25 Sep Exchange Notice Must Be Provided to All New Employees
Posted at 02:22h
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by David
An important item to make a part of your new employee packet is the “Exchange Notice,” also known as a “Notice of Coverage Options.” This is notification for the employee that the health care exchange is available to them, as well as notice that they could lose employer health plan contributions if they elect to participate in the exchange. For the remainder of 2014, employers have 14 days from date of hire during which they can provide the exchange notice to new employees. However, after 2014, the notice must be provided at the time of hire.
To simplify the process for employers, the government has provided model notices.
- Click here for a model notice for employers who offer a health plan (also available in Spanish)
- Click here for a model notice for employers who do not offer a health plan (also available in Spanish).
More information about the notices is available at the Department of Labor’s Website.
The following is a chart outlining what benefits notices must be provided to employees, and when. This chart is compliments of HR360.
Benefits Notices Checklist
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SPD and General ERISA Disclosures
|
Who Must Comply |
|
|
Group health plans, as applicable |
| COBRA Notices |
Who Must Comply |
|
|
Group health plans sponsored by employers with 20 or more employees on more than 50% of their typical business days in the previous calendar year |
| HIPAA Notices and Disclosures |
Who Must Comply |
|
|
Group health plans with 2 or more participants who are current employees |
| Special Health Care Notices |
Who Must Comply |
|
|
Group health plans (applicability varies depending on specific requirement) |
| Health Care Reform (PPACA) Notices |
Who Must Comply |
|
|
Group health plans with 2 or more participants who are current employees(All employers covered by the Fair Labor Standards Act must provide the Notice Regarding Exchanges) |
| Form 5500 Annual Reporting |
Who Must Comply |
|
|
Group health plans, unless a specific exemption appliesNote: A group health plan that covered fewer than 100 participants as of the beginning of the plan year and is unfunded or fully insured—or a combination of the two—is generally not required to file Form 5500. |
| Non-ERISA Notices |
Who Must Comply |
|
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Covered entities/group health plans (applicability varies depending on specific requirement)
|
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