As required by the PPACA, benefits-eligible faculty and staff will see health insurance value information on their W-2, as well as a new coverage statement for full-time employees.
PPACA & W-2
The Patient Protection and Affordable Care Act (PPACA) requires employers to report the value of health insurance coverage on employees' W-2 forms. The purpose of the value of health coverage, as stated by the IRS, is to provide employees useful and comparable consumer information on the cost of health care coverage. This amount is not taxable and does not include the value of dental or life coverage.
The value of health insurance was reported by the Group Insurance Division to the Comptroller, SURS, and all universities and appears in box 12 of the W-2 form with the code 'DD'. The amount reported includes any pay period from January through December in which the employee had income that was reported on a state agency or state university W-2.
PPACA & 1095-C
The Patient Protection and Affordable Care Act (PPACA) requires employers to offer health insurance coverage to full-time employees and their child dependents. Employers must send an annual statement (on paper or electronically) to eligible employees describing the health insurance coverage that was offered to them. The IRS Form 1095-C serves as that statement.
IRS Regulations provide the opportunity to consent to receiving the 1095-C electronically in the same manner that you consent and receive your W-2 electronically each year. University Payroll & Benefits (UPB) is working with a vendor to make this 1095-C electronic consent option available for 2015 reporting. UPB will email employees with further information regarding the issuance of the 2015 Form 1095-C.
