(PRWEB) August 12, 2013
The Law Firm of Pozzuolo Rodden, P.C., Philadelphia Business Attorneys, announces the release of the article “ObamaCare-The Mandates And Penalties Facing Privately Held Businesses“. If you would like to read more, please read the full article and other corporate law or estate planning articles and newsletters at: http://www.pozzuolo.com.
ObamaCare--The Mandates And Penalties Facing Privately Held Businesses
On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act, a.k.a. ObamaCare or the Affordable Care Act. The goals set by enactment of the Affordable Care Act are to improve the quality, affordability, and rate of health insurance coverage in the U.S. and to lower the costs of healthcare for individuals and the government. These goals are to be achieved through subsidies and mandates, and through the creation of health insurance Exchanges. The law has many provisions that have either taken effect or will take effect over several years beginning in 2010. Many businesses and employers are or will be subject to these provisions as they become effective. In fact, the law will require some affirmative action to be taken by businesses.
Health Insurance Exchange Notices
One new requirement applicable to businesses under the Affordable Care Act is the employer provided Exchange notice requirement. Beginning in October 2013, employers will be required to provide notice to their employees of coverage options available through the new health insurance marketplace, or “Exchange”. The Exchange will be available to individuals to enable them to purchase qualifying, affordable healthcare coverage. Open enrollment for health insurance coverage through the health insurance Exchange begins October 1, 2013 for enrollment in health coverage starting January 1, 2014.
Specifically, the Affordable Care Act requires an employer to provide written notice to all of its employees notifying them of the following:
(i) The existence of the Exchange and certain basic information about the Exchange;
(ii) That the employee may be eligible for a premium tax credit by purchasing a qualified health plan through the Exchange when that employee’s employer-sponsored health insurance plan does not provide “minimum value” which will lower the cost of coverage; and,
(iii) That if the employee purchases a plan through the Exchange, the employee may lose the employer contribution to a healthcare plan sponsored by the employer and must pay premiums with after tax dollars.
Employers who are subject to the Fair Labor Standards Act (FLSA) are subject to the notice requirement. Generally, the FLSA applies to employers that employ at least one employee and who are engaged in, or produce goods for, interstate commerce. Employers with less than $500,000 in annual revenue may be exempt from the notice requirement.
Subject employers must provide the notice to all employees. They are not required to notify their employees’ dependents.......
Please read the full article "ObamaCare- The Mandates and Penalties Facing Privately Held Businesses" and other corporate law or estate planning articles and newsletters at http://www.pozzuolo.com.
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in the Philadelphia Metropolitan and South Jersey areas in excess of 35 years.
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