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