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★★★ ★ How Health Care


★★★ SPECIAL REPORT ★


Law Affects Retailers continued from page 32


coverage for dependent chil- dren until the dependent’s 26th birthday. In some cases, certain carriers allow dependents who would otherwise “age-off” the parent’s policy to remain on cov- erage, or even re-enroll before the renewal date. You may be grandfathered


in. The new health care law in- cludes revisions to how your business administers and reports health care information for any health plans it sponsors. Howev- er, if your plan provided coverage on or before March 23, 2010, it may be exempt from certain re- quirements in the new healthcare


law based on the grandfathered provision, including covering emergency services without au- thorization, annual cost-sharing limits, etc. New updates to insurance


discrimination protection. Currently in effect, the non-dis- crimination provision requires that new employer group health plans that are not grandfathered can no longer drop individuals from coverage if they get sick, deny coverage to children un- der age 19 with pre-existing conditions, impose lifetime or unreasonable annual limits on essential health benefi ts, or discriminate in favor of highly compensated employees. Key provisions effective


January 1, 2011: An update to W-2 report-


ing. Employers will need to report on employees’ W-2 forms the aggregate value of their health benefi ts. Salary reduc- tion contributions to medical FSAs, contributions to medical savings account (MSA) and HSA plans, and stand- alone dental and vision coverage plans are excluded. This is no longer re- quired for Tax Year 2011, but will be mandatory for 2012. CLASS Act. Effective January


1, 2011, the Community Living Assistance Services and Sup- ports Act (CLASS Act), offered by the federal government, gives employers the option to help em- ployees use payroll deductions to contribute to this voluntary pro- continued on page 36


34 January 2011


is Now INDEPENDENTRETAILER


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