Employers
The Affordable Care Act (ACA) includes several taxes to fund various parts of the healthcare law, such as Medicaid expansion and Health Insurance Marketplace subsidies. Since the ACA became law, there have been debates in Congress about many of the taxes. Some have argued for repeal, some have argued for change and others have argued for extensions of various tax components of the law.
New SBCs Required in 2021
Annual Medicare Part D reporting is required for all employers who provide health benefits with prescription drug coverage. The reporting is an online filing to the Centers for Medicare & Medicaid Services (CMS), and it lets CMS know if the prescription drug coverage available on the employer’s health plan is “creditable.”
Consumer-Driven Health Plans (CHDPs) have been steadily gaining in popularity for several years now. According to the Society for Human Resource Management (SHRM) 2018 Annual Benefits Report, 40% of the employers surveyed now offer a CDHP to their employees. SHRM defines a CDHP as a Health Reimbursement Arrangement (HRA) or a Health Savings Account (HSA) paired with any underlying medical plan.
As work and life continue to blend and unemployment remains low, the competition for employee talent is intense. Small businesses are seeking solutions to help their companies stand out as they tackle the challenge of attracting, engaging, and retaining employees.
Strategic benefits can play a pivotal role.
The IRS has released Revenue Procedure 2019-44 which details the 2020 pre-tax limits for the Health FSA and Commuter Plans. These limits are effective for plan years that begin on or after January 1, 2020.
Nobody wants to contemplate becoming disabled and unable to work. But it happens.
- 1 in 4 of today's 20-year-olds will become disabled at some point before reaching age 67. [1]
The Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices. PCORI is funded by temporary fees which are charged to health plans. The following information is designed to help employers understand their upcoming payment obligations in 2020.
Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.
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