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Impact of Health Care Reform Act on Employers

2013 and forward 

 1.   Notice to employees

Employers are required to notify employees of their options for insurance through the Health Insurance Marketplace. See full article here.

Note: The model notices must be revised by employers to include identifying and contact information. In addition, employers who offer health insurance coverage must provide information on which employees are offered coverage, eligibility requirements, and a statement as to whether the coverage meets the minimum value standard and whether the cost of the coverage to the employee is intended to be affordable based on the employee's wages.

Deadline: October 1, 2013

 2.   Reporting

Form W-2 for 2013 will require an entry in box 12 for the amount of the total Health Insurance Premium paid by an employer. Enter “DD” followed by the amount paid on behalf of the employee in the calendar year. This amount is not taxable to your employees.

Deadline: Form W-2 must be sent to employees by January 31, 2014

 3.   Employer Mandate

Beginning in 2014, the Affordable Care Act requires certain large employers (those averaging at least 50 full-time employees in the prior calendar year) to offer full-time employees (and their dependents) an opportunity to enroll in an affordable health insurance plan. Failure to comply will result in the assessment of a penalty beginning in 2015.

Deadline: Calendar 2014

Penalty Deadline: Calendar 2015