You may have heard that as of October 1, 2013 individuals are eligible to apply for health insurance coverage under the Affordable Care Act. Some individuals are eligible for premium subsidies and tax credits based on their income and coverage they may have at their place of employment.
Every employer with gross revenue of $500,000 or more must notify their employees about coverage at their company. Employers must do this by October 1st or be fined $100 per employee notice not provided. A sample notice is provided for employers at the Department of Labor's web site. An employer will use either a notice that says the employee is not provided any coverage at this company or, of coverage is provided, information about the coverage.
Go to the Department of Labor's web site for the correct notice.
by: Jerry Murphy
Jeremiah K. Murphy, CPA is an accounting firm providing tax services, audits and business consulting.