Virginia Beach, VA, August 17, 2013 --(PR.com
)-- Friedman Associates Insurance wants to inform local businesses that beginning January 1, 2014 individuals and employees will have access to medical coverage through a national network of insurance marketplaces. These marketplaces commonly referred to as Exchanges will cover a variety of medical plan options as part of the Affordable Care Act. Your responsibility as an employer under ACA regulations is to inform employees, and going forward any new hires, of key provisions of the ACA and how these may impact your employees.
Employers with more than $500,000 in annual revenue, but regardless of business size or number of employees, must inform employees of these provisions by October 1, 2014, which is when the Exchanges will begin to take enrollments. Employers must provide a notice of coverage options to each of their employees regardless of whether they are employed full-time or part-time with the business, and to each new hire, even if they have previously enrolled for coverage from the Exchange.
Employers should be familiar with these new health insurance marketplaces, and the services that they will provide, along with information on how an employee can access the Exchange. Employers should also be able to explain certain tax credits that may be available to employees who purchase a qualifying health plan using the Exchange. If your business is currently offering a group health plan you are still required to review this information with employees.
As it is with any new government program of this size it will take time to understand. With implementation of this new program just months away educating the public is key, which is why businesses are being asked to notify employees. Friedman Associates knows that many people, business owners and employees alike, are unaware of the changes ahead and the potential impact they will have. Their benefit agents have kept up to date of implementation of the ACA and will be happy to provide you with assistance and guidance.
Friedman Associates has the required notification materials and forms for your employees that are needed to document and inform them of the choices they have. They can help your employees make intelligent decisions about their healthcare choices.
Contact the Friedman Associates benefits department if your Hampton Roads Virginia business is in need of assistance @ 757-420-9600