March 1 deadline for notifying employees about health insurance exchanges postponed
Federal regulators have delayed indefinitely a federal healthcare legislation requirement that employers notify their employees by March 1 about the availability of state health insurance exchanges.
Under the Affordable Care Act's (ACA) Notice of Exchange requirement, employers were to provide notice no later than March 1, 2013, for current employees (or at the time of hire for new employees) about the state's health insurance exchange, employee tax credit eligibility, and employer contribution, as specifically described in the ACA.
But the U.S. departments of Health and Human Services, Labor, and Treasury, said the reporting requirement will not go into effect until regulations are issued and "become applicable."
As a result, the new reporting date is now expected to be sometime this summer or fall, to coordinate with the Oct. 1 starting date for the exchanges' open enrollment.
W-2 Reporting Update
For tax year 2012, employers filing 250 or more W-2 forms were required to report the aggregate value of the employer-sponsored group health plan on each employee's W-2 form. This requirement currently does not apply to employers filing fewer than 250 W-2 forms. For details on W-2 reporting, click here.
CBIA will continue to provide updates on the implementation of the Affordable Care Act in Connecticut. For more information, contact CBIA's Jennifer Herz at 860.244.1921 or firstname.lastname@example.org.