As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy as well, such as economic changes or the rise of an intense competitor. A goal…
Overview of Employer Responsibilities for Handling Rebates The Medical Loss Ratio (MLR) rules under Health Care Reform require an issuer to provide rebates if its medical loss ratio (the amount of health insurance premiums spent on health care and activities to improve health care quality) falls short of the applicable standard during a reporting…
Model Notices Previously Set to Expire on May 31, 2017 The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has extended the effective date of its model Health Insurance Exchange Notices through May 31, 2020. Previously, these model notices were set to expire on May 31, 2017. No other changes have been made to…
As a reminder, the Taxpayer Advocate Service (an independent organization within the Internal Revenue Service) has developed a tool to assist employers in understanding how the Affordable Care Act’s employer shared responsibility (“pay or play”) provisions work and how the provisions may apply to them. Employer Shared Responsibility Provision Estimator Employers can use the Taxpayer…
Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive. Why is this important? An underwhelming perception of value could…
The IRS has updated its existing Q&As on the Affordable Care Act’s employer shared responsibility (“pay or play”) requirements to reflect adjustments to the pay or play penalty and affordability amounts. Those adjustments are as follows: For calendar year 2017, the applicable per-employee dollar penalties of $2,000 and $3,000 are adjusted to $2,260 and $3,390,…
May 4th the House passed the American Health Care Act (AHCA.) This chart (courtesy of NAHU.org) displays the content of the legislation. The bill will now be sent to the U.S. Senate where a number of changes are expected to be made. Until this bill is passed by the U.S. Senate and signed into law,…
The Internal Revenue Service (IRS) has announced the 2018 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code. Annual Contribution Limitation For calendar year 2018, the annual limitation on HSA deductions for an individual with self-only coverage under a high deductible health plan is $3,450 (up from $3,400 for 2017).…
Appeals Due Within 90 Days Health Insurance Marketplaces are now sending letters to notify certain employers that one or more of their employees has been determined eligible for advance premium tax credits and cost-sharing reductions and has enrolled in a Marketplace plan. Because these events may trigger penalties under the Affordable Care Act’s “pay or…
ALEs Must Comply with ACA’s ‘Pay or Play’ Provisions An employer which has at least 50 full-time employees, including full-time equivalent employees (FTEs), on average during the prior year is generally considered an “applicable large employer” (ALE) under the Affordable Care Act (ACA) for the current calendar year. These employers are subject to the ACA’s…
