W-2 Requirements: Reporting Health Insurance Premiums
As the new year begins, it is essential to turn our attention to W-2 healthcare premium reporting. Employers are required to report the cost of employer-sponsored health coverage provided to employees annually. This information, found in Box 12, Code DD of the W-2 form, provides employees with valuable consumer information on the cost of their healthcare benefits.
Why is this important? It enhances transparency and allows employees to make more informed decisions about their healthcare choices. As your trusted benefits partner, we’re here to guide you through the nuances of W-2 reporting, ensuring compliance and clarity.
Staying Ahead in 2024:
Understanding Changes in Paid Sick Leave Laws
In 2024, employers across the U.S. need to prepare for substantial changes in paid sick leave laws. Numerous states and cities are revising their policies, with significant implications for businesses. This evolving landscape calls for a strategic review of employer policies to ensure compliance with diverse state and local mandates. Employers should be proactive in adapting their human resource practices and payroll systems to align with these new requirements.
Employers are encouraged to consult comprehensive resources for detailed information on specific state and city mandates to ensure they are informed and can effectively navigate these changes.
Medicaid Expansion is reshaping employer healthcare strategies, offering broader health insurance coverage for low-income employees. This expansion can lead to a healthier workforce, reduced uncompensated care costs, and better talent attraction and retention. Employers are advised to reevaluate their Section 125 Premium Only Plan documents, considering different business sizes, industries, and locations. Adapting health benefit plans for compliance and flexibility is key.
Reminder: CMS Medicare Part D Reporting Due on March 1, 2024
Attention Employers: The deadline for the annual CMS Medicare Part D disclosure reporting is March 1, 2024. As part of our ongoing commitment to our clients, eBen will manage the required reporting of creditable or non-creditable coverage on your behalf.
If your group health plan offers prescription drug coverage to Medicare Part D eligible individuals, it is mandatory to report to the Centers for Medicare and Medicaid Services (CMS) whether this coverage is creditable or non-creditable. This requirement applies to both self-funded and fully insured group health plans, regardless of whether the prescription drug coverage is primary or secondary to Medicare.
Happy New Year 2024!
Happy New Year! As we usher in 2024, eBen reflects on a transformative year highlighted by our merger with Risk Strategies, marking a significant milestone in our shared journey. We extend our sincere appreciation for the trust and collaboration that has defined our relationship with you.