For employers, what is most important now is to:
- Prepare for distribution of their Summaries of Benefits and Coverage, which will be required for plan renewals and plan years beginning on or after September 23, 2012.
- Prepare for the reporting of the aggregate cost of health coverage for the 2012 reporting year on the Form W-2s, required to be issued in January 2013.
- Amend flexible medical spending account plans to comply with the $2,500 cap, applicable for plan years beginning on or after January 1, 2013.
- Prepare to begin the additional Medicare tax withholding for certain high income earners.
- Specifically for employers employing 50 or more full-time employees, to look down the road to 2014, with an eye on what impact the shared responsibility tax may have on their business and employee population.