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Marketplace Exchange

Important Health Care Reform Update:

On March 23, 2010, the federal government passed the Patient Protection and Affordable Care Act (PPACA).  PPACA (also known as Health Care Reform) is a set of laws designed to increase access to health insurance.  A key provision of this law that takes effect January 1, 2014 requires all individuals to have minimum essential health coverage or else be subject to a tax penalty.  This rule is often referred to as the Individual Mandate.

Regulations recently issued by the federal government require plan sponsors (including Wake Forest University) to provide notice of the Marketplace Coverage Options to all employees.   The Marketplace is a website where individuals and smaller employers may go to purchase health insurance coverage for 2014.   Open enrollment for health insurance coverage through the Marketplace begins October 1, 2013 for coverage starting January 1, 2014.  While the Marketplace gives individuals more options, it is anticipated that most individuals will continue to obtain coverage through their employer.

Wake Forest University will continue to offer our health plan, and the coverage we offer does satisfy the individual mandate requirement.  It is important to understand that, due to the high level of health coverage that Wake Forest offers, and its affordability, a majority of our employees will not be eligible for subsidies through the Marketplace.  The “New Health Insurance Marketplace Coverage Options and Your Health Coverage” notice provides basic information about the new Marketplace and about health insurance offered by Wake Forest University.  You may contact Human Resources by e-mailing AskHR@wfu.edu or calling 336-758-4700.

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