Health Care Reform

Here is a list of the major components of Health Care Reform that are now law and those that will be shortly:

YEAR: 2010

  1. 10% excise tax on indoor UV tanning services: July 1, 2010
  2. Health care coverage expansion to children under the age of 27: March 30, 2010
  3. Medicare Part D Coverage Gap $250 rebate
  4. Samll Business Health care tax credit

Year: 2011

  1. Elimination of over-the-counter medicines as a reimbursible expense from Flexible Spending Accounts or other health reimbursement arrangemetns like HSAs without a prescription.
  2. Optional employer reporting of the cost of employer-provided health insurance coverage on employees W-2s
  3. Repeal of additional 1099 informational reporting, but increasing the penalties for late filing 0f 1099s.

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