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 […]
Major Legal Challenge Still Lies Ahead of ACA
At the center of the challenge is the Appropriations Clause of the Constitution. Article I, Section 9, Clause 7 says, “No money shall be drawn from the Treasury, but in consequence of appropriations made by law.” The lawsuit filed argues the administration is spending billions of dollars without the necessary appropriations from Congress. The suit […]
Videos Cover Basics of IRS Section 6055/6056 Reporting
UnitedhealthCare has provided two videos covering the basics of IRS section 6055 and section 6056 reporting to help give a better understanding of what the reporting is and what is required of employers, both fully insured and self-funded. Section 6055 reporting supports the individual mandate. It is the required reporting to the Internal Revenue Service […]
ACA 2015 Tax Forms 1094 and 1095
The ACA forms chart is voluntary for employers that wish to file in 2015 for 2014. The return and transmittal forms are to be filed with the IRS on or before February 28 (March 31 if filed electronically) of the year following the calendar year of coverage. Here’s the IRS link for complete instructions. http://tinyurl.com/mgzhyoc […]
ACA: Employer Mandate Tree
The employer mandate tree easily breaks down what we see today and the changes taking place next year. Employee Benefit Advisors provides employee benefits, tax-advantaged healthcare, compliance guidance for ACA and Health & Welfare DOL Audits, and PEO Advisory & Consulting Services.
Your HSA Contributions May Trigger Cadillac Tax
The Cadillac Tax is coming in 2018. – All “premiums” over the designated amounts, currently set at $10,200 for single coverage and $27,500 for family coverage, will be taxed at 40%. BUT, the IRS and DOL are currently counting employee contributions into their own HSA’s as “premiums”. So, if you are being a responsible healthcare […]
“Embedded” Out-of-Pocket Maximum Rule Clarified
HHS recently finalized regulations to verify the annual out-of-pocket maximums for an individual in 2016 are limited to the annual limit for self-only coverage. This applies to all individuals, including each individual under family coverage. The regulation provides that the embedded out-of-pocket limit applies to all plans. This embedded rule means that plans (including self-funded plans) […]
Obamaco$t – OUCH!
The Congressional Budget Office reports Obamacare will cost $2 Trillion, $1.35 Trillion for everyone enrolled in Obamacare ($50,000 per person), premiums plus subsidies, and $643 Billion to pay for the expansion of Medicaid and CHIP (Children’s Health Insurance Program). Costs will be paid by the federal government (taxpayers) and $643 Billion in taxes, penalties and […]
Tower of Babel teaches valuable lesson
Gen 11:1-6 Now the whole world had one language…as one people speaking the same language…then nothing they plan to do will be impossible for them. PPACA requires group health plans to provide both a Summary of Benefits and Coverage (SBC), and a Glossary of Health Coverage and Medical Terms in a culturally and linguistically appropriate […]
Do unto others…Not unto me
Harvard’s professors are getting a taste of their medicine, and it’s not going down to well. Reports are that members of the faculty are a little “peeved” over health plan changes that will require them to share more of their health care costs. The enrollment guide states that it “must respond to the national trend of […]