Year-end Checklist for 2015 Compliance The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted over four years ago. Many of these key reforms became effective in 2014, including health plan design changes, increased wellness program incentives and reinsurance fees. Additional reforms take effect […]
Archive | Affordable Care Act
Can Health Insurance Rebates Affect Workers’ Comp Premiums?
Since 2012, the Affordable Care Act (ACA) has required insurers with a certain medical loss ratio (MLR) to issue a rebate to employers. Depending on the way the rebates are distributed, you may end up paying more for your workers’ compensation insurance. Medical Loss Ratio The MLR provision of the ACA states that insurers must spend […]
Health FSA Limit Will Increase for 2015
The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA) offered under a cafeteria plan. This limit first became effective for plan years beginning on or after Jan. 1, 2013. The ACA set the health FSA contribution limit at $2,500. For years after 2013, […]
HRA Guide
Choosing the right health coverage plan can be difficult, but a health reimbursement arrangement (HRA) can be a great way to take advantage of employer contributions for your health care expenses. What Are HRAs? HRAs are employer-funded arrangements that reimburse employees for certain medical expenses. Generally, an employer can only offer an HRA to employees […]
Q&As on Employer Reporting of Health Coverage (Section 6056)
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6056. These new reporting rules require applicable large employers (ALEs) subject to the ACA’s employer shared responsibility rules to report information on the health coverage offered to full-time employees to the Internal Revenue Service (IRS) and covered individuals. Related statements […]
Health Care Reform Draft Instructions for Employer Reporting of Health Coverage Released
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. On Aug. 28, 2014, the Internal Revenue Service (IRS) released […]
Federal Courts Issue Conflicting Rulings on Subsidies in Federal Exchanges
Several lawsuits have been filed by individuals and employers to challenge the ability of the federal government to provide tax credits under the Affordable Care Act (ACA) to individuals in states that did not establish their own Exchanges (that is, in states with federally-facilitated exchanges, or FFEs). These lawsuits were filed in response to an […]
Healthcare reform pushes preventive care as precautionary means to combat major illnesses.
According to the U.S. Centers for Disease Control and Prevention (CDC), 7 out of 10 Americans die each year from chronic diseases, many of which are preventable. When preventive care is used and illnesses and diseases are caught early enough, individuals can avoid or better control their health problems. What Is Preventive Care? Preventive care […]
What is a section 125 Plan? Should my company have one?
Many employers struggle with the challenge of providing an attractive compensation package at an affordable price. One tool available to meet this challenge is the Section 125 plan. Section 125 plans are also commonly referred to as cafeteria plans. While there are different types of Section 125 plans, each provides the opportunity to save money […]
Pay or Play Penalty. When Should Our Company Start Tracking Employee Hours?
The Affordable Care Act (ACA) imposes a penalty on applicable large employers (ALEs) that do not offer health insurance coverage to substantially all full-time employees and dependents. Penalties may also be imposed if coverage is offered, but is unaffordable or does not provide minimum value. The ACA’s employer penalty rules are often referred to as […]