The next Obamacare requirement deadline is right around the corner— are you ready? If you’re an employer, the Fair Labor Standards Act (FLSA) requires you to provide copies of one of the following insurance notices to all of your employees:
- Employer provides health insurance
- Employer does not provide health insurance
You must provide these insurance marketplace availability notices to your employees by Oct. 1, 2013.
After this date, these insurance notices must be part of your new hire documentation on an ongoing basis. This is a mandatory requirement issued and regulated by the U.S. Department of Labor as part of the Affordable Care Act.
Who’s Impacted By This Obamacare Deadline?
You may be a small “mom-and-pop shop” business owner, and think that much of Obamacare doesn’t apply to you. But you may want to think again. Here’s who will be impacted by this looming deadline:
- Businesses with more than $500,000 in gross receipts
- Institutions primarily engaged in the care of the sick, elderly, mentally ill, or disabled, who are residents on the premises
- Schools for children who are mentally or physically disabled or gifted
- Preschools, elementary and secondary schools, and institutions of higher education
- Federal, state and local government agencies
If you own a company with less than $500,000 in receipts and that doesn’t fall into the categories listed above, then you’re probably not subject to the Oct. 1 notification requirement. But it might be a good idea to send this notification and include it in your new hire packet anyway. Even if you’re not currently over $500,000 in receipts, you might be someday, and this is just another thing to try and remember to start doing later.
Obamacare & Insurance Notification Help
Need some technical guidance on what is required for this insurance notification? You can learn more about the insurance marketplace availability requirements by contacting Rea & Associates. Our team of Ohio tax professionals can help you and your business be prepared for this looming deadline. Don’t wait until it’s too late!
- How Will ACA Federal Exchange Premiums Affect Ohio Small Businesses and Consumers?
- What Should You Be Prepared For Now With the ACA?
- Why might the delay in the Affordable Care Act be better news than you think?