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Sunday, December 29, 2013
The Departments of the Treasury, Labor, and HHS (the Departments) have released proposed rules that would amend regulations regarding excepted benefits. Excepted benefits are generally exempt from the requirements of the Health Insurance Portability and Accountability Act (HIPAA) and the Affordable Care Act (ACA). The proposed rules address the requirements necessary for dental and vision plans, and Employee Assistance Plans (EAPs), to be treated as excepted benefits.
Monday, December 23, 2013
The IRS has issued Notice 2014-1 which provides guidance in the form of Q&As on the application of the rules under §125 of the Internal Revenue Code (Code) (relating to cafeteria plans, including health and dependent care flexible spending arrangements (FSAs)) and section 223 of the Code (relating to health savings accounts (HSAs)), as they apply to same-sex spouses following the Supreme Court decision in United States v. Windsor. (“Windsor decision”)
Wednesday, December 4, 2013
It is important for Parker, Smith & Feek to break through the rhetoric and help businesses large and small fully understand and comply with the Affordable Care Act (ACA). That’s why we brought in Bob Radecki, the expert we go to when we have complicated ACA questions. After a brief introduction, Radecki, President of Benefit […]
Tuesday, December 3, 2013
The Department of Health and Human Services (HHS) has announced a one year delay of online enrollment for small businesses purchasing group health coverage through the Federal SHOP Marketplace (Exchange). The delay does not affect small group plans offered through a state run SHOP. See below for a list of states operating their own Marketplace not subject to the delay.
Wednesday, November 20, 2013
According to Affordable Care Act (ACA) regulations, if employer-sponsored group health coverage is affordable’ (based on the employee cost for employee-only coverage), then employees, and any of their dependents who are eligible for the plan, are not eligible for subsidies when purchasing individual coverage through a public Marketplace (Exchange).
Tuesday, November 5, 2013
The IRS has issued Notice 2013-71 which modified the §125 Health Flexible Spending Account (HFSA) ‘use-or-lose’ rule to permit up to $500 of unused HFSA account balance to be carried over to the following plan year. HFSAs can offer the current 2½ month grace period, or the new $500 carryover option, but not both.
Thursday, September 19, 2013
The DOL recently issued Technical Release 2013-03 which answers a question that has been unclear since the Affordable Care Act (ACA) was passed. Can employers pay for the purchase of individual health insurance plans for employees on a tax-free basis? The DOL’s answer to this question is no.
Wednesday, September 18, 2013
The IRS has released proposed rules related to Affordable Care Act (ACA) employer and insurance carrier reporting requirements. The ACA created two new sections in the Tax Code, section 6055 and 6056. These sections require employers, plan sponsors, and insurers to report certain information designed to provide the IRS with the information necessary to administer the individual mandate “tax” and employer penalties under the ACA employer shared responsibility rules (often called “pay or play”).
Tuesday, September 17, 2013
As you may recall, with the introduction of Medicare Part D prescription drug benefits, the Centers for Medicare and Medicaid Services (CMS) imposed certain notice requirements on employers. Employers are required to notify all Medicare beneficiaries of the “creditable” or “non creditable” coverage status of their prescription drug plan.
Friday, September 6, 2013
The IRS has issued guidance clarifying the tax treatment of employee benefits provided to same-sex married couples. Prior to the Supreme Court’s DOMA ruling, employers who chose to offer benefits to same-sex spouses were generally required to treat the benefits provided to those spouses as taxable income to the employee.
Wednesday, September 4, 2013
The ACA requires that employers provide employees with a written notice containing the information regarding exchanges and possible subsidies when purchasing individual coverage through a public exchange. Originally the ACA required the notice be provided to employees by March 1, 2013; however, the DOL issued guidance delaying the notice requirement.
Tuesday, August 13, 2013
Beginning in 2014 the Affordable Care Act (ACA) requires that all health plans limit participant out-of-pocket (OOP) maximums. The OOP maximum includes deductibles, coinsurance, copayments, and any other required participant expenditure for essential health benefits covered under the plan. OOP maximums do not include premiums, balance billing amounts for non-network providers, or spending for non-covered or ineligible services.
What Types of Plans Must Comply?