ptpn insights: the PPACA: what practice owners need to know as employers
As the holidays are a time to be thankful, I’ll go ahead and admit that I’m thankful that this will be my last post on healthcare policy in 2012. I’m also thankful that I don’t work in healthcare myself (at least as a practitioner), so I don’t have to worry about how such an enormous bill like the PPACA would affect me, day to day. That said, our members over at PTPN DO have to worry about such things, which is why we put this post together to remind them of the changes they’ll need to make in their business practices in order to be in compliance with the new law.
The Patient Protection and Affordable Care Act: What practice owners need to know as employers.
While the Patient Protection and Affordable Care Act (PPACA, also known as “Obamacare”) was passed in 2010, the bill’s provisions are gradually being implemented over the next few years. The bill affects practice owners not only as healthcare providers, but also as employers and small business owners. With 2013 only a few weeks away, it’s time to review what new provisions should be in place by the end of the year. (A big thank you to Dennis Bernstein, Director of Sales and Marketing at Total HR, a PTPN Preferred Vendor, for helping us gather this information.)
Reporting for employee W2s
When filing taxes for 2012, employers must report the annual cost of COBRA eligible benefits (medical, dental, etc.) on each employee’s W2. This is currently required only for companies that generated more than 250 W2s for 2012, but all companies will be required to do this by 2014, so it’s not a bad idea to start incorporating this into your year-end reporting.