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Benefits

SIMA Financial Group > Benefits (Page 2)

ACA Pay or Play Penalties Increase in 2021

The Adjusted Penalty Amounts for 2021 are $2,700 and $4,060 Under the Affordable Care Act’s employer shared responsibility (pay or play) rules, applicable large employers—generally those who have 50 or more full-time employees (including full-time equivalent employees)—may be subject to a penalty if they do not offer affordable coverage that provides minimum value to their full-time employees and their dependent children. Two separate penalties can apply under the employer shared responsibility rules—the Section 4980H(a) penalty and the Section 4980H(b) penalty. The Section 4980H(a) penalty can apply when an ALE does not offer coverage to “substantially all” full-time employees (and dependents). The annual...

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President Trump Issues Health Care Plan Executive Order

The America First Health Care Plan aims to Protect People with Preexisting Conditions and Combat Surprise Medical Billing On Sept. 24, 2020, President Donald Trump introduced his plan for affordable, high-quality health care, called the America First Health Care Plan. This plan, issued in an executive order, is primarily aimed at protecting people with preexisting conditions and combating surprise medical billing. The executive order directs the Departments of Health and Human Services (HHS), Labor and the Treasury to maintain and build upon existing actions to: Expand options for affordable health care and access to affordable medicines; Ensure consumers have access to meaningful price and...

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2020 Furnishing Deadline Delayed and Additional Transition Relief Granted

The IRS has delayed the deadlines by which employers must furnish 2020 Forms 1095-C and 1095-B in early 2021. For 2020, the furnishing deadline was Feb. 1, 2021, Since Jan. 31, 2021, is a Sunday. The IRS has provided an additional 30 days for furnishing the 2020 Form 1095-B and Form 1095-C, extending the due date from Feb. 1, 2021, to March 2, 2021. The deadline for filing with the IRS under Sections 6055 and 6056 remains March 1, 2021 (since Feb. 28, 2021, is a Sunday), or March 31, 2021, if filing electronically. The IRS provided additional relief from penalties related to failures...

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OPEN ENROLLMENT 2020: SIMA’s plans for a safe & seamless open enrollment period for our clients

2020 has certainly presented more than its share of challenges. Here at SIMA, with gratitude to our dedicated employees and exceptional technology team, we haven’t missed a beat. But, things do look a little different and will continue to do so for some time. And that includes during your company’s open enrollment period. Here's how SIMA will manage Open Enrollment 2020: Enrollment meetings, presentations and employee education will take place online. We are confident that SIMA’s electronic open enrollment system will make this change to a virtual format a seamless one. SIMA is equipped with an electronic benefits administration system that provides online access...

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Court Upholds Expansion of Short-term, Limited-duration Insurance

2018 Final Rule Allows Policies Lasting up to 12 Months On July 17, 2020, a federal appeals court upheld a 2018 final rule expanding short-term, limited-duration insurance (STLDI) for purposes of the Affordable Care Act (ACA). The final rule: Provides a maximum coverage period for STLDI of up to 12 months; and Allows STLDI to continue for up to 36 months in total, taking into account renewals or extensions. The plaintiffs in this case argued that extending the duration of STLDI is inconsistent with HIPAA’s plain text and an unreasonable interpretation in light of the ACA’s structure and purpose. However, the Court of Appeals...

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ACA Affordability Contribution Rate Set at 9.83% for 2021

New Figure Marks Slight Increase from 2020 Under the Affordable Care Act’s employer shared responsibility (pay or play) rules, applicable large employers—generally those who have 50 or more full-time employees (including full-time equivalent employees)—may be subject to a penalty if they do not offer affordable health insurance coverage that provides minimum value to their full-time employees and their dependents. For plan years beginning in 2021, the Internal Revenue Service has announced that coverage will generally be considered affordable if the employee's required contribution for the lowest-cost self-only health plan offered is 9.83% or less of his or her household income for the taxable year....

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Trump Signs Executive Orders to Lower Drug Prices

Series of Four Executive Orders Issued On July 24, 2020, President Donald Trump issued the following series of executive orders in an effort to lower drug prices: Executive Order on Lowering Prices for Patients by Eliminating Kickbacks to Middlemen: directs federally qualified health centers to pass along massive discounts on insulin and epinephrine received from drug companies to certain low-income Americans. Executive Order on Increasing Drug Importation to Lower Prices for American Patients: intended to allow state plans for safe importation of certain drugs, authorize the re-importation of insulin products made in the United States, and create a pathway for widespread...

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ACA Pay or Play Penalties Increase in 2021

The Adjusted Penalty Amounts for 2021 are $2,700 and $4,060 Under the Affordable Care Act’s employer shared responsibility (pay or play) rules, applicable large employers—generally those who have 50 or more full-time employees (including full-time equivalent employees)—may be subject to a penalty if they do not offer affordable coverage that provides minimum value to their full-time employees and their dependent children. Two separate penalties can apply under the employer shared responsibility rules—the Section 4980H(a) penalty and the Section 4980H(b) penalty. The Section 4980H(a) penalty can apply when an ALE does not offer coverage to “substantially all” full-time employees (and dependents). The annual...

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EMPLOYER RESOURCE: 8 Tips for a Successful Open Enrollment During COVID-19

The coronavirus (COVID-19) pandemic has highlighted the importance of health care benefits. Its impact has led to many elective procedures being delayed, and 2021 may look different than previous years. Given the impact of the coronavirus pandemic, many enrollees are increasingly conscious of having appropriate health care coverage. The effects of the pandemic have also impacted open enrollment this year—with many employees feeling confused, anxious or stressed about making the right choices. Generally, many employees complete open enrollment rather quickly—but with the added pressures this year, employees are encouraged to spend the time needed to make enrollment choices confidently.  8 Tips...

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The New Normal: How COVID-19 Has Reshaped the Workplace

This video series explores the lasting effects the coronavirus pandemic has had on workplaces across the country. This video can help employers identify ways to keep operations running smoothly after reopening their businesses. [video width="1920" height="1080" mp4="https://simafinancialgroup.com/wp-content/uploads/2020/08/NewNormal_COVID19-Reshaping-Workplace.mp4"][/video]...

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