PPACA 2016 Employer Reporting Requirements 11/05/2015 New Reporting for Health Plans As the implementation of the Patient Protection and Affordable Care Act (PPACA) continues, new reporting requirements will exist in 2016 for employers. The new requirements fall under IRS Code §6055 and IRS Code §6056, as reviewed below. Reporting of Minimum Essential Coverage Provided – IRS Code §6055 Under IRS Code […] Read More >
IRS Updates 2016 Patient-Centered Outcomes Research Institute (PCOR) Fee 10/30/2015 The IRS has increased the 2016 PCOR fee to $2.17, up $0.09 from the 2015 fee of $2.08. As a reminder, non-excepted group health plans are required to pay the PCOR fee for plan years ending on or after October 1, 2012 and before October 1, 2019. The fee generally applies to Health Reimbursement Arrangements […] Read More >
IRS Announces 2016 Monthly Qualified Transportation Plan Limits 10/26/2015 IRS Announces 2016 Monthly Qualified Transportation Plan Limits 2016 Qualified Transportation Fringe Benefits Update: On Wednesday, October 21, 2015, the Internal Revenue Service announced changes to monthly limits on the value of qualified transportation fringe benefits that an employer can provide its employees without being included in taxable income. For 2016, the monthly limit on […] Read More >
Health Savings Accounts: What You Need to Know 09/25/2015 Health Savings Accounts: What You Need to Know What is a Health Savings Account, or HSA? An HSA is a special bank account that is set up to help pay out of pocket medical expenses. As many employers are gearing up for open enrollment, here are a few things you will need to know about […] Read More >
IRS Issues Notice 2015-52 to Request Comments on Cadillac Tax Proposed Regulations 08/12/2015 IRS Issues Notice 2015-52 to Request Comments on Cadillac Tax Proposed Regulations The IRS issued Notice 2015-52 on July 30, 2015, to address additional topics pertaining to the 2018 Excise Tax, commonly referred to as the Cadillac Tax. This notice is in addition to Notice 2015-16, which first outlined various topics that are being considered […] Read More >
IRS Adds to Permitted Change in Status Events 08/03/2015 IRS Adds to Permitted Change in Status Events IRS Notice 2014-55 outlines two new change in status events for Cafeteria Plans. The change in status events outlined are 1) when an employee will have their hours of service reduced to below 30 hours a week on average but is still eligible for the employer’s group […] Read More >
Is Our Health Plan ‘Grandfathered’ Under the ACA? 5 Ways a Plan Can Lose Grandfather Status 07/10/2015 The Affordable Care Act imposes a large number of mandates on employers. But according to the terms of the law, most health plans that were purchased prior to March 23, 2010 are exempt from some of these provisions. They don’t have to offer the same selection of benefits or protections as do newly-offered plans. Indeed, […] Read More >
Review Your Plan Mid-Year to Help Reduce End of Year Stress! 07/07/2015 The middle of the plan year is a great time to take stock of the status of your plan. This applies to both employees who are participating in a plan such as a Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA) and employers who sponsor employee benefits. Employees may want to review the following […] Read More >
Put your Flexible Spending Account (FSA) Dollars to Work this Summer! 07/06/2015 As summer moves into full swing, now is a good time to take stock of your summer medical must-have’s. While it may vary by plan design, most regular FSAs cover several items that you may normally purchase as you prepare for the outdoor activities that accompany summer weather. Sunscreen with an SPF of 30 or […] Read More >
ACA Compliance Update 06/15/2015 If you’re not already well on the way to putting together an Affordable Care Act compliance effort with all hands on deck, the time to start is now. Effective January 1, 2016, every employer with 50 or more full-time equivalents – using a specific calculation methodology defined by the Department of Labor, must provide a […] Read More >