The new year will start with additional paperwork for large employers under President Obama’s health care reform law. One of the provisions of the Affordable Care Act requires employers to report certain information about health insurance offered to employees. For employers filing Form W-2 for more than 250 employees, these new reporting requirements come into effect in January 2013. Under current regulations, employers filing Form W-2 for less than 250 employees do not have to meet the new reporting requirements until 2014.
The new information reporting laws, in general, require employers to report the cost of employer-provided health insurance, with some exceptions. For example, employers do not need to report the cost of worker’s comp, disability insurance, or Health Savings Accounts. Several other specialized types of insurance coverage have special reporting requirements. While large employers will need to plan immediately to provide this information, small employers should also plan proactively to make sure that they are ready to meet the filing requirement in 2014. In light of the other effects of health care reform on small employers, this should be accomplished together with a comprehensive review of company benefit plans.
© 2012 Parsonage Vandenack Williams LLC
For more information, contact email@example.com