Hopefully you have started your “to do list” to comply with the new healthcare bills-with setting up appointment with your accountant and insurance broker/agent at the top of the list. Once the immediate issues are taken care of you can start being proactive in compliance with the changes in 2010 and beyond.
Thinking ahead to 2012… there is a new requirement mandating employers to report on W-2 income statements distributed in 2012 the cost of employer-provided health care coverage and amending FSAs to cap employees’ pretax contributions at $2,500. Currently, there is no federally imposed limit on FSA contributions.
Thinking further ahead…In 2014, waiting periods exceeding 90 days for coverage will be barred, pre-existing condition exclusions no longer will be allowed for any employee and annual dollar limits on covered expenses will have to be scrapped. Employers will face a $3,000 penalty for every employee whose premium contribution exceeds 9.5 percent of family income and the employee opts for coverage in state insurance exchanges that will begin operating that year. And thinking way into the future…
Thinking far into the future… health insurance premiums in 2018 exceeding $10,200 for individual coverage and $27,500 for family coverage will face a 40 percent excise tax, with the cost threshold triggering the tax slightly higher for plans covering retirees and employees in certain high-risk industries.
Join the conversation: How will you stay on top of all the required changes to benefit plans and healthcare insurance for your company?