Employers

Posted August 30th, 2023 in Employers, Producers

The Internal Revenue Service (IRS) recently issued Rev. Proc. 2023-29 which includes information about the changes to the affordability percentage as it relates to the Employer Mandate for 2024.

Posted August 9th, 2023 in Employers, Producers

The state of Illinois has passed a law known as the Transportation Benefits Program Act which will require some employers in the Chicago metropolitan area to offer pre-tax transportation benefits to their employees.

Posted August 1st, 2023 in Employers, Producers

Cafeteria Plans allow employees to elect “qualified benefits” offered by their employer, and those qualified benefits may be paid for with pre-tax contributions by employees. Employees generally save on state income taxes, federal income taxes, and FICA taxes (i.e., Medicare and Social Security taxes). Employers also reduce their FICA taxes when a Cafeteria Plan is in place, so it is usually a win-win for all parties.

Posted June 22nd, 2023 in Employers, Producers

The use of telehealth (sometimes called telemedicine or virtual care) has expanded dramatically over the past few years. Telehealth generally involves connecting with a physician or medical provider by phone, internet, or a combination thereof for primary care, mental health, second opinions, or other medical reasons. It has become a faster and more convenient way to receive medical care.

Posted June 15th, 2023 in Employers, Producers, Individuals

Last month the Internal Revenue Service (IRS) published Rev. Proc. 2023-23 which includes the 2024 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Read on for a summary of these limits.

Posted April 26th, 2023 in Employers

Cafeteria Plans, sometimes called Premium-only-Plans (POPs) or Section 125 Plans, allow employees to pay for health and welfare benefits with pre-tax contributions. Because contributions are tax-deductible, the Internal Revenue Service (IRS) has a set of rules in place to ensure highly compensated employees are not eligible for benefits more favorably than non-highly compensated employees. This is referred to as the Eligibility Non-Discrimination Test.
 

Posted March 23rd, 2023 in Employers

Applicable Large Employers (ALEs) are those who employed 50 or more full-time equivalent employees in the previous calendar year. Under the Affordable Care Act (ACA) law, ALEs must offer minimum essential coverage to at least 95% of its full-time employees or they risk penalties. ALEs who fail to meet this offer requirement risk a significant penalty if just one full-time employee receives a subsidized individual health insurance plan through a Marketplace.
 

Posted March 15th, 2023 in Employers

On February 21, 2023, the Internal Revenue Service (IRS) published a final rule which changes the electronic filing requirements for Forms 1094-B, 1095-B, 1094-C, and 1095-C.

Posted March 1st, 2023 in Employers

The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires employers with 20 or more employees to offer continuation coverage under a group health plan for periods of 18, 29 or 36 months depending on the qualifying event. Qualifying events generally include a loss of coverage due to 1) termination of employment, 2) a reduction in hours, 3) an employee’s entitlement to Medicare, 4) death of the employee, 5) divorce or legal separation from the employee, and 6) a dependent child reaching the maximum age limit to be covered under the plan.

Posted January 12th, 2023 in Employers

The COVID-19 national public health emergency is set to expire on January 11, 2023; however, the Biden administration is expected to issue another extension of the national public health emergency. It is unknown at this time when the national public health emergency will be declared over.

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