Articles

Excise Tax on High-Cost Employer-Sponsored Health Coverage

Beginning in tax year 2018, there will be a 40% nondeductible excise tax on insurance companies and plan administrators for any health coverage plan where the premiums exceed the following amounts:         &... Read More

Employer W-2 Reporting Responsibilities

Beginning in tax year 2012 (was originally scheduled to start for 2011 but has been delayed), employers will be required to disclose the aggregate cost of the benefit provided by them by the employer-sponsored health insurance coverage on the employee'... Read More

Big Break for Self-Employed Health Insurance Deduction

Background - A self-employed individual (or a partner or a more-than-2%-shareholder of an S corporation) can deduct as an above-the-line expense 100% of the amount paid during the tax year for medical insurance on behalf of himself, his spouse and his ... Read More

Employer Tax-Free Medical Benefits Available to Children under Age 27

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.  Generally, under pre-Act law, ... Read More

Over-the-Counter Medication Restriction for Employer Plans

Beginning in 2011, over-the-counter medications, except for doctor prescribed over-the-counter medication and insulin, will no longer qualify for reimbursement.  This restriction applies to health reimbursement accounts (HRAs), health flexible spe... Read More

Pre-existing Condition Exclusions for Children Under Age 19

Effective for health plan years beginning on or after September 23, 2010, for new plans and existing group plans, the new law includes rules to prevent insurance companies from denying coverage to children under the age of 19 due to a pre-existing cond... Read More

Employer Health Flex-Spending Plan Contributions Limited

In order for a health FSA to be a qualified benefit under a cafeteria plan, the maximum amount available for reimbursement of incurred medical expenses of an employee, the employee's dependents, and any other eligible beneficiaries with respect to the ... Read More

Insurance for Uninsured Americans with Pre-existing Conditions

Beginning July 1, 2010, a Pre-Existing Condition Insurance Plan will provide new coverage options to individuals who have been uninsured for at least six months because of a pre-existing condition. States have the option of running this new program in ... Read More

Additional Hospital Insurance Tax – High-Income Taxpayers

The Hospital Insurance (HI) tax rate (currently at 1.45%) would be increased by 0.9 percentage points on individual taxpayer earnings (wage withholding and SE tax) in excess of compensation thresholds for the taxpayer’s filing status; see table b... Read More

Additional Hospital Insurance Tax – High-Income Taxpayers

The Hospital Insurance (HI) tax rate (currently at 1.45%) would be increased by 0.9 percentage points on individual taxpayer earnings (wage withholding and SE tax) in excess of compensation thresholds for the taxpayer’s filing status; see table b... Read More