How to Complete the Healthcare “Exchange Notice” [Notice of Coverage Options: Part III]

Now that you understand what’s required of your business with the Notice of Coverage Options and how to go about creating and distributing the notice to new employees, it’s important you know how to complete the Exchange Notice.

As you’ll see below, the steps employers follow who do and do not offer health plans for employees will be slightly different.

Employers who DO NOT offer health plans

Start by downloading the model notice from the U.S. Department of Labor here.

• Complete boxes 3 - 12 with information about the employer. (Please note: it is deliberate that there are no boxes 1 and 2. This provides consistency amongst documents used in the Marketplace.)
• Your notice is now complete and ready to distribute to employees.

Employers who DO offer health plans (to some or all employees)

Start by downloading the model notice from the U.S. Department of Labor here.

• Insert the correct contact information in Part A. (HR representatives or other appropriate contacts are best here.)
• Complete Part B (boxes 3 - 12) with information about the employer. (Please note: it is deliberate that there are no boxes 1 and 2. This provides consistency amongst documents used in the Marketplace.)
• Include basic information about the employer’s plan eligibility criteria for employees and dependents in Part B.
• The final checkbox in Part B asks whether the employer’s coverage meets the Affordable Care Act (ACA) standards for “minimum value” and “affordable” coverage. In order to complete this item, confirm that both of the following items are true. If you are unable to confirm both of the following are true, do not check the box:
• Obtain confirmation from the insurance company (or plan actuary) regarding whether the plan benefits provide minimum value per ACA regulations.
• Determine whether the employee contribution (payroll deduction) for self-only coverage under the lowest-cost minimum value plan is “affordable” per ACA regulations. (In general, “affordable” means that the required contribution for self-only coverage does not exceed 9.5 percent of wages.)
• Items 13 - 16 in Part B are optional and may be left blank, but do not delete them. These items are intended for personalization for each employee and it is recommended to include a brief explanation before box 13 suggesting employees request a personalized copy of the document.
• Your notice is now complete and ready to distribute to employees.
  
  

Part I: What is the Healthcare “Exchange Notice”?

Part II: How to Create & Distribute the Healthcare “Exchange Notice”

--
Have more questions about the Notice of Coverage Options? Contact us today  to learn more about how get-benefits can help!