As part of the Affordable Care Act, employers received a new compliance requirement regarding the Exchanges (Marketplaces).
In 2013, employers were required to provide the Exchange Notice to employees prior to October 1st.
However, while there is no requirement to provide that notice on an annual basis, employers must provide the notice to each new employee within 14 days of their start date.
The DOL has provided the following two model Exchange Notices for employers to use:
- Model Notice to Employees of Coverage Options for employers who do not offer a health plan
- Model Notice to Employees of Coverage Options for employers who offer a health plan to some or all employees
Although the model notice for employers with health plans includes a section about design changes that the employer knows will occur for an upcoming plan year, the model notice does not ask employers to speculate about changes in coverage that may be made in the future, but have not been finalized yet.
Employers may use one of these models, as applicable, or a modified version, provided the notice meets the content requirements described above. Thus, employers may use the DOL’s models “as is,” customize the DOL’s models or create their own Exchange Notices, as long as the notices contain the required content elements.
I hope that you find this reminder and summary helpful.
We recognize that many employers are under pressure to “do more with less”; thus, we are here to help you understand and meet your compliance requirements.
If you have any questions about how Health Care Reform laws apply to your business, please contact our team at 781-759-1222 or at info@CBGBenefits.com.