Even though many of us do not quite understand the rules of Obamacare, or what we will be offering our employees, it is no excuse according to the Department of Labor. Small business owners who were led to believe that they could “ease” into the Obamacare transition in 2015, and perhaps thought they had time to absorb the rules and guidelines, may be in for an expensive wake-up call next month.
$100 Per Day Obamacare Fine
Beginning Oct. 1, all businesses with at least one employee and $500,000 in annual revenue must notify all employees by letter about the Affordable Care Act’s health-care exchanges, or face up to a $100-per-day fine. The requirement applies to any business regulated under the Fair Labor Standards Act, which is mostly all businesses, regardless of size.
In addition whenever you hire a new employee, you have 14 days in which to give them all the most current information regarding their healthcare options under the Affordable Care Act’s market exchanges, according to the Department of Labor, or penalties and fines will accrue. In order to get the model notice that must be sent to all employees, visit the Department of Labor website and download the pdf.