Health Care Reform … Changes For 2011

With this 2,000 page document many small business owners are struggling to stay on top of their new requirements. Here is a snap shot of what changes took effect for 2011.

Group Health Plan Nondiscrimination Testing.
Fully insured group health plans that don’t satisfy the criteria for a “grandfathered” plan are now required to perform nondiscrimination tests under Internal Revenue Code Section 105(h) to ensure that the plan is not favoring highly compensated individuals.

No Reimbursement of Over-the-Counter Medicines.
Account-based health plans, such as flexible spending accounts, can no longer reimburse over-the-counter medicines unless prescribed

W-2 Reporting of the Value of Employees’ Health Coverage.
The IRS recently announced that the requirement to report the cost of employer-provided group health plan coverage on a W-2 will not take effect until 2012, one year later than originally reported.

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About New England Business Advisor

Over the past 10 years the New England Business Advisor has helped over 300 small business leaders identify ways to increase the return on investment from thier employees, control costs and increase profits.
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