Benefits Buzz

Posted June 23rd, 2020 in Employers, Producers

The Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices. PCORI is funded in part by fees which are charged to health plans. The following information is designed to help employers understand their upcoming payment obligations.

Posted June 16th, 2020 in Employers, Producers

The Internal Revenue Service (IRS) recently proposed rules that would expand the definition of medical expenses allowed under Section 213(d) of the Internal Revenue Code (“Code”). This part of the Code is what helps guide the types expenses that can be reimbursed through a Health Reimbursement Arrangement (HRA), Flexible Spending Account (FSA) or Health Savings Account (HSA).

Posted June 9th, 2020 in Employers, Producers

Health Savings Account News

You may have previously heard that the 2019 federal tax filing deadline was extended until July 15, 2020. In the event you were unaware, contributions to Health Savings Accounts (HSAs) for the prior year can be made up until the tax filing deadline. The tax filing extension is impactful to HSAs for two reasons:

Posted June 4th, 2020 in Employers, Producers

The Employer Mandate requires employers with 50 or more employees to offer “minimum essential coverage” to at least 95% of its full-time employees. Failure to do so can result in a penalty of $2,570 for each full-time with a break on the first 30 employees. Most employers assume minimum essential coverage must come in the form of a traditional group health insurance plan, but that is not the case.

Posted June 2nd, 2020 in Employers, Producers

Many employee benefit laws only apply to employers who have a certain number of employees. The challenging part is that each law has its own definition and rules on how to count the number of employees when determining if a law applies to an employer. Here are some key examples:

Posted May 27th, 2020 in Employers, Producers

The regulatory agencies have been busy issuing guidance these last several weeks. Here are some important updates in case you missed them:

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