Employers are required to provide a Health Insurance Marketplace Notice to employees regarding the new insurance ‘exchange’ options.
Earlier this month, the Department of Labor issued guidance regarding the notice about Connect for Health Colorado’s new insurance marketplace. The DOL’s release included two model notices for employers: one for employers providing health insurance and another for employers that do not offer health insurance coverage (see samples of these model notices below).
The date for employer distribution of notices is October 1, 2013. The notice must be in writing; it can be distributed electronically as long as employees have access to email and clear notice is provided about the electronic documents. It is recommend that you retain a signed and dated copy of acknowledgement (give them a copy and retain original for YOUR records). Employers will also be required to provide notice to newly hired employees within 14 days of hiring.
>> Review/Download DOL’s Technical Release (No. 2013-02)
ASAP has posted the sample forms on our website under “Downloads/Forms” for you to easily download any time.
The Department of Treasury announced Tuesday July 2nd that they are delaying employer reporting requirements under the Affordable Care Act.
The mandate requires business with 50 or more employees to provide health insurance or pay penalties. The requirement for such employers to report to the Internal Revenue Service (IRS) is being pushed back, and therefore employers will not face penalties under the law for failing to offer health insurance to their full-time (or full-time equivalents) in 2014.
The IRS is going to use 2014 as a year for transition and voluntary reporting. The mandatory reporting has been pushed to January 31, 2016, to track data on healthcare coverage offered in 2015.
The individual mandate that requires individuals to carry insurance remains in effect.
In the News:
>>Kaiser Health News, 7/3/2013 – FAQ, What Workers and Employers Need to Know about Postponed Mandate
Your Healthcare Roadmap
Deadlines are fast approaching for employers to develop their strategy to deal with the 2014 requirements of the Affordable Care Act. Will you drop coverage and pay the penalties? Or, find a way to restructure either your plan or your workforce to comply at a cost you can live with? How will all the newly released guidance and rules affect your particular situation?
This fast paced Webinar full of the facts and strategy ideas you need to begin to create your healthcare plans for 2014.
Guest Speaker: Kristen Russell of Fall River Employee Benefits, with ASAP’s Richard Betts acting as the moderator.
VIEW WEBINAR HERE (click)
The U.S. Small Business Administration’s (SBA) health care web page, www.sba.gov/healthcare, is dedicated to educating small business owners about the Affordable Care Act. This site will serve as a gateway for small business owners providing them information provided by SBA’s federal partners responsible for implementing the law, including the U.S. Department of Health and Human Services.
Timeline of Affordable Care Act (Healthcare.gov)
Myth vs. Fact (sba.gov)
ASAP’s Founder and CEO, Richard Betts, has been working with the Colorado Health Benefit Exchange as Vice Chairman of the Board, Chairman of the Executive Search and Personnel Committee as well as the Board Governance Committee. He was appointed by then governor Hickenlooper in July of 2011.
The goal of the exchange is to increase competition and allow small business and people in the individual insurance markets to pool their interests to obtain more competitive premiums.
Colorado is one of 10 states that have passed enabling legislation (SB200) to create the exchange. The nine-member Board is independent of any existing state agencies or department and will be a key component of national healthcare reform. The exchange is scheduled to open for business in October 2013, offering a new marketplace just for small employers. The Small Employer Health Options Program (SHOP) will provide a range of high-quality plans and susbsidies for eligible employer to reduce premium costs.
As Vice Chairman, Betts works closely with Chairman Gretchen Hammer and Executive Director Patty Fontneau in carrying out the mission of the Exchange.