Although the Affordable Care Act (ACA) does not require small business with fewer than 50 employees to provide health insurance, all companies arebefore Oct. 1st of this year.
The state and federal insurance exchanges set up to comply with the healthcare law are websites on which you or your employees can shop for health plans. Many small businesses are unaware of the requirement and mistakenly believe that the rules don’t apply to them because they are too small an operation to fall under the law’s mandates. However, penalties for businesses that don’t comply can be subjected to fines of up to $100 per employee per day.
The healthcare law’s notification requirement applies to any business regulated under the Fair Labor Standards Act, which covers all companies that have at least one employee and $500,000 in yearly revenue. No exceptions or exemptions are made for small business employers, which mean it is imperative that you get this notice out to your employees post haste.
The U.S. Department of Labor has posted information about the notification requirement on its website and has provided model notices that can be used both by and by those . You can download, fill out and print the notices and distribute them to your employees either in your office or through the mail. Additionally, any employee who is hired after the exchanges are open (Oct 1, 2013) must receive a notice within two weeks of their employment start date.
Discuss healthcare reform compliance with a NY employment defense law attorney
The notice about the exchanges is likely one of many compliance issues that have and will arise out of the Affordable Care Act. Discussing your business and what strategies you can develop to be in compliance with the ACA with an experienced NY employment law attorney can better prepare you to protect your business. If you have questions about how the healthcare law will affect your business or need assistance in any other employment matter, or call 718-275-6700 to schedule a consultation today