Health Reform: Top 10 Things You Should Know

Health reform includes many important changes. Some of the changes will be clarified with future regulations. Listed below are 10 things a large employer may want to know about health reform.

1.	Starting in 2014, employers with over 50 employees will be subject to a penalty if any of the company's full-time employees receive a premium credit towards an Exchange.
2.	The law is funded in part by a 0.9% Medicare HI tax increase on wages over $200,000 for individuals and $250,000 for married couples beginning in 2013.
3.	Certain preventive services are provided with no out-of-pocket cost for new plans beginning on or after September 23, 2010.
4.	Dependents under age 26 may be offered extended coverage for plan years on or after September 23, 2010.
5.	Most Americans will be required to have health insurance starting in 2014 or pay a penalty tax.
6.	The Early Retiree Reinsurance Program provides reimbursement to sponsors of participating employment-based plans for a portion of the cost of health benefits for early retirees and their spouses, surviving spouses, and dependents. Applications submitted after 5 pm ET on 5/5/2011 are not eligible.
7.	Over-the-counter drugs are no longer an eligible tax-advantaged expense for an HSA, HRA, FSA, or Archer MSA, and the penalty tax for non-qualified distributions from an HSA or Archer MSA has increased to 20%.
8.	The IRS has made it voluntary to report Health Coverage Costs on employees' W-2s until January 2013 for large employers (more than 250 W-2s).
9.	Contribution limits for Flexible Spending Accounts under cafeteria plans will be $2,500 beginning in the 2013 tax year.
10.	Beginning in 2014, large employers not offering health insurance coverage will be subject to a penalty if any of the company's full-time employees receive a premium credit toward an exchange plan.

Effective September 23, 2010, federal health reform may require changes to your coverage, depending on your plan.
Get more information.

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Effective September 23, 2010, federal health reform may require changes to your coverage, depending on your plan. Get more information.

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