The health care reform law—the Patient Protection and Affordable Care Act (ACA)—has many employers feeling overwhelmed. Our dedicated health care reform team stays current on regulations through our compliance partners, governmental agencies and industry associations. Below is a list of the ACA provisions that should be on the top of your list of things to preparing for over the next two years (this is an abbreviated list of the ACA provisions).
2013 Key Provisions:
- Salary reduction contribution limit of $2,500 for Health FSAs
- Additional Medicare Tax for employees’ wages over $200,000
- Notice of Exchange to employees
2014 Key Provisions:
- Employer Shared Responsibility (AKA: “Play or Pay”)
- Elimination of waiting periods that exceed 90 days
- Nondiscrimination rules
- Automatic Enrollment for employers with 200 or more employees
- W-2 Reporting for employers issuing fewer than 250 W-2s
Annual Reporting Requirements:
- Summary of Benefits and Coverage (SBC)
- Form W-2 Reporting for employers issuing 250 or more W-2s
- Medical Loss Ratio (MLR) rebates
Due to the complexity and details of the ACA provisions we have proactively partnered with our own legal advisors to assist us in providing accurate and current guidance. While we do provide general guidance to our clients, how provisions and methods may apply to a particular employer may differ; therefore, we encourage you to review what might be applicable with your own employee benefits legal counsel.