Benefits Buzz
As we approach the new year, it is important that employers and benefit advisors not forgot some of the reporting obligations that come along with offering group health plans and other employee benefit programs.
Here are four reporting reminders:
When talking about Health Flexible Spending Accounts (FSAs), you may hear the terms carryover, grace period and run-out period, but what do they mean and how do they differ? Here are some simple explanations of each term.
Tis the season where open enrollments are occurring throughout the country. Employees are generally offered an array of benefits to choose from by their employer. This includes, but is not limited to, health insurance, dental insurance, vision insurance, Flexible Spending Accounts (FSAs), and more. It’s the most wonderful time of the year; however, employers need to make sure they comply with a very simple, but important rule.
On November 6, 2020, the Centers for Medicare & Medicaid Services (CMS) released the 2021 premiums, deductibles and coinsurance amounts for the Medicare Part A and B programs. Below is a summary of some of the key cost components:
The Flex General Agency is excited to welcome Bright Health into our individual product portfoli
The Affordable Care Act (ACA) created two reporting requirements which are spelled out in Internal Revenue Code Sections 6055 and 6056.
Section 6055 requires every provider of minimum essential coverage to report information of those employees and dependents who enroll in coverage. Reporting this information to the Internal Revenue Service (IRS) is still required even though the Individual Shared Responsibility penalty (i.e. Individual Mandate) is $0.
