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What You Need to Do Before October 1 to Comply with the Affordable Care Act

Even if your business is not required to provide health insurance under the Affordable Care Act (ACA), you most likely are required to tell your employees about the health insurance exchanges opening October 1.

Although it is still unclear how this notification requirement will be monitored and enforced, penalties for non-compliance will equal $100 per employee per day. All businesses regulated under the Fair Labor Standards Act (meaning all businesses with at least one employee and at least $500,000 in revenue per year) must comply with this notification requirement.

Fortunately, the Department of Labor has made it easy for businesses. DOL offers an overview of a business’s obligations under the ACA, as well as sample templates that can be used or adapted both by businesses that do offer insurance, and those that do not.

For more information and access to even more resources on the notification requirement, see Bloomberg Businessweek’s article here.

┬áThis information was compiled by Miller/Wenhold Capitol Strategies, NCRA’s outside legislative counsel.