Employers Have Only 49 Days To Comply With New Requirement To Notify Employees About The Health Insurance Marketplace (Exchanges)

PHOENIX, Aug. 14, 2013 /PRNewswire/ -- The clock is ticking for U.S. businesses with more than $500,000 in annual revenues to comply with a new requirement created by Section 1512 of the Affordable Care Act (ACA). This requirement mandates that employers provide a notice to employees of coverage options available through the Health Insurance Marketplace (i.e. "Exchange") no later than Oct. 1, 2013. Many businesses may not even be aware of this mandate.

As amended by the Affordable Care Act (ACA), the Fair Labor Standards Act's (FLSA) new requirement includes two notices: one for employers 'who offer employer-sponsored coverage' and one for 'employers who do not.' As part of the ACA, individuals will be able to purchase health coverage through state or federally facilitated Health Insurance Marketplaces. According to the U.S. Department of Labor's Technical Release 2013-02, individuals will be able to enroll for coverage through the Marketplace beginning Oct. 1, 2013, with initial coverage beginning effective Jan. 1, 2014.

All active employees, including both full-time and part-time, must receive the Marketplace Notice before Oct. 1, 2013, regardless if the employee is enrolled in an employer-sponsored group health plan or not. Employees hired after Oct. 1, 2013 must receive the notice within 14 days of their start date.

COBRA Solutions, Inc., a leader in employee benefits software, developed the 'Marketplace Notice Manager' software package to ensure employer compliance with any and all mandatory notice requirements of the ACA.  The program is an automated, easy-to-use solution designed to produce the required notices, track and generate reports, and can be upgraded for future notification requirements.

"Our country's health care system is changing and employers are struggling to implement systems to comply with the new mandates that are a key part of health care reform. Our customers come to us for cost effective solutions to meet compliance and regulatory mandates," said Scott Beaver, President of COBRA Solutions. "The new Marketplace Notice Manager software program will give our customers a system to keep their company in federal compliance."

The software is available in a downloadable link for $189.

According to Scott Tropio, senior partner in law firm Tropio & Morlan in Woodland Hills, Calif., the software is easy to download and utilize.

"As an attorney, I understand the importance of critical record keeping," Tropio said. The Marketplace Notice Manager allows us to save digital copies of the notices we provide to employees as proof of compliance for historical purposes. Without this inexpensive and efficient software, we would need to contract with an expert to either develop a system or manage our compliance efforts. For $189, COBRA Solutions' software allows us to meet our compliance needs immediately."  

A leading third party administrator firm, BASIC, which provides integrated HR solutions for employers nationwide, selected the Marketplace Notice Manager solution for use on behalf of their clients. "We're very impressed with this product," stated Cindy DeYoung, BASIC's HR/COBRA/HSA manager. "Marketplace Notice Manager offers an excellent tracking system that allows us to know at an instant when compliance notices were sent, as well as offers multiple ways to distribute notifications and reports. It's the only software system we've found that generates the notices and keeps track of each employee's information."

 For further information, please visit COBRA Solutions' website at http://www.cobrasolutions.com, or call 800-325-1957.

SOURCE COBRA Solutions