Trish Neely, CFCI
It is important to keep abreast of the notice and reporting obligations coming due for employers and health plan providers. In addition to the tools and timelines available on our website we will continue to keep this on your radar screen with an ongoing checklist in this newsletter.
- Your payroll should now be set up to begin tracking the value of your employees’ health care coverage for purposes of reporting on W-2s for the 2012 tax year. See article in the January 2012 newsletter: Health Care Reform Forms W-2 Reporting Update
- If your health plan is a grandfathered plan don’t forget to include a statement with your enrollment materials that identifies your plan as such and provides a contact name for any questions or concerns. FBMC has model language for ERISA and non-ERISA plans – please contact your Account Manager.
- If you are changing from grandfathered status as part of your next open enrollment, there are some new requirements you will want your health plan to include in your updated plan document or Summary Plan Description. Where noted you will want to include this information as part of your enrollment communications:
- The plan no longer contains an exclusion for pre-existing conditions
- There are no co-pays or deductibles on preventive care
- Adult children must be covered under the plan to age 26 (regardless if other health coverage is available) – this should also be noticed to all enrollees as part of your enrollment communications
- Access to emergency care, selection of a primary care provider and access to Gyn/Obstetrics care does not require prior authorization – this should also be noticed to all enrollees as part of your enrollment communications
- Beginning with the 2013 tax year, health FSA contributions are capped at $2500. This is a tax year and not a plan year change and this is important information to include in upcoming enrollment materials.
- Summary of Benefits Coverage (SBC) distribution effective September 23, 2012.
For a link to PPACA Notice Requirements: Click Here
For a link to a video on the topic of reporting: Click Here
This article is intended to provide accurate and authoritative information on the subject matter covered. It is distributed with the understanding that neither the authors nor FBMC are rendering legal, accounting, or other professional advice and assume no liability in connection with its use. No portion of this article may be reprinted or used without written permission from FBMC. Copyright 2012, FBMC.
