Small Businesses Unaware of Exchange Notification Requirements

Bloomberg Businessweek reports that, though the deadline is less than a month away, many small businesses don’t know they have to notify employees about the health insurance exchanges in their states. Small business owners are either unaware of the requirement, or are under the misconception that it doesn’t apply to them because they’re too small to be governed by the health care reform law’s mandate. But the notification requirement applies to any business regulated under the Fair Labor Standards Act, which covers all companies with at least one employee and $500,000 in annual revenue. Penalties for businesses that don’t comply could reach $100 per worker per day.  The notifications must be supplied by October 1, 2013.