Page 33 - 2019 Sharks Benefits V6.1

PPACA New Hire Notices

Notice of Health Insurance Marketplace
Coverage Options and Your Health Coverage

When key parts of the Patient Protection Affordable Care Act (PPACA) take effect in 2014, there will
be a new way to buy health insurance: the Health Insurance Marketplace, also known as “the
Exchange.” Under the PPACA employers must provide each employee, regardless of plan
enrollment status or whether the employee is part-time or full-time, a written notice of the Exchange’s
existence, the services the Exchange provides, and the manner in which employees may contact the
exchange and request assistance. We are also required to inform employees that they may be eligible
for a premium tax credit and a cost sharing reduction under some circumstances if they purchase
insurance through the Exchange, and that employees could lose the employer contribution (if any) to
any health plan offered by the employer, and that a portion of such employer contribution may be
excludable from income for Federal income tax purposes. This Notice is intended to comply with these
requirements.

Q: What is the purpose of this notice, and is there any action required by me?
A: Effective January 1, 2014 individuals will have the option to buy health coverage through a new federally
or state regulated health insurance market. Open enrollment in the Exchange is scheduled to begin October
1, 2013. There is no action required of you, and this Notice is informational only.

Q: What is the Health Insurance Marketplace?
A: The Exchange is designed to help you find health insurance that meets your needs and fits your budget.
The Exchange offers “one-stop shopping” to find and compare private health insurance options. You may
also be eligible for a new kind of tax credit that lowers your monthly premium right away. Open enrollment
for health insurance coverage through the Exchange begins in October 2013 for coverage starting as early
as January 1, 2014.

Q: Will our employer based benefits options be changing as a result of PPACA?
A: No, Sharks Sports & Entertainment (SSE) benefits will not be affected by PPACA at this time. However,
benefits and rates are reviewed at least annually and are subject to changes when deemed necessary.

Q: If I decline coverage through SSE and purchase individual coverage through the
Exchange, will I qualify for the premium tax credit and/or cost reduction through the
Exchange?
A: The tax credit for premiums and the related cost sharing reduction available under the PPACA do not
apply to everyone purchasing health insurance through the Exchange. These subsidies are intended for
individuals whose employer’s plan covers less than 60% of the allowed cost of employee benefits, or for
employees who are not offered such insurance, or who are not eligible for it. We believe that the SSE plans
presently cover more than 60% of the cost of the employee benefits; therefore, we do not believe that
employees eligible for SSE coverage will qualify for a premium tax credit or the cost sharing reduction
subsidies if such covered employees were to purchase health insurance through the public exchange.

Note: If you purchase a health plan through the Marketplace instead of accepting health coverage offered
by your employer, then you may lose the employer contribution (if any) to the employer- offered coverage.
Also, this employer contribution, as well as your employee contribution to employer-offered coverage, is

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