Keith McMurdy was quoted in the Bloomberg Businessweek article "What Small Businesses Need to Do for Obamacare Before Oct. 1." While the full text can be found in the September 3, 2013, issue of Bloomberg Businessweek, a synopsis is noted below.
The health insurance marketplaces created by the Affordable Care Act will open on October 1, and while most small employers – those with 50 or fewer employees – are not required to offer health insurance coverage, all companies, regardless of size, are required to notify employees about the marketplaces.
The state and federal insurance exchanges are websites on which individuals and small businesses can shop for health plans. While the deadline is less than a month away, many small businesses are unaware they must notify employees, says Keith McMurdy.
"An employer with 10 employees typically says, 'I don't have to worry about it, because I don't have to offer insurance.' A lot of them are going to miss the deadline and be unpleasantly surprised when they do," says McMurdy, noting penalties could reach $100 dollars per worker per day.
The U.S. Department of Labor has posted information on requirements on its website, which McMurdy says should either be distributed in the office or mailed to employees' homes.
"People ask me what's the safest way to do this, and I always say, if the government gives you a model, use it. Or make yourself a comparable form, modified the way you need it, and use that. The safest route is to put it in the U.S. mail or follow the instructions for distributing it electronically," he says. "The employer obligation is met at that point. I don't see any requirement that you have to get signatures saying your employees have received it or maintain proof of the fact that you gave it out."
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