Pub. 11 2012-2013 Issue 4

N e w J e r s e y C o a l i t i o n O f A u t o m o t i v e R e t a i l e r s w i n t e r 2 0 1 3 32 new jersey auto retailer N ow that the Patient Protection and Affordable Care Act of 2010 (com- monly referred to as “healthcare reform”) has been ruled constitutional by the U.S. Supreme Court and President Obama has been re-elected, the key question I hear daily from employers around the country is “what does thismean formy organization?” Depending on the size and structure of your organization, theremay be different require- ments, but one thing is clear, ALLemployers mustmake sure they are preparing to comply with the requirements set forth in healthcare reform for 2013 and beyond. Assess Your Organization’s Situation Healthcare reform will mean different things to different organizations. Over the next number of years, healthcare reform brings new requirements that may require action be taken by businesses in order to complywith the lawand avoid the potential for an audit and unnecessary liability. For 2012, this means that employers needed to: w Determine if they made any changes to their plan that would result in the loss of “grandfathered” status (if the plan was “grandfathered” in 2010); w Make sure that they issued (or will issue) summaries of benefits and coverages (SBCs) as of the first day of their health plan year after September 2012; w Gat her i n format ion to repor t on 2012 W-2s (if the company issued more than 250 W-2s in 2011; this requirement is currently optional for organizations with less than 250 W-2s issued in 2011); w Determinewhat to dowithMedical Loss Ratio (MLR) rebates within 90 days of receipt (if they have a fully insured health plan and receive a rebate check from the carrier each August); and w Make sure their organization’s ERISA plan documents are in order. (Important note: don’t forget that the SBC, W-2 and MLR requirements are annual requirements that started in 2012, but will be required every year thereafter.) For 2013, some other requirements be- come effective: w Contributions to health FSA accounts will be limited to $2,500. w Employers will need to provide notices to employees about the upcoming state/ federal exchanges (this notice require- Focus on the Technical Requirements of Healthcare Reform It’s Time for Employers to by Benjamin S. Lupin, J.D., LL.M