Health Insurance

Health Benefits 101

In our conversations with clients regarding health benefits, we often encounter some basic misunderstandings regarding the terminology and mechanics of health coverage. Here’s a quick review: Coverages: Most Americans are covered by health insurance offered by their employers, otherwise known as group coverage. Group coverage tends to offer lower rates because the risk is spread…

Read More

Health Insurance Plan Compliance Deadlines for 2019

Employers that sponsor group health plans face a number of reporting deadlines throughout the year. For your convenience, here’s a brief reference of key deadlines for calendar year 2019. January 31 Most everyone is aware that W-2 forms for the previous calendar year must be issued by January 31, but employers that filed more than…

Read More

Pay or Play Enforcement for Health Insurance Begins

As 2018 drew to a close, the IRS began sending enforcement letters related to employer compliance with shared responsibility rules under the Affordable Care Act (ACA) for calendar year 2016. Let’s take a look at what this means. The document in question is known as Letter 226-J and informs employers of their potential liability for…

Read More

Employer’s Alert: New Health Insurance and other Benefit Plan Limits for 2019

Annual dollar limits affect many employee benefit plans, and are periodically adjusted to allow for inflation. The Internal Revenue Service (IRS) recently announced a series of such cost-of-living adjustments for various welfare and retirement plan limits for 2019. Annual limits for these benefits vehicles will increase for the coming year: High-deductible health plans (HDHPs) and…

Read More

Telemedicine Benefits & Compliance Issues

Telemedicine is becoming increasingly popular, and with good reason … a telemedicine program allows individuals to use technology such as videoconferencing in order to access medical care without actually visiting a provider. For many less-complex medical issues, a virtual visit to a medical professional can be a big saver of time and money. There are,…

Read More

Is Your Prescription Drug Coverage Creditable?

Employers providing prescription drug coverage to individuals who are eligible for Medicare Part D must inform both the individuals and the Centers for Medicare and Medicaid Services (CMS) whether their prescription drug coverage is “creditable.” Let’s take a look at what that means: The prescription drug coverage in a group health plan is considered creditable…

Read More

2018 ACA Reporting Draft Forms Now Available

The Internal Revenue Service has released draft versions of 2018 forms for Affordable Care Act (ACA) reporting under IRS Code Sections 6055 and 6056. Specifically, Forms 1094-C and 1095-C are now available in draft versions for reporting under Section 6055 and 6066, as are Forms 1094-B and 1095-B for reporting under Section 6066. Here’s what…

Read More

HSA/HDHP Limits to Increase for 2019

On May 10, 2018, the IRS announced inflation-adjusted limits for both health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2019. These recently-announced limits include the maximum HSA contribution limit, the minimum deductible amount for HDHPs and the maximum out-of-pocket expense for HDHPs. Note, however, that not all of these are changing in…

Read More

ACA Affordability Percentages Increasing

On May 21 of this year, the Internal Revenue Service (IRS) issued Revenue Procedure 2018-34 to index the contribution percentages for 2019 for the purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). This change marks a significant increase from the percentages applicable in 2018. As a result, some employers…

Read More

Health Plan Audits: What You Need

Much as the Internal Revenue Service has the authority to audit tax returns, the Department of Labor (DOL) has a broad mandate to investigate and audit an employee benefits plan’s compliance with the Employee Retirement Income Security Act (ERISA). Audits are performed by the DOL’s Employee Benefits Security Administration (EBSA), and will often focus on…

Read More