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ARTICLE · 28 MAY 2010

Health Care Reform: How Will it Affect Your Future?

Together, the Patient Protection and Affordable Care Act (PPACA) and Health Care and Education Tax Credit Reconciliation Act of 2010 represents widespread health care reform which will be implemented over a number of years to come.

United StatesEmployment and HR

As seen in the May 28th issue of Business Lexington.

Together, the Patient Protection and Affordable Care Act (PPACA) and Health Care and Education Tax Credit Reconciliation Act of 2010 represents widespread health care reform which will be implemented over a number of years to come. Moreover, given the law's 2,500 pages, there are many questions that will not be answered until the implementing federal regulations are issued. Nonetheless, employers should understand that several PPACA provisions were immediately effective, or effective six months from the date of enactment (March 23) and take note of what is in store in 2014.

W-2 Reporting Requirements

For taxable years beginning after December 31, 2010, employers must report on their employee's W-2 form the full premium value of their employee health coverage, including but not limited to, the value of prescription drug plans and employee assistance programs. This means that payroll systems need to be updated

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