IRS Guidelines – Indexed Figures for 2016
FICA Social Security 6.2% to $ 118,500 Medicare unlimited 1.45% to Unlimited High Deductible Health Plans Minimum Annual Deductible (Individual/Family) $1,300 / $2,600 Maximum Out-of-Pocket Limit (Individual/Family) $6,550 / $13,100 Health Savings Accounts Individual / Family $3,350 / $6,750 Catch-up Contribution $1,000 Flexible Spending Accounts Health Care Flexible Spending Account Maximums $2,550 Dependent Care Spending […]
Cadillac (n.) best of its kind; standard of excellence
What else would you expect big government to call a 40% tax that is expected to hit 25% of employees in 2018 and 42% by 2028? The last major piece of Obamacare will impact consumers, corporations and union members. The Impact? Middle-class workers could see a reduction in benefits. Companies in areas with high medical […]
1095-C Reporting
This continues our review of the ACA reporting requirements. In our previous blog Employee Benefit Advisors mentioned we decided to do a little review because we’re getting questions from employers about their reporting requirements. Who files Form 1095-C? Sponsors of both self-insured plans and insured plans must file Form 1095-C. Payroll providers should have the […]
1095-B Reporting
Employee Benefit Advisors decided to do a little review because we’re getting questions from small employers about their reporting requirements. Who files Form 1095-B? The insurance company is required to file Form 1095-B if your company sponsors an insured plan. If self-insured, the plan sponsor is required to file Form 1095-B. What information does Form […]
The Future of Vision
6 eye care and eye wear innovations that will alter your view of vision benefits Accu-Fit Technology – reads the shape of your eyes and automatically recommends the best prescription Glasses.com – takes a 3D image of your face and allows you to look at up to four pairs of frames from every angle Onsite […]
Obamaco$t – What is hiding in the numbers.
Aetna’s Health Reform Weekly published a New Kaiser Family Foundation research found that single and family premiums for employer-sponsored health insurance in 2015 rose by an average of 4 percent, but the survey also found that workers’ out-of-pocket costs are rising at a much faster rate, with a 67 percent increase in deductibles since 2010. […]
Obamaco$t – Rate Increases for 2016
Health insurance companies were seeking rate increases of 20 percent to 40 percent or more. Reason cited, new customers under the Affordable Care Act are seeking more treatment than expected. Increases of approximately half the amount requested is generally what state insurance agency approved. Some states fairing better than others. The proposed increases indicate health carriers […]
Useful App: GoodRx
Drug prices vary wildly between pharmacies. GoodRx finds the lowest prices and discounts. How? Compare prices – Prescription prices can vary widely from pharmacy to pharmacy. The app allows you to compare costs for every FDA-approved prescription drug at more than 70,000 US pharmacies. Find free coupons – Show the coupon displayed in the app […]
Top 8 Issues for Employers under ACA
To be fully compliant employers face 8 key requirements. All “applicable large employers” are subject – The trick here is properly counting part-time and variable hour employees. January 1, 2015 was the “effective date” for the new requirements. – Even if employers qualify for temporary relief they must report 2015 calendar year data to the […]
New Law Increases ACA Information Reporting Penalties
The Trade Preferences Extension Act of 2015 will increase the penalties employers are subject to under the Affordable Care Act’s information reporting provisions. Information Reporting Penalties Self-insuring employers that provide minimum essential health coverage (regardless of size) and large employers with 50 or more full-time employees (including full-time equivalents) that fail to comply with the […]