As the House proposes a spending bill that defunds the Affordable Care
Act (ACA), one of the major deadlines of the ACA happens tomorrow. Tuesday,
October 1, 2013, the Health Insurance Marketplace opens to the public,
providing a place for individuals to shop apples-to-apples for health care
insurance. Under the Affordable Care Act (ACA), it’s the responsibility of all
businesses subject to the Fair Labor Standards Act (FLSA) to notify
their employees by October 1, 2013, of the insurance coverage options currently
available to the employee.
Although there is no penalty for missing the deadline, it is important
for businesses to know what’s expected of them. “Some business owners believe
that they do not have to offer health insurance so they aren’t required to do anything. However, businesses subject to
the FLSA are required to notify all of their existing employees on October 1 of
the insurance coverage options available through the health insurance
marketplace,” explains Chuck Lovelace, the Vice President of Affordable Care for
Liberty Tax Service.
In order to address the changes the ACA will bring about to the tax
Tax has a department dedicated to training and educating its tax preparers
and customers regarding the ACA’s impact. For answers to questions or concerns
regarding the ACA, individuals can email ACA@LibTax.com or call 1-800-673-8600.