Benefits Buzz
February 15 is slated to be the final day for the 2015 open enrollment period. Luckily for small business owners there’s still time to take advantage of an affordable health care solution.
The IRS has issued proposed regulations that will introduce a new excepted benefit available to some employees who purchase individual market coverage. Excepted benefits are exempt from most of the requirements and obligations under the Affordable Care Act (ACA).
Posted December 19th, 2014 in Producers, Employers, Individuals
The U.S. House of Representatives and Senate have both voted and approved an extension of more than 50 different tax provisions that expired at the end of 2013. The actions taken would retroactively extend these tax provisions for 2014, but it does not extend them into 2015.
Posted December 12th, 2014 in Producers, Individuals
Earlier this year the IRS released three revenue procedures (2014-46, 2014-37, 2014-41) which provide guidance to individuals on their obligation to maintain minimum essential coverage and includes information on subsidies available through the Health Insurance Marketplace (Exchange).
The High Cost Employer-Sponsored Health Coverage Excise Tax, more commonly known as the Cadillac Tax, is scheduled to take effect in 2018. The Cadillac Tax is described as an attempt to reduce health care usage and costs by encouraging employers to offer health plans that are more cost effective and that engage employees in the cost of care. Experts estimate that the tax will raise $80 billion over a 10 year time period and will finance various components of the Affordable Care Act (ACA).
Posted November 26th, 2014 in Individuals
Here's an example eligible expenses that someone with a Health Care Flexible Spending Account (FSA) might encounter on Thanksgiving Day:
6:00 AM Wakes up
8:30 AM Picks up prescription medicine* from a local drugstore to be ready for anything
9:15 AM Starts preparing the side dishes
