Individuals have access to health coverage through a health insurance market in their state known as a marketplace or exchange. The Affordable Care Act (ACA) requires employers to notify employees of their coverage options available through the marketplace by providing a Marketplace Notice.
Iowa Bankers Benefit Plan (IBBP) employers must provide a Marketplace Notice to all current employees, regardless of their enrollment status or their part-time or full-time status within 14 days of their start date.
- The notice can be provided by first-class mail or electronically under the DOL’s electronic disclosure safe harbor rules, which generally permit email or other electronic disclosure for employees who have computer access as a regular part of their job functions or consent to electronic disclosure. View the DOL’s electronic disclosure safe harbor rules.
- Spouses and dependents are not required to receive a separate notice.
The Marketplace Notice informs the employee:
- Of the existence of the marketplace, including a description of the services provided by the marketplace and contact information for the marketplace
- That the employee may be eligible for a premium tax credit if the employee purchases a qualified health plan through the marketplace
- That if the employee purchases coverage through the marketplace he or she may lose any employer contribution to a health plan offered by the employer and all or a portion of such contribution may be excludible from income for federal income tax purposes
Download a Marketplace Notice. IBBP employers can distribute it to their employees after identifying a contact person and entering that person’s name under the “HOW CAN I GET MORE INFORMATION?” heading in the notice. Note: You must save the notice to your computer to make the PDF editable.
Although it is our opinion that an employer does not have to complete Section B, an employer will be required to provide this information if an employee applies for coverage on the marketplace.