What restaurant owners need to know before Oct. 1 on the Affordable Care Act

Beginning January 1, 2014, individuals and employees will have access to insurance coverage through the Affordable Care Act’s Health Insurance Exchanges (Also known as Health Insurance Marketplaces).

WHAT YOU NEED TO DO:

By October 1, 2013,  you are required to provide all current employees with written notice about the Exchanges.  You must also provide the notice to each new employee hired after Oct. 1, 2013.

The notice should be provided to all employees, regardless of employer plan enrollment or of part-time or full-time status.  You are not required to provide a separate notice to dependents.

The Exchange notice must include:

Information regarding the existence of an Exchange, as well as contact information and a description of the services provided by an Exchange.

Inform the employee that the employee may be eligible for a premium tax credit if the employee purchases a qualified health plan through the Exchange.

Contain a statement informing the employee that, if the employee purchases a qualified health plan through the Exchange, the employee may lose the employer contribution (if any) to any health benefits plan offered by the employer and that all or a portion of such contribution may be excludable from income for federal income tax purposes.

 

If you offer a health insurance plan to your employees, start here:

http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf

 

If you do not offer a health  insurance plan to your employees, start here:

http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf

Published by Jay Bandy

As President of Goliath Consulting Group, Jay bridges the areas of operations, marketing, supply chain, and restaurant development. He has a combined 20 plus years experience working among these disciplines with McDonald's USA, RTM, and BLIMPIE. At Goliath Consulting Group, Jay is responsible for working with all members of the Goliath team to deliver results that exceed client expectations. An expert in understanding how the components of restaurant operating systems tie together; he will make sure that the team maximizes the opportunity for growing sales, profit and unit growth based on each client's vision.

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