Employee Benefits
The IRS has released the final version of the forms and instructions as it relates to the new employer reporting requirements associated with the Employer Mandate and other Affordable Care Act (ACA) provisions. The forms are identical to the draft versions that were released last summer, but there have been revisions made to some of the instructions. The forms and instructions can be accessed below:
Section 6055 reporting (used to report which individuals are covered by the employer sponsored plan)
The Affordable Care Act (ACA) created the Patient-Centered Outcomes Research Institute (PCORI) as a way to help improve clinical effectiveness. The research institute is partially funded by fees charged to health plans, including some Health Reimbursement Arrangements (HRAs) and some Flexible Spending Accounts (FSAs). The fees are payable over a seven year time period and started for the first time last year.
The next round of PCORI fees are due to the IRS by July 31, 2014 and are payable via Form 720 by applicable employers for plan years ending in 2013
Each year on April 2, the International Foundation of Employee Benefit Plans (IFEBP) champions the effort to recognize all those who participate in the employee benefits industry and their hard work. As an IFEBP member, Flexible Benefit Service Corporation (Flex) wants to thank you for your business and remind you to participate in the festivities, as well.
When it comes to Health Savings Accounts (HSAs), one of the most common questions we hear is, “Can people aged 65 and older contribute to an HSA?” Many people would answer no to this question, but that is not always the case.
The fact that someone turns 65 does not automatically disqualify him from making contributions to an HSA, but enrollment in Medicare does.
An employer can be fined up to $100 per day for every employee that had a waiting period in excess of 90 calendar days.
The Affordable Care Act (ACA) imposes a new rule that group health plans cannot have a waiting period of more than 90 calendar days.
After nearly thirty years of lobbying the “Use-It-or-Lose-It” rule has been changed. Now the option is left to you, the plan sponsor, whether or not it is the right thing to implement for your company. Let’s take a look at some of the scenarios and helpful tips for the healthcare flexible spending account (FSA) rollover option in terms of an adoption lifecycle (a model that shows the trend of acceptance to a new concept over time).
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