Employers

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:

Posted May 21st, 2020 in Employers, Producers

Individual Coverage Health Reimbursement Arrangements (ICHRAs) can be otherwise described as premium reimbursement plans. Employers establish a plan to reimburse employees for health insurance coverage they obtain on their own; either a plan obtained in the individual health insurance market or through Medicare. Reimbursements are tax-free to employees and tax-deductible to employers.

Posted May 14th, 2020 in Employers, Producers, Individuals

The Internal Revenue Service (IRS) recently released Notice 2020-29 and Notice 2020-33 which provide substantial changes to Cafeteria Plans, Health Flexible Spending Accounts (Health FSAs) and Dependent Care Assistance Programs (commonly referred to as Dependent Care FSAs).

Posted May 7th, 2020 in Employers, Producers

Individual Coverage Health Reimbursement Arrangements (ICHRAs) are new premium reimbursement arrangements that allow employers to reimburse employees for personal health insurance coverage they obtain on their own. Plans such as those offered on the Health Insurance Marketplace or Medicare plans are eligible for reimbursement. An employer may optionally choose to reimburse out-of-pocket medical expenses too.

Posted April 30th, 2020 in Employers, Producers, Individuals

The U.S. Department of Labor (DOL) has issued guidance that will impact COBRA procedures, special enrollment periods, and claims procedures. The guidance will extend the length of certain time periods applicable to group health plans, disability plans and other welfare plans regulated by the ERISA law. Plan participants and beneficiaries will have additional time to do the following:

Posted April 28th, 2020 in Employers, Producers

As a reminder, 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.

Posted April 23rd, 2020 in Employers, Producers

If you’re familiar with the individual health insurance market, you should be aware that the Affordable Care Act (ACA) made significant changes to the application and enrollment processes starting in 2014.

Posted April 21st, 2020 in Employers, Producers, Individuals
Health Savings Accounts (HSAs) have been available since 2004. Employees and individuals enrolled in qualified high deductible health plans (HDHPs) can put money into an HSA to pay for medical expenses at a later date. The contributions are tax-deductible, and if money is used to pay for medical expenses, the money can be withdrawn from the HSA tax-free. Unlike Flexible Spending Accounts (FSAs), there is no cap on the amount of money that can be rolled over from one year to the next.
 

Benefits Buzz

Enter Your Email

Tag Cloud

Archives