If you are a small business owner, it’s important to know how the Affordable Care Act (ACA) affects small businesses. To highlight a few of the responsibilities for the business owner, please note the following:
Required reporting about the marketplace to your employees:
The department of labor (DOL) requires the business owner to make notice of coverage options and facts regarding the health insurance marketplace to the employees. With the ACA, we do have a little bit of overlap and involvement from the Department of Labor and the IRS. Due to the fact that there is a little overlap of the counseling required from any of these points, I always make sure to mention items that I’m fully aware of with the intention of keeping you compliant. This marketplace letter is something that we can give you a sample template of what would go out on your letterhead to your employees. I always encourage you to have a receipt from the employee in your employee files documenting your compliance with this portion of the ACA law.