Healthcare Reform Update - Send in the CPAs!

In a recent panel discussion for the Washington Lodging Association, Bell-Anderson Insurance and Clothier & Head, P.S. co-presented on the topics of Changes in the Insurance Marketplace and Healthcare Reform in 2012 and later.  These changes will have a direct impact on businesses that purchase employee benefits in Washington State, Oregon and beyond.

Some highlights of upcoming reforms that many Washington health insurance consumers may not be aware of are:

• Limitations on Section 125 Health Flexible Spending Account Limits – starting on 1/1/13, there will be a $2,500 cap on salary reductions to Health FSA.
• Employers and Employees with non-calendar year 125 plans will need to begin to restrict elections in 2012 so that employees do not have too much deducted from pay during 2013.
• W-2 Reporting – employers will need to begin reporting aggregate health care costs on W-2 forms in 2012 for large employers (250 or more) and 2013 for small employers.
• Section 105(h) Non-Discrimination Rules – there is a $100 penalty per day per individual discriminated against for fully insured plans among other critical changes.

Even with all of the activity in the courts, there are concrete changes to your health insurance and how you administrate it from the employer’s perspective or how you use it as an employee or individual.

Now, more than ever, it is important to speak with your tax professional about how best to navigate through these changes.  As always, Bell-Anderson is here to do its part in helping educate client on health insurance and the offerings of carriers in the Pacific Northwest.