June 21, 2010

New Healthcare Law Requires New W-2 Reporting Requirements

Filed under: Employment Law — Tags: , — Jane @ 1:49 pm

Recent healthcare reform will bring a lot of changes.  One of those is the new requirement that employers report the cost of employer provided health coverage on W-2s.  This new rule applies beginning in 2011 so employers will need to be prepared for its implementation in late December.  Costs for various plans must be reported, including: medical and drug plans, executive checkups, Medicare supplemental policies, on-site clinics, and EAPs.  Dental and vision plans are also included unless they are “stand alone” plans.  Flexible spending plans are excluded.   More information regarding how to value these plans, whether such valuations must occur monthly (it seems they must), and other important details is forthcoming from the government.   So, stay tuned for more developments.  And, in the next few months when you have nothing to do (like that ever happens) start figuring out how you’ll handle this requirement.

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