Employers

Posted June 19th, 2018 in Employers, Producers, Individuals

A lawsuit contesting the legality of the Affordable Care Act (ACA), also known as Obamacare, is starting to gain a lot of attention. Last December, the Tax Cuts and Jobs Act was signed into law. Part of this law made the penalty under the Individual Mandate $0 starting in 2019. Technically the Individual Mandate is still in place, but there will no longer be any penalty under federal law for failing to health insurance.

Posted June 15th, 2018 in Employers, Producers, Individuals

The Tax Cuts and Jobs Act signed into law last year wiped out the federal penalty for not having health insurance (a.k.a. the Individual Mandate) starting in 2019. Some state officials are concerned that the elimination of the penalty could destabilize their local insurance markets, and they have responded with their own Individual Mandate requirements.

Posted June 13th, 2018 in Employers
The Society for Human Resource Management (SHRM) is holding their annual conference and exposition in Chicago from June 17-20. 
 
Posted June 6th, 2018 in Employers, Producers, Individuals
As a part of Flex’s ongoing 30th anniversary celebration, we’d like to introduce you to some of our staff whose hard work and dedication has helped us to reach this important milestone.
 

Meet Larry

 
Larry Cassman is the Sales Manager for Individual and Medicare Sales. He has worked in the insurance industry for 18 years and at Flex for 11. Prior to that, Larry was a Stock Options Floor Trader at the Chicago Board of Exchange. 
 
Posted May 31st, 2018 in Employers, Producers
This month’s Ask the Expert question comes from Jan in Alabama. Jan asks:
 
Is it mandatory that each employee meet with the insurance agent to elect or waive benefits offered through a Cafeteria Plan?
 
It is definitely not mandatory that each employee meet with the insurance agent in order to elect or waive coverage in the plan. There are, however, some best practices that employers can put in place when it comes to enrollment in the plan.
 
Posted May 29th, 2018 in Employers, Producers
The Internal Revenue Service (IRS) recently released Revenue Procedure 2018-34 which includes details about the affordability percentage related to the Employer Mandate for the upcoming year. In 2019, coverage will be considered affordable if the employee’s share of the premium for self-only coverage is no more than 9.86% of their household income. As most employers don’t know the household income of their employees, three alternative safe harbor methods may be used:
 
Posted May 24th, 2018 in Employers, Producers, Individuals

Why employees should max out their HSA contributions

Most people don’t think about an HSA as a savings account. Instead, they think of it as an account used to set aside money, tax-free, to pay for healthcare expenses. While this is true, the reality is an HSA is much more than a bank account. It’s a long-term savings vehicle.
 
Posted May 22nd, 2018 in Employers, Producers, Individuals

On May 10th, the Internal Revenue Service (IRS) published Revenue Procedure 2018-30 which includes inflation adjustments to qualified high deductible health plans (HDHPs) and Health Savings Account (HSA) contribution limits.

Posted May 17th, 2018 in Employers, Producers

Identity theft, security breaches and traffic tickets are all things that employees worry about today. When issues like these arise, many people look to an attorney for advice and assistance. Unfortunately, finding an attorney can be stressful and time-consuming—not to mention expensive.

Posted May 15th, 2018 in Employers, Producers
Two things happened in 1986. Run-D.M.C released their hit song, “It’s Tricky,” and COBRA became effective. Thirty-two years later, Run-D.M.C.’s music is still popular, and COBRA administration is still tricky—especially when it comes to Flexible Spending Account (FSAs). Add FSA carryover to the mix, and it gets even trickier.
 
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