With less than a month until October 1, many employers are facing a healthcare deadline that imposes an overwhelming paperwork burden: Marketplace Notices. According the Department of Labor, “the notice must be provided in writing in a manner calculated to be understood by the average employee.”
The written notice must:
- Inform employees of the existence of the Health Insurance Exchange (or Marketplace)
- If the employer plan’s share of the total allowed costs of benefits provided under the plan is less than 60 percent of such costs, inform the employee that he or she may be eligible for a premium federal tax credit if the employee purchases a qualified health plan through the Marketplace
- Inform the employee that if he or she purchases a qualified health plan through the Marketplace, he or she may lose the employer contribution (if any) to any health benefits plan offered by the employer. In addition, all or a portion of such contribution may be excludable from income for Federal income tax purposes.
Which employers must send the notices?
The new responsibility must be met by employers that must comply with the Fair Labor Standards Act (FLSA). In general, the FLSA applies to employers that employ one or more employees who are engaged in, or produce goods for, interstate commerce. For most firms, a test of not less than $500,000 in annual dollar volume of business applies.
The FLSA also specifically covers the following: hospitals; institutions primarily engaged in the care of the sick, the aged, mentally ill, or disabled who reside on the premises; schools for children who are mentally or physically disabled or gifted; preschools, elementary and secondary schools, and institutions of higher education; as well as federal, state and local government agencies.
BASIC has partnered with Lake Michigan Mailers to bring you a cost effective, yet completely compliant, solution to this time consumer legislation.
Don’t let the name fool you, Lake Michigan Mailers can fulfill the needs of employers of all sizes, nationwide! Our partner provides your organization with the creation, processing and mailing of the Marketplace Coverage Notice.
- Both versions of the notice (those that offer health plans and those that do not)
- Available in English or Spanish for no additional charge
- Confirmation of completion email indicating the actual mailing date, list of names and addresses in the mailing, and the type of form sent