30 Second Insurance Tips©

Tip 84- show Me The Money

Now would be a good time to do a little yearend planning for one requirement of health reform legislation.

What is the total aggregate cost of providing health insurance? If you are an employer who last year filed 250 or more W‐2s, IRS wants to know.

The amount reported on 2012 W‐2s (in Box 12) is informational only and will not, for now, affect tax liability.

Both the employer and employee portion of health premiums must be reported, but not premiums for separate dental, vision or disability income plans.

What about employer contributions to HSAs, HRAs or Wellness Plans – are those reportable, too?

Like I said, now would be a good time to do a little planning!