As an Employer, it’s easy to get overwhelmed with choices when it comes to Health Insurance. Complexities between plan designs, funding options, and various accounts (Flexible Spending Accounts, Health Reimbursement Accounts, Health Savings Accounts etc.,) make it difficult for Organizations to know if their Benefit Plan is competitive & effective. While there is never a…
As a CFO or HR Director, you likely get pummeled with marketing material about alternative-funding on a weekly basis. Most employers are accustomed to traditional fully-insured health plans, but alternative-funding (also known as self-funding) solutions for small to medium sized employers have expanded rapidly over the last decade. When researching alternative-funding, you will hear about…
The 2020 General Assembly Session passed Senate Bill 567 resulting in maternity benefit changes for Short-Term Disability plans in Virginia During the 2020 General Assembly Session, Senate Bill 567 – Disability Insurance: coverage for disability arising out of child-birth (SB567) was passed. The Commonwealth of Virginia established a new 12-week maximum benefit period for Short-Term…
On March 11, President Biden signed the American Rescue Act Plan of 2021 (ARPA) into law. Subsidy Overview The sweeping $1.9 trillion package includes a range of policies to provide additional pandemic relief. Among the provisions of the most interest to employers, ARPA provides for a 100% COBRA subsidy for up to six months for…
President Joe Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. Along with providing financial relief for individuals, state and local governments, schools, businesses and for other purposes, the law contains the following measures of special interest to employers and their employees: A subsidy for COBRA premiums, funded…
SIMA proudly provides your company with comprehensive financial services allowing you to focus on your business. Below we have outlined some best practices related to maintaining your company’s employee benefit deductions. These practices are intended to support your existing company procedures and enable your team to find any discrepancies in a timely manner. As always,…
President Joe Biden has signed two executive actions to strengthen Americans’ access to affordable health care. Among the actions is an executive order aimed at expanding enrollment in the Affordable Care Act (ACA) and Medicaid, and a memorandum rescinding regulations on reproductive health access. Biden’s executive order on health care access is aimed to increase…
Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure their…
The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets. Specifically, the final rule requires plans and issuers to disclose: Price and cost-sharing information to participants, beneficiaries and enrollees…
Contribution Limit to Remain the Same in 2021 The IRS has announced that the contribution limit for health flexible spending arrangements (health FSAs) will remain at $2,750 in 2021. For 2020, the contribution limit was also set at $2,750.
