Notices about the health insurance exchanges have to be given to current workers no later than Oct. 1, 2013. Starting Oct. 1, the notices have to be given to new workers on the day they are hired.
The notices must:
- tell workers about exchanges, including a description of the services provided and how they can contact exchanges;
- let workers know they may be eligible for a premium tax credit if the employer plan’s does not cover at least 60% of the total allowed cost of benefits, and the worker buys a qualified health plan through an exchange;
- explain that if the worker buys a qualified health plan through an exchange, he or she may lose the employer contribution (if any) to any health benefit plan the employer offers, and that all or part of the contribution may be excluded from income for federal tax purposes.
The notices (Exchange Model Notices (For Employers who offer a health plan and Employers who do not offer a health plan) and the Revised Model COBRA Election Notice), along with further guidance, can be found at www.dol.gov/ebsa. Please review the attached Health Care Reform Hot Topic for more information on the Model Notices Explanation.
