Small Businesses & Health Insurance:  What You Need to Do Before October 1

The health insurance marketplace created by the Affordable Care Act will open on October 1.  Most small employers (those with 50 or fewer full-time employees) are not required to offer health insurance coverage under the Affordable Care Act.  Even businesses with more than 50 full-time employees have gotten a one-year reprieve from penalties if they don't offer insurance. 

 

But all companies, regardless of size, are required to notify their employees about the Obamacare marketplaces.

 

The notification requirement applies to any business regulated under the Fair Labor Standards At, which covers all companies with at least one employee and $500,000 in annual revenue

 

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 employers who offer insurance and employers who do not offer insurance.

 

It is not clear how the requirement will be enforced, but penalties for businesses that don't comply could reach $100 per worker per day.

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