The RiteBenefits
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| Preparing for 2011 |
| 2011 Preparation- Top 6 list 1. Delay in W-2 reporting requirements. The IRS has recently announced that the provision of the PPACA requiring employers to report the cost of employer-sponsored health insurance on employees's W-2 forms is optional until 2012. 2. OTC Prescription changes. Starting January 1, 2011 expenses for medicine and drugs will only qualify as tax free and reimbursable by an employer sponsored FSA, HSA or HRA if: * The Medicine or drug requires a prescription * Is an over the counter drug for which the individual has a prescription * Is insulin 3. Changes to HSA, FSA, and HRA debit card utilization. Debit cards can no longer be used to purchase OTC drugs and medicines, individuals must pay out of pocket at time of purchase and then submit a reimbursement claim along with a copy of the prescription. 4. Retirement Contribution Limits. Remain the same for 2011 Contributions to 401(k), 403 (b) and 457 (b) plans remain unchanged from 2010, and are $16,500. 5. 2011 Cover Colorado Assessment will be $38.69 per subscriber insured by a Colorado health insurer. This amount is set by the state but fluctuates depending on your carrier and their administrative costs. 6. Your business may qualify for a 2010 tax credit Employers with fewer than 25 employees and who pay a minimum of 50% of the employees health insurance premium and whose companies average salary does not exceed $50,000 may qualify. Check out irs.gov for the complete list of requirements. |
