Health Insurance Marketplace Coverage Model Notice: Updated

Federal regulations require employers to distribute the marketplace exchange notice to all new hires, regardless of their benefits eligibility. The marketplace exchange notice must be provided within 14 days of hire (there is no annual requirement).

The exchange notice describes the availability of public Exchange coverage and potential tax credit assistance. It’s been updated to provide more details about Marketplace open enrollment and special enrollment periods. Employers should update to the most recent version found here.

Tip: Best practice is to include the notice in the new hire onboarding packet rather than the new hire benefits packet. This is because the notice must be distributed to all new hires, regardless of if they are eligible for benefits.

To learn more about employee benefit participant notices and disclosures specific to federal requirements, review our helpful guide.

About Michelle Cammayo, Compliance National Practice Leader, Employee Benefits

Michelle Cammayo has close to 20 years of Employee Benefits experience specializing in all lines of health and welfare benefits. Today, Michelle works closely with clients and partners to provide guidance in areas of the law including ERISA, HIPAA, COBRA, FMLA and PPACA. She is also the IMA National Practice Leader for Compliance and endeavors to ensure IMA helps its clients manage and eliminate risk in the most effective manner. She is passionate about educating others and her passion for this shined in the COVID era where Michelle conducted weekly and then monthly webinars providing guidance to employers. Her podcast, Cammayo’s Compliance Talk, has gained popularity in the last three years to become a favorite amongst our clients. She also contributes regularly to our Blog and has authored several articles for industry-related newsletters. Michelle’s consultative approach with employers provides practical advice as employers endeavor to be compliant.

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