Under the PPACA, employers may still offer health insurance only to their executives in grandfathered plans. For new plans, a new nondiscrimination rule applies.
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Under the Patient Protection and Affordable Care Act (PPACA, a.k.a. Obamacare), beginning in 2014 employers providing group medical coverage must provide it within 90 days of hire.
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New taxes under the PPACA for 2014 include a fee on insurers providing health insurance for any U.S. health risk. This fee is apportioned according to their market share of premiums written for the prior year. This fee will be assessed to policyholders. Excluded coverages include insurances for long term care, disability, accidents, specified illnesses, hospital or other fixed indemnity, medical benefits that are secondary or incidental to other benefits, and Medicare supplemental.
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Individuals are required to meet the “minimum essential coverage.” This includes having coverage under any of the following:
- Government sponsored programs including Medicare, Medicaid, CHIP, TRICARE for Life, and veterans benefits.
- Eligible employer sponsored plans.
- Health plans offered in the individual market within a State.
- Grandfathered plans.
- Certain other health benefits risk pools.
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Employee benefits coverages that must be reported on the W-2 include all health coverages such as:
- Medical, Dental, and Vision coverages
- Prescription drug coverage
- Executive physical benefits
- On-site clinics
- EAPs that provide medical care
- Wellness programs that provide medical care
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Under the PPACA, reporting on employee’s W-2 forms changes. Employers must report the aggregate cost of employer sponsored health coverage on employee W-2 forms, code DD in box 12. This amount is not included in employee gross income.
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