The U.S. Department of Labor (DOL) recently issued new versions of the Affordable Care Act (ACA) Notices of Exchanges. The ACA requires employers to provide employees with a written notice that contains information about the insurance purchasing exchanges (i.e., the “Health Insurance Marketplace” or “the Marketplace”) and describes the availability of a premium tax credit and the effects of obtaining coverage through the Marketplace. In the notice, employers must also explain that employees may lose their employers’ nontaxable contribution to health benefits if they elect to obtain coverage through the Marketplace.
The DOL has issued two updated model notices—one for employers that offer health plan coverage to employees and one for employers that do not. These notice versions are set to expire May 31, 2020.
Please see our prior blog for the requirements on content, timing, and applicability of the notices.