This year, the traditional open enrollment season for health benefits coincides with the rollout of massive changes driven by the Affordable Care Act (ACA).
It's true that the Obama administration granted employers a one-year delay (to the start of 2015) to either “play-or-pay” on employee health insurance. And while the employer mandate was delayed a year, the law still requires employers to inform employees about their coverage options by Oct. 1. That includes the ability to buy insurance through state-based exchanges. Model notice language is available on the DOL's ACA portal page.
What if your company doesn't send out the notice? Initially, there was talk that non-compliant employers would be hit with $100 per day fines. But the U.S. Small Business Administration announced this week in a "Myth vs. Fact" blog posting that "there is no fine or penalty under the law for failing to provide the notice."
So far, few employers...(register to read more)