The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported only once a year on the second quarter Form 720 and paid by its due date, July 31, is…
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On May 22, 2019, the Equal Employment Opportunity Commission (EEOC) announced its plans to issue amended regulations related to wellness program incentives by December 2019. This signals the second pushback of the EEOC’s deadline to publish new wellness program incentive regulations. Back in 2016, the EEOC had finalized two rules that regulated employer-sponsored wellness programs.…
On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit The minimum deductible amount for HDHPs The maximum out-of-pocket expense limit for HDHPs These limits vary based on whether…
Fees Apply to Employers Sponsoring Certain Self-Insured Plans As a reminder, employers that sponsor certain self-insured health plans are responsible for Patient-Centered Outcomes Research Institute (PCORI) fees. Fees for plan years that ended in 2018 are due July 31, 2019. Employers must report and pay the required PCORI fees annually via IRS Form 720. For…
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…
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…
Am I required to file a Form 5500 or 5500-SF for my employee benefit plan? Administrators of ERISA employee benefit plans are required to file an annual Form 5500 or 5500-SF, unless a reporting exemption applies. More specifically, if you are the administrator of a profit sharing plan, stock bonus plan, money purchase plan, 401(k)…
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…
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…
