It's October 1st! The grand experiment in health care reform has begun. There are pros and cons to this law and I'm sure many details will need to be worked out and a myriad of unintended consequences addressed as things move forward. Regardless, the law does require the attention most small business owners. The Affordable Care Act (ACA) creates the Fair Labor Standards Act (FSLA). Yep, more government acronyms! One of it's benchmarks is that if your firm has revenues of $500k or more, the Department of Labor will now require that you provide your employees with notice of what their health insurance options are regardless of whether they are full or part-time.
This notice should inform your employees...
- About the the Health Insurance Marketplace
- That they may be eligible for lower cost insurance from the Marketplace
- That their doing so may cause them to loose their employer subsidy
- They may be eligible for a premium tax credit for any qualified health plan that they purchase through the Marketplace
http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf (Employers who offer plans)
http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf (Employers who DO NOT offer plans)
As always, be sure to check with your own licensed legal and accounting professionals concerning your own individual situation. Regardless of your own political views, the ACA is the law of the land and definitely needs your attention. Have a great day, Joe
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