Employers

Posted October 27th, 2020 in Employers, Producers

The Employer Mandate guidelines state that coverage is affordable when an employee has to pay no more than 9.5% of their household income (inflation-adjusted to 9.83% for the 2021 plan year) for self-only coverage which is offered, but which employers know the household income of an employee? As a result, there are three alternative methods that an employer can rely upon when determining if the coverage they offer is affordable. These methods are explained below and some general examples of how to apply each method have also been provided.

Posted October 21st, 2020 in Employers, Producers

President Donald Trump declared a national emergency due to the COVID-19 pandemic earlier this year. The national emergency took effect on March 1, 2020, and it has yet to expire. Following the national emergency declaration came a wave of guidance and regulations, including guidance and regulations which impacted deadlines associated with employee benefit programs.

Posted October 15th, 2020 in Employers, Producers

The Internal Revenue Service (IRS) recently issued Notice 2020-76 with information pertaining to the upcoming reporting required by the Affordable Care Act (ACA).

The following information was included in the notice:

Posted October 7th, 2020 in Employers, Producers

The Internal Revenue Service (IRS) has issued draft reporting forms for the purpose of filing information necessary to enforce the Employer Mandate. The 2020 draft version of the applicable forms can be found below (with finalized versions expected to be released later this year):

Draft version of Form 1095-C

Posted September 30th, 2020 in Employers, Producers

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.

Posted September 1st, 2020 in Employers, Producers

Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.

Posted August 26th, 2020 in Employers, Producers, Individuals

A date is finally set for the Supreme Court of the United States (SCOTUS) to once again rule on the constitutionality of the Affordable Care Act (ACA). Oral arguments are expected to be heard on November 10, 2020, just one week after the presidential election.

Posted August 13th, 2020 in Employers, Producers

Technology has influenced employee behavior and changed expectations. They are no longer comparing good and services, but instead experiences. As a result, they are demanding innovation, engagement, and personalization across every aspect of thier lives, including healthcare.

Posted August 4th, 2020 in Employers, Producers

The Internal Revenue Service (IRS) recently issued Rev. Proc. 2020-36 which includes details on the minimum required contribution percentage in determining whether employer-sponsored health coverage is affordable. In 2021, employer-sponsored health coverage will be considered affordable if an employee has to pay no more than 9.83% (an increase of 0.05% from 2020) of their income for such coverage.

Posted July 30th, 2020 in Employers, Producers

Do you remember the days when employers could change from a $500 deductible plan to a $5,000 deductible plan and save 40-50% on insurance premiums? Then those same employers would offer a Health Reimbursement Arrangement (HRA) to cover most or all the deductible increase for employees who have chronic conditions or who experience unexpected medical events. The net result provided employers with significant savings while providing employees with substantially similar benefits. Those days still exist.

Benefits Buzz

Enter Your Email

Tag Cloud

Archives