“Cadillac Tax” and Health Insurance Industry Fee Delayed in Spending Bill
A major victory in the continuing resolution that is keeping the federal government funded. The package included an additional two-year delay of the Cadillac Tax on employer-sponsored health insurance plans until 2022 and a moratorium in 2019 of the Health Insurance Tax on all plans. Previously suspended for 2016 and 2017, the 2.3% excise tax […]
IRS will NOT accept 1040 without ACA Health Coverage Reporting
Employee Benefit Advisors recommends companies inform employees of the following. – The original announcement came out in October 2017, however EBA thought it would be a good reminder to post at this time. Reminder: The new tax law does not actually repeal the individual mandate. It eliminates the penalty (penalty is zero) starting in 2019, […]
IRS Guidelines – Indexed for 2018
FICA Social Security Tax is 6.2% on income up to $128,400 up from $ 127,200 Medicare Tax unlimited 1.45% to Unlimited High Deductible Health Plans Minimum Annual Deductible (Individual/Family) $1,350 / $2,700 Maximum Out-of-Pocket Limit (Individual/Family) $6,650 / $13,300 Health Savings Accounts Individual / Family $3,450 / $6,900 IRS announced change to $6,850 March 5, […]
Knock Out Blow? – Trump Ends Cost-Sharing Reduction Subsidies
The White House confirmed Thursday that it will stop making federal payments for cost-sharing reductions, payments to health insurers. The Department of Health and Human Services confirmed that the cutoff would be immediate. This action could throw the Marketplace into immediate turmoil as insurers start to evaluate their options for 2018. Many, certainly democrats, have […]
Trump’s Executive Order – What it is & What happens next
President Trump signed an executive order in an attempt to improve access, increase choices and lower costs for healthcare. What Is in the EO? The EO directs the secretary of Labor to consider proposing regulations or revising guidance to expand Association Health Plans. The intent of this directive is to allow employers in the same […]
Power of THE Pen – Trump holds the key to Repeal!
Many have forgotten that our Congress (Senate and State Representatives) and public employees are not fully subject to Obamacare. President Trump can change that with a stroke of THE Pen. Congress was initially subject to the ACA. However, after a meeting with Senate Democrats in March 2013, Obama exempted Congress from section 1312(d)(3)(D). That section […]
Health Care Reform – Where do we stand?
By now everyone knows the initial attempt to replace Obamacare with a more workable solution has failed. I’m sure another attempt will resurface later. Let’s focus on what we know and how President Trump’s executive order, signed in January, impacted Obamacare. President Trump’s executive order is still in effect. – The primary focus of the executive […]
IRS Guidelines – Indexed for 2017
FICA Social Security Tax is 6.2% on income up to $127,200 up from $ 118,500. Medicare Tax 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 $3,400 / $6,750 Catch-up Contribution $1,000 Flexible Spending Accounts Health […]
Repealing Obamacare (Part 2of 2) – The Employer Tax Exclusion
The National Association of Health Underwriters (of which Employee Benefit Advisors is a member) and other industry groups support the employer-based healthcare system and have been opponents to eliminating or capping the exclusion and supports a platform that would preserve existing tax incentives for insurance, including the exclusion. Proposals that eliminate the exclusion would push […]
Repealing Obamacare (Part 1 of 2) – Individual Tax Credits
Republicans hope to repeal Obamacare. One plan getting attention is creating a health insurance federal income tax deduction of $7,500 per individual and $20,500 for family. Everyone will be free to use their tax credit to buy the health insurance of their choice, not just the plan their employer provides. A derivative plan recommends a […]