New Reporting Requirements for Employers Under Healthcare Reform

Apr 29th, 2010 | By | Category: Uncategorized

The new legislation poses several new reporting requirements upon employers.  Here are a few of them:

1  As of January 1, 2011, employers will be required to report the value of medical benefits, dental, vision, and supplemental insurance coverage on the Form W-2 that is provided to each employee annually.

  1. As of March 23, 2012, group health plans will be required to provide participants with a uniform summary of benefits and coverage.Interestingly, the summary must be written in a “culturally and linguistically appropriate manner.”  I am not sure what that really means, but it sure sounds cool.  Failure to provide this summary will result in a $1,000 fine per participant.   We can expect standards in this area to be established by this time next year.
  2. In 2014, employers with 50 or more employees will have to file annual reports containing

1) The employer’s name and employer identification number,

2) A certification as to whether the employer offers to its full-time employees (and their dependents) the opportunity to enroll in minimum essential coverage under an eligible employer-sponsored plan,

3) The number of full-time employees for each month during the calendar year, and…

4) Tune up your HR technology systems for this one: the name, address and TIN of each full-time employee during the calendar year and the months during which such employee was covered under a health plan. In addition, the employer must provide a written report to each employee listed in that report that includes the name and contact information for the person filing the return and the information required to be shown on the return for such employee.

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