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Another place where you can expect to see the effects of the affordable care Act is on your W-2 this tax season. Under the ACA, all employers (excluding small businesses) are now required to report the cost of your health care plan for information purposes.
According to the IRS, all employers that offer a "cover-sponsored applicable employer" under a group health plan are subject to this reporting obligation This includes:.
- federal, state, local government entities
- churches and other religious organizations
- employers who are not subject to COBRA continuation coverage requirements
many of us, so far, can not say exactly how our health coverage costs, but with this new requirement under the health care law, taxpayers will become fully aware of cost of their health insurance Take a look -.. in box 12 of your W2, you should see the portion of your coverage of health care paid by your employer, and any amount paid by you
If these figures seem big to you, it's because they are. According to the actuarial firm Milliman Inc., the average cost of health care for a typical American family of four enrolled in a health plan sponsored by the employer was $ 20,728 in 2012. The same study shows that employer contributions to these Plans on average about $ 12,144 of the total cost.
both Congress and the IRS state that the purpose of this rule is to provide employees with more useful and comparable consumer information concerning the cost of their coverage of health insurance. Benefits reported on your W-2 form must remain untaxed; However, many taxpayers and skeptics are uncomfortable with the fact that these costs are now monitored and could potentially increase in the future.
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