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.