The Affordable Care Act (ACA) is the major healthcare reform enacted on March 23, 2010. ACA requires large employers like Tulane University to offer health insurance coverage to substantially all (at least 95%) of their full-time employees, which for this purpose is defined as an employee averaging 30 or more hours of work per week. Additionally, the ACA requires the University to complete complex annual IRS reporting. These requirements make it critically important for the University to be able to track hours for all employees.
The ACA 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 IRS also requires the University to include all Social Security Numbers of participants, including dependents, enrolled in the health insurance.
The ACA requires employers to 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. Tulane works with ADP to make this 1095-C form available each year.
For questions about eligibility, contact the Benefits Team at 504-865-HR4U(4748).