Federal regulations require employers to distribute the marketplace exchange notice to all new hires, regardless of their benefits eligibility. The marketplace exchange notice must be provided within 14 days of hire (there is no annual requirement).
The exchange notice describes the availability of public Exchange coverage and potential tax credit assistance. It’s been updated to provide more details about Marketplace open enrollment and special enrollment periods. Employers should update to the most recent version found here.
Tip: Best practice is to include the notice in the new hire onboarding packet rather than the new hire benefits packet. This is because the notice must be distributed to all new hires, regardless of if they are eligible for benefits.
To learn more about employee benefit participant notices and disclosures specific to federal requirements, review our helpful guide.
IMA will continue to monitor regulator guidance and offer meaningful, practical, timely information.
This material should not be considered as a substitute for legal, tax and/or actuarial advice. Contact the appropriate professional counsel for such matters. These materials are not exhaustive and are subject to possible changes in applicable laws, rules, and regulations and their interpretations.