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Some Important Launching Information for Doctors and Business Owners
By Bobby Whirley CPA
[Whirley & Associates LLC – Alpharetta, GA]
Dear ME-P Readers,
The ACA (Affordable Care Act) requires employers to provide their workers with a notice about the state health insurance exchanges.
Today – October 1st is the deadline for providing these notices.
These exchanges will sell insurance to individuals who don’t get coverage through their employers. The exchanges are also available to medical practices and small businesses, which may or may not currently offer heath care coverage.
The Fines?
Some doctors or business owners are concerned about paying a fine of up to $100 per day under the general non-compliance penalty provisions.
The recent notice of the Affordable Health Care Act states that there will be no penalty. Please refer to http://www.dol.gov/ebsa/faqs/faq-noticeofcoverageoptions.html
If your medical practice, clinic or company is covered by the Fair Labor Standards Act (you have one or more employees, sales of over $500,000, and deal in interstate commerce), you must provide a written notice to your employees about the Health Insurance Marketplace by Oct 1, 2013.
Model Notices
The U.S. Department of Labor has two model notices to help employers comply. There is one model for employers who do not offer a health plan and another model for employers who offer a health plan or some or all employees.
More:
- Model Notice for employers who offer a health plan to some or all employees
- http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf
- Model Notice for employers who do not offer a health plan
- http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf
The model notices are also available in Spanish and MS Word format at http://www.dol.gov/ebsa/healthreform/
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Assessment
Employers may use one of these models, as applicable, or a modified version. More compliance assistance information is available in a Technical Release issued by the US Department of Labor.
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Filed under: Accounting, Health Insurance, Health Law & Policy | Tagged: ACA, Affordable Care Act., Bobby Whirley CPA, Patient Protection and Affordable Care Act, PP-ACA, US Department of Labor | 21 Comments »
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