Compliance is required beginning with the Form W-2 that will cover the 2012 year (delivered to employees in January 2013). Reporting for years prior to 2012 is optional. Several transition rules provide temporary reporting relief with respect to some types of health coverage (e.g., HRAs), for small employers (file fewer than 250 W-2s), and for multiemployer plans.
The guidance covers:
- Transition relief
- Employers subject to reporting
- Methods of reporting
- Aggregate cost of applicable employer-sponsored coverage
- Cost of coverage required to be included in the aggregate reportable cost
- Methods of calculating the cost of coverage
- Other issues relating to calculating the cost of coverage
This is a summary of the guidance. A more detailed explanation can be accessed on the Towers Watson website.
Horizon Actuarial Services, LLC is an independent company and is not affiliated with Towers Watson.