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What do I need to tell my employees about the Marketplace?


In the United States most people have health insurance, and will not be affected by the Affordable Care Act (ACA).  Statistics show that 80% of Americans already receive health insurance through their employer or through the government.


If your business has already has a health insurance plan in place, you are probably not required to make any changes as a result of the ACA.  About 90% of employers with 50 or more employees already offer their employees’ health insurance.  Small employers with 50 employees or less are not required to offer employees health insurance, and therefore they will not be affected by the ACA.


However most employers will be required to provide employees with an "exchange notice”, which tells whether or not they plan to offer health insurance. The notice must talk about the new public insurance exchanges, and explain that employees might be eligible for subsidies if they buy insurance through the exchanges.  The notice should also explain that there might be adverse tax consequences if they buy insurance through the exchanges.


- Employers that offer their employees health insurance through the Marketplace must provide their employees with enrollment and other vital information.


- You will need to provide your employees with all enrollment information including the enrollment website address.


- You will need to provide employees details of the employer selected plan.


- You will need to inform employees of the amount of the premium that the employer will contribute.


- You must also inform employees that if they refuse to buy health insurance they could be liable for a penalty payable to the IRS.


- You must inform employees that if they buy health insurance through the marketplace instead of accepting the health insurance that the employer offers, there are consequences. For instance they might forfeit the employer’s contribution (if applicable) “Also, this employer contribution – as well as your employee contribution to employer-offered coverage – is often excluded from income for federal and state income tax purposes. Your payments for coverage through the marketplace are made on an after-tax basis."


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