Form W-2 Information
In an effort to keep you informed, we want to provide you with a brief explanation of changes that will be made to the Form W-2 you will receive in January. Changes that were in the health care reform law affect how certain information is reported on your W-2. This law requires employers to report information about the cost of an employee’s health care benefits on the employee’s W-2. Do not be concerned: this new required reporting is for information purposes only, and it does not represent a new tax.
The Patient Protection and Affordable Care Act (“PPACA”) requires us to report the total cost of your health benefits on your W-2 starting with the 2012 tax year (W-2s issued in January 2013). We have been gathering this information throughout 2012, and this required information will appear in the W-2 that will be sent to you in January 2013.
WHAT NEEDS TO BE REPORTED:
ACU has determined that the only coverage required to be reported is the medical coverage offered through Blue Cross Blue Shield. You will see the total of employee paid premiums, plus the employer calculated portion of medical coverage reported on your W-2. The employer calculated portion represents our COBRA rate as published in your annual 2012 Benefit Enrollment Guide, less a 2% administrative fee.
Remember, this reporting of the cost of your health care benefits is for information purposes only.
WHERE IT WILL BE REPORTED: