The Affordable Healthcare Act has a lot of changes that will affect employers as well as medical providers, insurance companies, and individuals. Because all the information can be too much for one person to sort through, ERM Insurance Brokers strives to provide the relevant information employers will need to stay in compliance with the law.
Download: 1-page, easy to read chart, Healthcare Reform Timeline
Here is a list of important dates for employers to be aware of:
Important Dates to Know for 2013
DELAYED March 1, 2013 – Employee Notice of Exchanges
Employers must provide a notify employees that health care reform insurance exchanges are available. On Jan. 24, 2013, the Department of Labor (DOL) announced that employers would not be held to the March 1, 2013, deadline.
Summer-Fall 2013 – Employee Notice of Exchanges
The DOL expects that the timing for distribution of notices will be the late summer or fall of 2013, which will coordinate with the open enrollment period for Exchanges. At this time, employers will be required to notify employees about the health insurance exchanges.
Important Dates That Just Passed
Dec 31, 2012 – Health Flexible Savings Account Limit Change
The amount of salary reduction contributions to health FSAs to $2,500 per year,
Dec 31, 2012 – Increase in Medicare tax for high-wage employees
The Medicare hospital insurance tax rate by 0.9 percentage points for high-income individuals. Employers must withhold the additional taxes on wages paid in excess of $200,000.
Taxable Year 2012 – Health Coverage Reported on W-2
Employers must now disclose the value of the health coverage they provide on the employee’s W-2. This requirement is optional for small employers who file fewer than 250 W-2s. Employers that file at least 250 Forms W-2 must comply with this reporting requirement for 2012 (for Forms W-2 that must be issued by the end of January 2013) and future years.
Important Dates for Employers in 2014
Jan 1, 2014 – Employer Coverage Requirements
Employers with 50 or more employees will be subject to penalties if they do not provide health coverage to employees, or if the coverage they provide is not affordable or does not provide minimum value.
Jan 1, 2014 – Employer Wellness Program incentives
Incentives for employer wellness programs increase to 30 percent of the premium for employee participation or meeting certain health standards. Employers must offer an alternative standard for those employees whom it is unreasonably difficult or inadvisable to meet the standard. Following a governmental study on wellness programs, the incentive may be increased to as much as 50 percent.
2014 Taxable Year – Small Business Health Care Tax Credit
The small business tax credit for qualified small employers will be implemented in 2014. These employers can receive a credit for contributions to purchase health insurance for employees, up to 50 percent of premiums.
The changes brought about by Health Care Reform can be confusing. ERM Insurance Brokers strives to provide you with the latest, most relevant information. If you have any questions, please call us at (949) 222-0444.