Below are major provisions of the Law effective 2012 – 2018.
2012
Non-Discrimination requirements; guidance to be issued Uniform explanation of coverage; plan year beginning after September 23rd 2012 W2 reporting of health care cost
2013
FSA contributions limited to $2,500 Employer notice to employees of exchanges, premium subsidies and free choice vouchers Medicare payroll tax increase from 1.45% to 2.25%, employee only
2014
Individual mandate becomes effective Individual penalties for not purchasing coverage applies Waiting period not more than 90 days State Health Exchanges become operative Standard benefit plans (bronze, silver, gold, platinum); to be defined Employers 50+ eligible employees; penalties for not offering coverage or at least one FTE receives a tax credit
2018
Cadillac Tax; 40% tax on plans value in excess of $10,200 for single coverage
For assistance in establishing a compliant health care plan for your employees, or to review your current benefit program, please contact a CPEhr at 800-850-7133.Year-By-Year Timeline
Below are major provisions of the Law effective 2012 – 2018.
2012
Non-Discrimination requirements; guidance to be issued Uniform explanation of coverage; plan year beginning after September 23rd 2012 W2 reporting of health care cost
2013
FSA contributions limited to $2,500 Employer notice to employees of exchanges, premium subsidies and free choice vouchers Medicare payroll tax increase from 1.45% to 2.25%, employee only
2014
Individual mandate becomes effective Individual penalties for not purchasing coverage applies Waiting period not more than 90 days State Health Exchanges become operative Standard benefit plans (bronze, silver, gold, platinum); to be defined Employers 50+ eligible employees; penalties for not offering coverage or at least one FTE receives a tax credit
2018
Cadillac Tax; 40% tax on plans value in excess of $10,200 for single coverage