Affordable Care Act (ACA) Notices Due October 1, 2013

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aca noticesThe Affordable Care Act added a new section 18B to the Fair Labor Standards Act “FLSA.” This new section requires every employer that is subject to the FLSA to provide written notice of the new health insurance exchanges (aka health insurance marketplaces) as a coverage option to all current employees by October 1, 2013. Subsequent new hires must be provided the notice within 14 days of being hired. Generally speaking, businesses that are covered by the FLSA must have at least two employees and have annual sales or business revenue in excess of $500,000. Hospitals, schools and government agencies also are included. All included employers must provide the notice regardless of size. All employees, regardless of part-time or full-time status, are required to receive the notice.

The marketplaces are a new health coverage option for employees who are or are not offered coverage from their employer. The marketplaces will operate in some form in every state. The notices are required to include information about the following:

  • The existence of the marketplaces and services provided
  • The impact on employer contributions to an employer-provided health plan for employees who purchase coverage through a marketplace.
  • The impact on the taxability of employee and employer contributions if coverage is purchased through a marketplace.
  • Employees’ eligibility for premium tax credits if qualified coverage is purchased through a marketplace.
  • How to contact an insurance marketplace

The Department of Labor has made model notices available for employers that offer coverage and those that do not.

If you have any questions regarding these notices or other ACA compliance topics, please contact Mark Flanagan of Aronson’s Employee Benefit Plan Services Group at 301.231.6257.

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Aronson LLC is one of the largest and most respected independent Maryland accounting firms. For more than 50 years, our financial experts have provided the highest quality accounting services for businesses and individuals throughout the Washington Metro area and beyond. Dedicated to vision, integrity and excellent client service, Aronson’s CPAs, tax professionals and consultants can help you navigate complex financial matters. Explore our site to learn more about the industries we serve, the services we provide and how Aronson can help you gain a new perspective on the future.

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