L. Paul Kassouf & Co

60-Second Financial Advice

September 15, 2013

Deadline for Affordable Care Act Requirement Reporting

October 1, 2013 is the deadline for employers subject to the Fair Labor Standards Act (FLSA) to provide their employees with a notice of health insurance coverage options. The notice should:

Be provided to all current employees by 10/1/2013.
Be provided within 14 days of start date for any new employees hired beginning 10/1/2013.
Be provided regardless of the employee's health insurance enrollment status
Inform employees of coverage options available
Provide information regarding the existence of a new health insurance Marketplace
Include Marketplace contact information and services provided by the Marketplace
Inform employees that they may be eligible for a premium tax credit if they obtain a qualified health plan through a Marketplace
Include a statement notifying the employees that if they purchase a qualified health plan through the Marketplace, the employee may lose the employer contribution (if any) to any health benefit plan offered by the employer and that all or a portion of such contribution may be excluded from income for Federal income tax purposes.
Be provided via first class mail or electronically, if electronic method meets the Department of Labor's electronic safe harbor rules.

Model notices are available on the Department of Labor's website here.

Please feel free to forward this message along to your friends and family.

This newsletter is intended to provide you with general financial planning tips. If you have a specific question regarding your financial planning or tax situation please contact us.

For previous issues, please click here.

L. Paul Kassouf & Co, P.C.

(205) 443-2500