Exchange Notice: No Penalties for Noncompliance
September 13, 2013
The Department of Labor released an FAQ late on Sept. 11, 2013 stating that there was no fine or penalty under the law for failing to provide the Exchange Notice.
It is important to note that DOL maintains that it remains a “best practice” to provide updated notices and information to plan participants and that providing the Exchange Notice will create efficiencies for individuals seeking coverage from the State Marketplace/Exchanges.
FAQ ON NOTICE OF COVERAGE OPTIONS
Q: Can an employer be fined for failing to provide employees with notice about the Affordable Care Act’s new Health Insurance Marketplace?
A: No. If your company is covered by the Fair Labor Standards Act, it should provide a written notice to its employees about the Health Insurance Marketplace by October 1, 2013, but there is no fine or penalty under the law for failing to provide the notice.
CLICK HERE for additional information on Exchange Notice Penalties.
CONTACT US IF YOU HAVE QUESTIONS
We will continue to keep our clients informed as further information becomes available. If you have questions, please contact your Cottingham & Butler representative.
