News & Announcements
March 1, 2013 Deadline for Compliance with Affordable Care Act Requirement regarding Notice of Coverage Options Extended
The Department of Labor has extended the March 1, 2013 deadline for certain employers to provide employees with notice of coverage options available through state Health Exchanges.
The Affordable Care Act ("ACA") requires certain employers to provide written notice to employees regarding (1) services provided by and contact information for the Exchanges; (2) employee eligibility for a premium tax credit if purchasing a qualified plan through an Exchange and the employer plan's share of the total allowed cost of benefits provided under its plan is less than 60 percent of such costs; and (3) possible loss of the employer's contribution to any employer plan if the employee purchases a plan through an Exchange, as well as the loss of the opportunity to exclude that contribution from income for Federal tax purposes. Employers will not be required to meet this notice obligation until the DOL promulgates implementing regulations in the coming months. Read more.