Inform employees of health insurance coverage by October 1
Categories: U.S. Legislatitive Issues, Top Stories, Dealer News |
Author: Mike Williams
Posted: 9/10/2013 |
The Internal Revenue Service published a rule in the Federal Register requiring employers to provide all employees (full and part time) with information regarding their health coverage options by Oct. 1, 2013.
Mandated by the Affordable Care Act, the new rule applies to businesses that fall under the Fair Labor Standards Act regardless of whether the employer offers health insurance to any of its employees. Businesses will be required to notify new hires of coverage options within 14 days of their start date.
The Department of Labor has created model notices for employers that do offer and do not offer health coverage to employees. Notices must include information about what is provided in the Health Insurance Marketplace, an employee’s eligibility for premium tax credits for certain plans, and that purchasing coverage in the Marketplace may mean forfeiting an employer-sponsored health care plan.