First few Article Sentences
The new year ushered in several new health care mandates for employers. As part of the Affordable Care Act (ACA), companies are now required to report the total cost of employer-sponsored health care benefits to the IRS via W-2 forms starting with the 2012 tax year. Additionally, employers must limit flexible spending accounts to $2,500 per employee and will no longer receive Medicare Part D drug subsidy payments for retirees. However, this is only the tip of the federal overhaul of the health care system. Companies are scrambling to determine what they should do about health care benefits before the employer mandate goes into effect on January 1, 2014.