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 – 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. […]
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 […]
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 […]
Voluntary Certification gives businesses more confidence when dealing with a PEO
Currently businesses bear the responsibility when PEOs have failed to pay all wages and taxes, even when they may have already been paid to the PEO beforehand. Under a new voluntary certification effective January 1, 2016, when a Certified PEO (CPEO) Regulation (H.R. 5771, Division B, Title 2, Section 206) contracts with a business, the […]
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 […]
Pre-Active Medicine – CompanionDx
Anywhere between 40 and 75 percent of drugs are ineffective for individual patients. That means a large portion of patients may not only be wasting their money—but they may not be receiving the treatment or the results they seek. Pre-Active medicine is a new diagnostic discipline that uses genetic insights to help prevent adverse drug […]
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.