Articles

Innovative Insurance Solutions For Today’s Mergers & Acquisitions

As mergers and acquisitions become more common, the risk of financial loss in these deals is increasing. A properly structured reps and warranties insurance policy can help protect both the buyer and seller. PS&F’s Cliff Rudolph explains further in the PSBJ.

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Final SBC Template and Related Materials

The Departments of Labor, Treasury, and Health and Human Services (“the Departments”) have released final versions of the Uniform Summary of Benefits and Coverage (SBC) template, instructions, sample language, and Uniform Glossary (“glossary”), along with a Coverage Examples Calculator and related instructions. Group health plans and issuers must begin using the final templates on the first day of the first open enrollment period, plan year, or policy year beginning on or after April 1, 2017.

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Employer Reporting Errors

Now that the deadline under Sections 6055 and 6056 for issuing statements to employees/covered individuals has passed, employers may begin to identify errors in the statements issued. And once statements are filed with the IRS, the IRS may identify errors or information that does not match its records. In both cases, employers must take steps to rectify the errors or address inconsistencies (or demonstrate reasonable cause) to avoid potential penalties under Code §§6721 and 6722.

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Employer Exchange Subsidy Notices – Appeal or Not?

Employers are starting to receive notices from public Exchanges indicating that one or more employees are receiving a subsidy when purchasing individual health insurance coverage through a public Exchange. This could potentially trigger employer penalties under §4980H. If an employer receives such a notice, the employer has a right, but is not required, to appeal when they feel an employee should not be receiving a subsidy because the employer offers minimum value, affordable coverage.

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Disability Insurance Due Diligence

According to multiple surveys, approximately 90% of employers offer long-term disability (LTD) insurance to their employees.

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