Health Care Reform Timeline
To speak with a licensed insurance representative about the right plans for you, your business and your employees, have an agent call you or call us today 877-393-8868. If you're a Paychex Insurance Agency client, please contact your Agency Account Coordinator.
Provisions Already in Effect
The Paychex Insurance Agency helps clients:
- Select an insurance plan if you don't currently offer health coverage.
- Obtain information needed to apply for the small business tax credit.
- Report premium amounts paid (for Insurance Payment Service clients).
- Assess tax credit eligibility and file with our free Small Business Tax Credit Package for clients of Paychex Insurance Agency and Paychex Payroll.
- Learn about new requirements during health plan renewal.
- Explain the changes to employees through educational resources.
- Learn more about plan non-discrimination and other health care reform provisions.
- Understand what could cause a health plan to lose its grandfathered status.
- Understand how to determine highly compensated employees (HCEs) and the value of the coverage to be taxed.
- Understand how to determine if a non-grandfathered plan violates the non-discrimination rules.
- Understand how a Simple Cafeteria Plan can be used to avoid the non-discrimination testing requirements.
- Determine if their carrier(s) will allow dependents to remain on the policy until the plan renewal date.
- Enroll dependents not already on an employee's policy.
- Adjust deductions if there is a change in premium.
- Notify participating employees of the over-the-counter reimbursement changes well in advance of the effective date (for clients with FSA plans administered through Paychex, Inc.)
- Process wellness program financial rewards through Paychex Payroll (if applicable).
- Stay up to date as laws are clarified, regulations are developed, and guidance becomes available.
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Effective 2012
- W-2 Reporting – Optional for tax year 2011 on W-2s issued in 2012.
The Paychex Insurance Agency helps clients:
- Determine the value of all health coverage provided by the Paychex Insurance Agency for their W-2s.
- Stay up to date as laws are clarified, regulations are developed, and guidance becomes available.
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Effective 2013 and Beyond
The Paychex Insurance Agency helps clients:
- Provide employees with resources to explain the maximum contribution limit.
- Determine the value of all health coverage provided by the Paychex Insurance Agency for their W-2s.
- Stay up to date as laws are clarified, regulations are developed, and guidance becomes available.
Health Care Reform Updates
With access to legislative and regulatory specialists in Washington, D.C. and expert, in-house sources of legal and compliance guidance, Paychex Insurance Agency is your source for Health Care Reform knowledge, tools, and resources.
Whether you're looking for a Business Owner Policy, Workers' Compensation insurance or group health and life insurance, Paychex Insurance Agency offers flexible, scalable insurance solutions for you, your business and your employees. To learn more about how we can meet your insurance needs, call 877-393-8868 or have an agent call you.
The Department of Health and Human Services and the Internal Revenue Service (IRS) continue to provide specifics and guidance on the Health Care Reform Act. Paychex will monitor these regulatory developments and provide updates as appropriate.
The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. It is provided for informational purposes only. If you require legal or accounting advice, or need other professional assistance, you should always consult your licensed attorney, accountant, or other federally licensed tax professional to discuss your particular facts, circumstances, and business needs.
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