Under the PPACA, employers must provide each employee, regardless of plan enrollment status or whether the employee is part-time or full-time, with a written notice informing the employee of three things. First, the notice must inform each employee of the existence of state or federal health benefits exchanges (Exchanges/Marketplaces). Second, the notice must inform each employee that if the employer plan’s share of the total allowed costs of benefits provided under the plan is less than 60 percent, then the employee may be eligible for a federal premium tax credit if the employee purchases a qualified health plan through an Exchange/Marketplace. Lastly, the notice must include a statement informing the employee that if he or she purchases a qualified health plan through an Exchange/Marketplace, then the employee may lose the employer contribution to any health benefits plan offered by the employer and that all or a portion of such contribution may be excludable from income for Federal income tax purposes.
Posted on: Wed, 31 Jul 2013 21:16:34 +0000
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