Everything You Need to Know About COBRA in Under 5 Minutes
Have your employees ever asked you for information about COBRA? Have you ever had to spend time trying to explain how it works? Wouldn’t it be nice to have a simple reference you could point them to? Diversified Administration came up with this 5 minute video “Everything You Need to Know about COBRA in Under […]
2017 ACA Required Contribution Percentages
The required contribution percentages for 2017 used to determine whether individuals are eligible for a premium tax credit and whether individuals are eligible for an affordability exemption from the individual mandate have increased. Premium Tax Credit Eligibility will increase to 9.69% – Percentage is used to determine if an individual is eligible for a premium […]
Up Up and Away – 2017 ACA Cost-Sharing Limits Released
HHS updated the annual limits based on the premium adjustment percentage for 2017. As a result, annual out-of-pocket expenses may not exceed $7,150 for self-only coverage or $14,300 for family coverage in 2017. – Why? It is an attempt to keep the premiums down. – I can hear the moans and groans of open enrollment […]
2016 Benefits Notices
Employers have 14 required notices to provide to employees for review and selection of benefits include certain required notices. Do you know what they are? There are 3 required notices for all group health plans, 9 notices for particular designs and 2 other important notices. States may require additional notices. Think you know the entire […]
Non-Discrimination Rules for Group Health Plans
With all the focus on ACA it’s good to step back and look at other regulations that may help with benefit designs. Many incorrectly think the ACA health insurance requirements is a one-size fits all model. However the ACA non-discrimination requirements have been delayed, indefinitely, and therefore are not a factor. ERISA is the determining […]
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 $2,550 Dependent Care Spending […]
Cadillac (n.) best of its kind; standard of excellence
What else would you expect big government to call a 40% tax that is expected to hit 25% of employees in 2018 and 42% by 2028? The last major piece of Obamacare will impact consumers, corporations and union members. The Impact? Middle-class workers could see a reduction in benefits. Companies in areas with high medical […]
1095-C Reporting
This continues our review of the ACA reporting requirements. In our previous blog Employee Benefit Advisors mentioned we decided to do a little review because we’re getting questions from employers about their reporting requirements. Who files Form 1095-C? Sponsors of both self-insured plans and insured plans must file Form 1095-C. Payroll providers should have the […]
1095-B Reporting
Employee Benefit Advisors decided to do a little review because we’re getting questions from small employers about their reporting requirements. Who files Form 1095-B? The insurance company is required to file Form 1095-B if your company sponsors an insured plan. If self-insured, the plan sponsor is required to file Form 1095-B. What information does Form […]
Obamaco$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 […]