The New Year brings new requirements under Health Care Reform. The following list highlights some of the key changes may affect employers and insured group health plans this year.
Health FSA Changes - Health flexible spending account contributions are capped at $2,500
Medicare Payroll Taxes and Retiree Drug Subsidies - Employees' share of the Medicare tax on wages in excess of $200,000 (or $250,000 for joint tax filers) increases. Employers will no longer be permitted to take an income tax deduction for the Medicare Part D retiree drug subsidies they receive from the federal government.
Employer Notifications - As of March 1st, employers must notify employees of state health insurance exchanges, whether the employer's plan meets minimum coverage requirement & how to access information regarding premium subsidies that may be available for exchange-based coverage.
Employer Reporting on W2s - Large U.S. employers (with 250 or more W-2s) must report the cost of employer-provided health care coverage on their employees' 2012 form W-2s (generally furnished to employees in January 2013).
Birth Control Coverage - Nongrandfathered U.S. health insurance plans must cover women's preventive services, including contraception, without charging a copayment, coinsurance or deductible.
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