- Written
notice informing employees about the state’s Exchange, including a
description of how the employee may contact the Exchange for assistance.
- Notification
to employees if the plan offered by the employer is inadequate, meaning it
does not meet the actuarial value of 60 percent. The employer must let
employees know that they may be eligible for a premium tax credit and a
cost-sharing reduction if they purchase a health plan through the
Exchange.
- Employers must notify employees that if they purchase a health plan through the Exchange, the employee may lose the employer’s contribution to health benefits offered by the employer.
The Maryland Health Benefit Exchange will begin enrollments into their plans October 2013 for a January 1, 2014 effective date. Brooks Benefit Services will be forwarding verbiage for this notification to all of our clients. In addition we will be able to assist any employees with determining whether the exchange plans may or may not be a good fit for them. It is important to remember that the exchanges are available to all employees whether they are full-time or part-time.
The Maryland Health Exchange is going to be made up of several plans: Bronze, Silver, Gold, Platinum and a Catastrophic plan for younger people. These plans will be underwritten by current carriers and will basically compete with themselves. Since the coverage through the exchange is guaranteed issue, many believe most of our sickest and oldest individuals will jump or be pushed into these plans. Since the cost of these plans is directly relative to the individuals income, it could make more sense to go with an exchange plan than one through an employer and visa-versa. Depending upon the size of the employer (50+ Full-Time Employees), if the employee goes to the exchange, your plan is deemed to either be "un-affordable" or isn't "minimal essential coverage", you will be fined.....heavily.
If any of this is new to you or needs further conversation, please do not hesitate to contact our office at 410-239-5009.
