Benefits Buzz

Posted November 10th, 2016 in Producers, Employers

People who have access to affordable coverage from their employer are ineligible to receive subsidies through the Health Insurance Marketplace, also known as the Exchange. For 2017, coverage is considered affordable if the employee’s share of premium for self-only coverage is 9.69% or less of their household modified adjusted gross income.

Posted November 1st, 2016 in Producers, Employers, Individuals
The 2017 contribution and reimbursement limits for consumer-driven accounts (CDAs) are now available and have been provided below:
 
Health Care Flexible Spending Account (Health Care FSA)
 
The salary reduction limit is $2,600 ($50 increase from 2016) for the 2017 plan year. Employers may also contribute the greater of $500 or up to a dollar-for-dollar match of the employee’s salary reduction. The maximum carryover amount remains unchanged at $500.
 
Posted October 28th, 2016 in Producers, Employers

New service keeps you on track!

The world of ERISA, HIPAA, COBRA and general health care compliance is increasingly complex for businesses. Flexible Benefit Service LLC (Flex) wants to make sure nothing falls through the cracks.

Flex now offers Compliancedashboard® - a turnkey solution to help you make sense of your compliance obligations and minimize your risk. This simple, web-based compliance system gives your organization the information you need, when you need it.

Posted October 21st, 2016 in Producers, Employers

The only way for an employer to provide certain benefits tax-free to its employees, such as health, dental or vision insurance, is through a Cafeteria Plan, as defined under Section 125 of the Internal Revenue Code. The only way for an employer to have a Cafeteria Plan is by preparing a written plan document which meets the requirements of Code Section 125. Failure to have a written document, or failure to operate a Cafeteria Plan in accordance with the terms of Code Section 125, disqualifies the plan as a Cafeteria Plan and results in gross income to the participants. In other words, any participant in the plan will lose the tax favorable status of the benefits that he or should would have otherwise received.

Posted October 11th, 2016 in Producers, Employers
The Affordable Care Act (ACA) requires certain entities to report information to the Internal Revenue Service (IRS) relative to health insurance coverage. The reporting is generally completed by insurance companies, government-run Exchanges and applicable large employers. The reporting helps the IRS enforce three key provisions of the ACA:
 
  1. Most U.S. citizens and lawfully present residents must have health insurance or pay a penalty. This is referred to as the Individual Mandate. The reporting helps the IRS understand who has health insurance coverage.
     
Posted October 3rd, 2016 in Producers, Employers
Group health plans typically make coverage available to current or former employees and their spouses and children. However, some employers extend coverage to certain groups of non-employees. The most common example would be letting a business owner participate in the plan. Most types of business owners aren’t classified as employees for tax purposes, but rather they are said to be self-employed. 
 

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