Even with the plethora of snow days in Ohio this month, it is officially 2014. A variety of items in health care and minimum wage have changed. Ensure your district is compliant with these regulation updates in health care and minimum wage.
As of January 1, 2014:
- Minimum wage was raised in Ohio to $7.95 per hour.
- Transitional reinsurance fee in effect under the Affordable Care Act (ACA). Health insurance issuers and self-funded group health plans need to pay fees for the first three years of operation of the health insurance exchanges.
- Individual health insurance mandate in effect. (Remember the IRS moved the ACA’s employer mandate to January 1, 2015.)
- New rules for applying annual limits and preventative care to defined contribution health care plans in effect, including HRAs, health flexible spending arrangements, and employer payment plans.
- New rules regarding outcome-based wellness program incentives in effect.
- Health plan design requirements in effect under the ACA. Health plans cannot place annual limits on essential health benefits; impose pre-existing condition exclusions on enrollees; or impose a waiting period more than 90 days.
- HSA employee contribution limits are $3,300 for self-only coverage, and $6,550 for family coverage.
- FSA employee contributions remain unchanged at $2,500, but the new FSA rule dropping the “use it or lose it” takes effect. This permits employees to carryover up to $500 of their unused account balances from the previous year, or have until March to spend last year’s money, with prior employer approval.