Benefits Buzz
Posted August 24th, 2015 in Producers, Employers, Individuals
A report issued by the Centers for Disease and Control (CDC) recently made waves in industry news.
It appears that the Internal Revenue Service (IRS) is having some trouble with formulating guidance as it relates to the Excise Tax on High Cost Employer-Sponsored Health Coverage, also known as the Cadillac Tax. Earlier this year the IRS released Notice 2015-16 which sought public comment on the types of coverage that should (or shouldn’t) be included when calculating the value of coverage.
Posted August 7th, 2015 in Producers, Employers, Individuals
In a perfect world we would all save as much money as we could for retirement, but the reality is the average person has a limited amount they can save for the future. That being said, some Health Savings Account (HSA) advocates are saying employees should consider funding an HSA before a 401(k) or other retirement savings vehicle. Advocates stress that HSAs have one leg up on 401(k) plans because of a triple tax advantage feature.
- HSA contributions are tax deductible……just like 401(k) contributions.
The cost for failing to comply with the new reporting requirements of the Affordable Care Act (ACA) just got steeper. Under a trade bill signed into law by President Obama at the end of June, the penalties for failing to comply with the new reporting requirements, which are used to help the IRS enforce the Individual and Employer Mandates, have substantially increased.
Failing to complete the reporting:
All eyes are back on the Employer Mandate as expectations of major changes or delays to this provision are quickly fading in light of the King vs. Burwell ruling.
On June 26, 2015, the Supreme Court of the United States (SCOTUS) provided a ruling on same-sex marriage which is impactful to the health insurance industry. In a 5-4 ruling, the court determined that all states in the country must issue marriage certificates to same-sex couples, and states must also recognize same-sex marriages that are performed in other states.
