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W-2 Reporting Requirements for Health Plan Costs Will Apply Soon

Lexology (03/19/12) Todd M. Cleary; Sven E. Skillrud

Companies soon will be required to report the aggregate cost of employee health plan coverage on Forms W-2 issued for 2012 (i.e., W-2s given to employees in January 2013). Unless an exemption applies, employers will be required to report the aggregate cost of all “applicable employer-sponsored” health plan coverage given to (1) the employee, and (2) anyone covered by the plan because of his or her relationship to the employee. Reportable costs include both the company’s and employee’s contributions.

According to the U.S. Internal Revenue Service, the following benefits are generally excluded from health plan cost reporting: long-term care, accident or disability income insurance or supplemental liability insurance, health reimbursement arrangement benefits, stand-alone dental and vision plan coverage, and money contributed to a health savings account or medical savings account.