Texas Risk Management Firm, Iscential Offers Support to Customers in Regards to the PPACA

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Open enrollment in the Patient Protection and Affordable Care Act’s (PPACA’s) exchanges begins on October 1, 2013, with coverage taking effect on January 1, 2014.

Sending this notice about The Marketplace opening on October 1 is just one of the ways we are keeping our clients informed.

On March 23, 2010, President Obama signed into law the "Patient Protection and Affordable Care Act" (PPACA). The Affordable Care Act aims to increase the quality and affordability of health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of health care for individuals and the government. Beginning January 1, 2014, all U.S. residents and dependents are required to maintain minimum essential coverage or be subject to a penalty. Employers of one or more employees who have more than $500,000 in annual business volume must send a notice to each employee and new hires informing them that subsidies may be available to them through the Health Insurance Marketplace. The Marketplace is designed to help individuals and families find affordable health insurance as well as a one-stop shop to compare private health insurance options. October 1, 2013 marks the deadline for employers to deliver these exchange notices under the PPACA. PDF documents and tips to help distribute these notices correctly to your employees are available online or by calling Iscential's main office: 713.856.5533.

Employers are required to send only the first page of the notice. Pages two and three are optional. There are two notices, one for employers that provide a health plan, and one for employers that do not provide a health plan. Model notices in Spanish are also available.

Notices may be mailed or sent electronically. The Department of Labor (DOL) also permits them to be distributed in renewal packets, new-hire kits, attached to paychecks or personally handed out to every employee (full time or part time, even if they are not participating in the health plan). Employers should document how the notice was provided, including the date it was provided. Penalties are not specifically addressed in the law; however, the DOL could impose administrative actions.

“We know that PPACA is complicated and has raised many questions on both individual- and employer-sponsored benefits," states Iscential Benefits Services Coordinator, Jaquelyn Tullos. "Sending this notice about The Marketplace opening on October 1 is just one of the ways we are keeping our clients informed."

About Iscential
Headquartered in Houston, Texas with locations across the state, Iscential provides a full range of risk management, insurance and financial services for families and businesses, including: auto, motorcycle, boat, homeowners, life, farm, flood, commercial, Texas Workers Compensation, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services.

For more information, call 713.856.5533 or visit iscential.com

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Angie Goings
Iscential
+1 (281) 677-9127
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