Employers are required to provide a notice to each employee on or before October 1, 2013 which provides basic information about the new Marketplace (also called an Exchange). The Notice provides you with information about your employer-sponsored coverage that will be important if you decide to purchase coverage through the Marketplace. Employers are also required to give all newly hired employees the notice within 14 days of their start date. There are two types of notices: one for employees whose company does offer health insurance coverage and one for employees whose companies do offer coverage.

The Affordable Care Act

A plan is determined to have Minimum Value if it contains certain essential benefits and/or the plan's share of the total cost of benefits is at least 60%.

A plan is Affordable if the employee's share of the premium cost for single coverage does not exceed 9.5% of the employee's income.

First, it is important to understand that if your employer offers coverage to you and your family that is both of minimum value and affordable, you are not eligible for financial assistance (a tax credit or subsidy) through the Marketplace.

If your employer offers coverage, you will find the following statement on your Notice:

If checked, this coverage meets the minimum value standard, and the cost of this coverage to you is intended to be affordable, based on employee wages.

If the box is checked on your Notice, you will likely not qualify for a subsidy for coverage through the Marketplace.

If you decide to shop for coverage in the Marketplace, HealthCare.gov will guide you through the process. Click on the "What Is the Marketplace in my state?" section. Choose the state in which you are a legal resident from the drop down box. This will tell you where you can go to get more information about your state's Marketplace

Brought to you by Neace Lukens. Information provided should not be construed as legal advice. Please seek the advice of an attorney or other counsel. NEACE LUKENS