Medicare Part D Creditable Coverage Notice Reminder

All group health plans that provide prescription drug coverage to Medicare Part D eligible individuals (whether actively working, retired, or disabled) are required to notify CMS whether or not the coverage provided is creditable. This disclosure is required whether the coverage is primary or secondary to Medicare. Employers must file their Disclosure Notice through the…

IRS Releases 2020 HSA Adjustments

The IRS has released the 2020 inflation adjustments affecting Health Savings Accounts and High Deductible Health Plans. The 2020 IRS HSA limits are as follows: ITEM 2019 2020 Annual Contribution Limit – Individual $3,500 $3,550 Annual Contribution Limit – Family $7,000 $7,100 Annual Catch-Up Contribution Limit (Age 55 to 65) $1,000 $1,000 Minimum Deductible for…

Form 5500 Annual Return/Report of Employee Benefit Plan   

Each year, employee benefit plan administrators are generally required to file a return/report regarding the plan’s financial condition, investments and operations. The annual reporting obligation is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan or Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan, plus any required schedules…

State Continuation of Coverage

Our team has updated the Virginia State Continuation Form. As a reminder, employers with under 20 employees are required to provide written notice within 14 days of learning of a covered person’s loss of eligibility under the plan. The covered individual must notify the employer within 60 days of their termination of eligibility if they intend to…

Recruit and Retain: The Power of Voluntary Benefits

As health care costs continue to rise, so has the value of voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Many employers consider expanding their voluntary benefits to compensate for employees’ increasing health care costs. Employees benefit because they have a variety of…

Small Businesses May Be Able to Keep Existing Non-ACA Compliant Health Coverage Through 2020

Policies Renewed Under Extended Non-Enforcement Policy Must Comply by January 1, 2021 A previously extended non-enforcement policy which allows health insurance issuers, at their option, to continue group coverage that would otherwise be terminated or cancelled has been further extended to policy years beginning on or before October 1, 2020, provided that all policies come…