketplace Notices can be found at http://www.dol.gov/ebsa/healthreform/. You may also visit HealthCare.gov for more information on the healthcare reform law.