Benefits Buzz

Posted March 6th, 2015 in Producers, Employers
The IRS released Notice 2015-16 which describes potential approaches that may be used in developing future regulatory guidance for the Excise Tax on High Cost Employer-Sponsored Health Coverage (a.k.a. Cadillac Tax). The Cadillac Tax would apply a tax of 40% to health coverage values that exceed certain thresholds starting in 2018.
Posted February 23rd, 2015 in Employers, Producers

The IRS has released the final version of the forms and instructions as it relates to the new employer reporting requirements associated with the Employer Mandate and other Affordable Care Act (ACA) provisions. The forms are identical to the draft versions that were released last summer, but there have been revisions made to some of the instructions. The forms and instructions can be accessed below:

Section 6055 reporting (used to report which individuals are covered by the employer sponsored plan)

Posted February 13th, 2015 in Producers, Employers

The Affordable Care Act (ACA) defines a small employer as one with up to 100 employees, but the law gave states the ability of using a definition of up to 50 employees until the end of 2015. As a result, most states, including Illinois, used a definition of up to 50 employees. However, that will change in 2016, and all states will be required to classify their small group market as up to 100 employees.

Why does this matter?

Posted February 6th, 2015 in Producers, Individuals
The Affordable Care Act (ACA) requires most people in the country to have health insurance coverage or pay a penalty. In addition, advanced premium tax credits were provided to millions of people who enrolled in coverage through a state-run or federally-facilitated Exchange. The government will be assessing penalties and reconciling subsidy payments on federal income tax returns effective for 2014.
 
Posted January 30th, 2015 in Producers
Flexible Benefit Service LLC (Flex) promotes tax-advantaged benefits with pride. As the industry shifts more responsibilities to the individual, a constant driver of ours has been to focus on cost-effective health care solutions. In fact, this is not a new thing for us. Flex pioneered this approach with the initial launch of Medical Savings Accounts (MSAs) in 1997 and continued with Health Savings Accounts (HSAs) in 2004.
 
Posted January 23rd, 2015 in Producers, Employers, Individuals

The IRS has released the maximum penalties that are payable by individuals who are without minimum essential coverage in 2015 and who do not qualify for an exemption from the Individual Mandate.

The maximum penalties for this year are the greater of:

  • $325 per uninsured adult or $162.50 per uninsured child under age 18. The maximum penalty using this method is capped at $975.

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