Employers

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.
 
  1. HSA contributions are tax deductible……just like 401(k) contributions.
Posted July 24th, 2015 in Producers, Employers

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:

Posted July 17th, 2015 in Producers, Employers
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.
Posted July 10th, 2015 in Producers, Employers
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.  
 
Posted July 2nd, 2015 in Producers, Employers, Individuals
On June 25, 2015, the Supreme Court of the United States (SCOTUS) ruled 6-3 in favor of the federal government and their ability to provide subsidies in Exchanges. The plaintiffs had contested the federal government’s interpretation of the healthcare law citing language in the Affordable Care Act (ACA) which specifically says subsidies can only be provided by an Exchange “established by the state.”  
 
Posted June 19th, 2015 in Producers, Employers, Individuals

What happens to Health and Dependent Care FSAs when a merger or acquisition occurs?  

 
Of course the Cafeteria Plan regulations do not specify how this should be treated, but the IRS has provided some guidance in the form of Revenue Ruling 2002-32. Fortunately, for employees, the IRS has taken a position that employees should not be punished as a result of a merger or acquisition, and the guidance suggests two possible options that would be acceptable in their eyes. Both options maintain the salary reduction of the employee and preserve the annual election.
Posted June 12th, 2015 in Producers, Employers, Individuals
There’s an interesting story developing in Texas which may have a carryover effect to other states. The Texas House of Representatives and Senate have approved House Bill 1514, which would require the letters “QHP” to be included on ID cards of any health plan purchased through the Exchange. QHP, which stands for Qualified Health Plan, would help doctors and medical providers understand the type of coverage a patient has prior to providing any services.
Posted June 5th, 2015 in Producers, Employers, Individuals
The Supreme Court is expected to rule on the King vs. Burwell case at the end of this month. This is the court case that is challenging whether or not the federal government can provide subsidies to Exchange enrollees in the 37 states in which it operates. Media coverage of the case implies that the judges are evenly split and a ruling could go either way.
Posted June 1st, 2015 in Producers, Employers, Individuals
The Affordable Care Act (ACA) has created a great deal of change in the healthcare market. Individuals, employers, insurers, doctors, hospitals, pharmaceutical companies and many others have all experienced change in one way, shape or form. Next on the list is the restaurant industry, and that’s because the food you eat can have an impact on your overall health.  
 
Posted May 22nd, 2015 in Producers, Employers, Individuals

The Affordable Care Act (ACA) established a maximum out-of-pocket limitation for single and family coverage. The limit established for 2016 is $6,850 for single coverage and $13,700 for family coverage. The Department of Health and Human Services (HHS) issued an FAQ document on May 8, 2015 which indicates a health plan that covers a family cannot impose an out-of-pocket maximum of more than $6,850 for any single family member covered under the plan.

Benefits Buzz

SUBSCRIBE TO THE FLEX BLOG

Tag Cloud

Archives

Stay Connected