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…
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…
On Tuesday, Feb. 5, 2019, President Donald Trump delivered the 2019 State of the Union Address (SOTU). The SOTU is an annual message delivered by the president to a joint session of Congress at the beginning of each year. At this year’s SOTU, President Trump discussed issues that have the potential to impact the employee…
The IRS has announced that the contribution limit for health flexible spending arrangements (health FSAs) will be $2,700 in 2019. For 2018, the contribution limit is $2,650. For more information on health FSAs, check out our Flexible Spending Arrangements page in the HR360 Library.
The IRS deadlines to furnish Forms 1095-C and 1095-B to employees in early 2019 are fast approaching. The deadlines are as follows: Employers with 50 or more full-time employees (including full-time equivalent employees) generally must furnish a Form 1095-C to all full-time employees no later than March 4, 2019. Self-insured employers with fewer than 50…
IRS Extends Form 1095 Distribution Deadline to March 4 On Nov. 29, the IRS extended the deadline for employers to distribute 2018 Forms 1095-C to employees by 30 days—until March 4, 2019, instead of Jan. 31. The delay also applies to self-insured small employers, insurers and others issuing Form 1095-B to covered individuals. See the SHRM Online article IRS…
Some large employers are sidestepping health insurers and contracting directly with providers. A recent Willis Towers Watson survey found that only 6% of employers contract directly with providers now, but 22% are considering it for 2019. Can a small employer do the same? Yes. Here in Richmond, trusted provider Bon Secours had partnered with a third party…
With a new year upon us, your attention is likely focused on setting financial and productivity goals for your business. As you plan, make sure to look at one area you may have overlooked: employee retention. Employee retention has a huge impact on your bottom line, and now is a great time to make some…
In late 2018, the IRS began issuing enforcement letters to employers with generally 50 or more full-time or full-time equivalent employees regarding their compliance with the employer shared responsibility rules under the Affordable Care Act (ACA) for the 2016 calendar year. These letters, known as Letter 226-J, inform employers of their potential liability for an…
The ACA imposes a dollar limit on employees’ salary reduction contributions to health flexible spending arrangements (health FSAs) offered under cafeteria plans. This dollar limit is indexed for cost-of-living adjustments and may be increased each year. New Limit Amount In November 2018, the IRS increased the health FSA contribution limit from $2,650 to $2,700 for taxable…
