Health care insurance costs now on W-2

[heirloom]

Quote:

I glanced at my W-2 and I do not have a DD listed.

Me neither.... get a pension and severance check. I looked three times at both and this wasn't listed. As a matter of fact, box 12 is state tax.

I thought it would be on my pension stmt because that is where my insurance pmt comes out of.

[comicbookgujy]

My DD shows $8k. I pay $4k a year. Damn, my health plan sucks.

[Brett_Cameron]

Quote:

Originally Posted by imoldernu Form W-2 Reporting of Employer-Sponsored Health Coverage

Thanks, this answered my question about whether I would get a W2 next year from ex-employee only showing DD amount. The answer is that it is not required but not prohibited, so I will find out next year.

[Gatordoc50]

Just read that the tax free treatment of employer sponsored health benefits costs the govt 180 billion dollars/year or 80 percent more than the mortgage deduction.

[MichaelB]

Quote:

Originally Posted by Gatordoc50 Just read that the tax free treatment of employer sponsored health benefits costs the govt 180 billion dollars/year or 80 percent more than the mortgage deduction.

Yes. Here's a good article with a list of tax expenditures for 2011 Econbrowser: Tax Expenditures

[Too young to work]

DW and I pay about 1300 a year, DD says a little over 18,000.

I was surprised to see how much our plan actually costs. Funny thing is, we probably only cost the insurance company between 500 and 800 a year. We don't go to the doc unless there's a problem. Wish I could just take all that money and shove it into a HSA.

[SumDay]

My box DD is $15,519, and I pay $408 a month.

I have a theory why they're presenting this #, but I won't say it out loud for fear of jinxing things....

[Mulligan]

My long time dear GF has one of those union insurance plans that time has long forgotten. It is a $150 yearly total deductible that costs her around $50 a month out of pocket. Although neither of us need the piece of paper to validate our relationship, she said we could always get married and I could join the plan as the spouse add on only costs $200 a month for same plan. It would be our luck we do it, and then they slap a major tax on it so high, that I would have to drop it.

[tinlizzy]

$18,994.92, family plan. No premium, no deductable. Excellent insurance. Medical, dental, vision, prescriptions - I'm guessing that figure includes it all.

[Gumby]

The young wife and I each have our own employer health insurance. My W2 DD amount was $7491. Hers was $8857.

[RockyMtn]

12DD for me $18,205.00. I smell a 12EE and that is amount taxed on 12DD!

[RockyMtn]

Still on payroll from former employer for consulting. My 12DD is $18,205.00. I think next year there may be a 12EE that says tax on 12DD!

[obgyn65]

Some of these numbers are incredibly high. I will check mine next week and report back.

[SteveNU]

My number is $20500 with spouse and dependent children. I pay $225 bi- weekly as my portion.

[Gatordoc50]

Quote:

Originally Posted by MichaelB Yes. Here's a good article with a list of tax expenditures for 2011 Econbrowser: Tax Expenditures

Thanks. Amazing.

[Semiretired2008]

Just got my W2 today and it is being taxed under SS and Medicare wages.

I was a part time employee - 20hrs a week for a few months last year for one particular company. I was only offered partial benefits as a part timer. Being retired military I took no medical coverage (it was to expensive for part timers - almost as much as me taking an individual policy). They also did offer dental and vision. I took the dental - needed some bridge work.

These were optional categories under the W2 reporting requirements. Some how or another they believe that these were worth over $1,500 a month in reporting for the amount in Box 12. I did the calculations and I did pay SS and Medicare on this extra amount. I checked previous years W2's and this was not counted as SS or Medicare Income, but now it is...

If this was new this year then there was no 2% break on SS deductions and SS / Medicare deductions have been pushed down to the lower income individuals even more now...

[FUEGO]

Quote:

Originally Posted by Ronstar I glanced at my W-2 and I do not have a DD listed. IIRC as a company owner, health insurance is a different animal. Mine shows up in box 14. As an owner, I had to "pay" my health ins, and I was reimbursed as "other earnings", so the premium I payed was included in my year to date income. It was subtracted from gross pay to get "social security wages" from which my 401k contribution was subtracted to arrive at the box 1 wages number. Its been like this for years. It doesn't look like it has caused me any tax disadvantages since it was a wash at the paycheck level and not in the box 1 number.

Not sure if you are in this boat, but at the firm I used to work, minority owners holding 2% or more of the company (an S-Corp) had the cost of health insurance included in their income somehow. One reason I never bought any company stock...

My stats for Box 12 DD: $5100 for individual only super crappy coverage by my governmental employer. I pay nothing and have never used the insurance but have heard horror stories and seen the co-pays and deductible on my health insurance card. $13430 for DW's box 12DD - gold-plated family coverage with zero deductible, low co-pays and 20% coinsurance. We pay $100/month on top of that cost. Given what some are reporting here, it seems DW's company is doing pretty well providing the quality of insurance at almost no employee cost. Could be DW's 1,500 20-something and 30-something coworkers balancing out the costs, along with RIF'ing all the old timers and outsourcing their jobs to India.

[WhoDaresWins]

This thread prompted me to open my W-2 today, which I received last week and had tossed aside for the accountant. I see $5200 in Box 12b (single person). I have no deductible or contributions for health insurance while I am working, but I will pay half of that amount when I retire. I do have to pay $20.00 as a co-pay for doctor's appointments. I plan to retire July 2014. Interesting that we did not get anything from HR informing of this new addition to W-2's.

[Ronstar]

Quote:

Originally Posted by FUEGO Not sure if you are in this boat, but at the firm I used to work, minority owners holding 2% or more of the company (an S-Corp) had the cost of health insurance included in their income somehow. One reason I never bought any company stock... My stats for Box 12 DD: $5100 for individual only super crappy coverage by my governmental employer. I pay nothing and have never used the insurance but have heard horror stories and seen the co-pays and deductible on my health insurance card. $13430 for DW's box 12DD - gold-plated family coverage with zero deductible, low co-pays and 20% coinsurance. We pay $100/month on top of that cost. Given what some are reporting here, it seems DW's company is doing pretty well providing the quality of insurance at almost no employee cost. Could be DW's 1,500 20-something and 30-something coworkers balancing out the costs, along with RIF'ing all the old timers and outsourcing their jobs to India.

That's exactly my situation. I started as a 15% minority owner in 1992. I believe we were a c-corp then. Switched to an s-corp maybe 2000. I believe we benefited somehow by doing this - I think it was by switching from accrual to cash base accounting - we were able to negate the tax consequences of increased accounts receivable during the boom years.

[ceciledian]

Is this the employer's total cost or does it include what the employee pays?