The Affordable Care Act’s “healthcare marketplace” officially opens for business on October 1. Small companies with less than 50 employees will not need to offer insurance, while any company with more than 50 employees will have a one-year grace period from any penalties if they fail to offer insurance. ‘
One thing is absolutely required by October 1: companies must inform their employees about the healthcare exchange available as a result of the Affordable Care Act.
What is the healthcare exchange?
On the new healthcare exchange websites, individuals and small companies can select and purchase health plans.
Most companies are not prepared to inform their employees about these websites, and could face potential fines of up to $100 per worker per day.
The U.S. Department of Labor’s website has guidelines on what is required under the Affordable Care Act. In addition, they have resources for companies that currently offer insurance and those that currently do not.
These resources can be used or modified to serve as compliant notification to employees.
Want to make sure you’re prepared?
The Affordable Care Act will impact business owners across the nation. The Robin Weingast team is ready to assist you and to make sure your healthcare plan is compliant, up-to-date, and still a powerful tool for attracting the most talented staff. Contact us today and we can help you navigate Obamacare.