What Business Owners need to know to protect your business, and provide peace of mind from potential $1,000/day fines
Whom is required to provide the 11 ACA notices including the new Summary of Benefits
and Coverage (SBC):
All employers who offer an employer sponsored health insurance plan regardless of number of employees,
including private-sector corporations, partnerships, and proprietorships, including non-profit corporations
When do these required disclosures need to be provided to the employees?
All new hired employees and Health Plan renewals beginning/after September 23, 2012.
Why should employers care?
- Compliance is not optional, It is law effective September 23, 2012.
- These requirements apply to all employer sizes, not just 50+, 100+, or more
- Insurance Carriers do not provide these notices
- Employers can avoid costly DOL penalties
- Many states allow Participants and Beneficiaries to bring “bad faith” claims
- Up to $1,000/day fines