October 1 Deadline for Notice of Coverage Options

In accordance with The Affordable Care Act (ACA), the deadline is quickly approaching for employers to notify their employees of coverage options available through Exchanges, otherwise known as Health Insurance Marketplaces.

Current employees (both full time and part time) must receive this notice of coverage options by October 1, 2013, at no cost to the employee. New employees hired after October 1, 2013 should receive the notice at the time of hire, or within 14 days of an employee’s start date. Under provisions of the ACA, employees will be able to purchase health care through state or federal marketplaces beginning October 1, 2013 for coverage beginning January 1, 2014.

Resources for Notices

Below are two links from the Department of Labor which will help you draft notices to your employees:

You may begin using these notices immediately. Each form requires that you insert information related to your organization. You also have the option of creating your own notice, as long as it provides all of the necessary information. All employers that are subject to the Fair Labor Standards Act (FLSA) are obligated to provide this notice of coverage options to employees (full time and part time), whether they offer health coverage today or not.

Employers can refer to The Center for Consumer Information & Insurance Oversight to see if their health coverage plan meets the minimum value requirements.

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HR Administrator Kris Benson, Reid Supply Company

We use the provided tax summary reports to summarize the required tax payments which we process through EFTPS, which takes less than 15 minutes each payroll for all companies combined.