Articles

New Guidance on $2500 Health FSA Limit

The IRS has released Notice 2012-40 which provides welcome guidance to employers regarding the $2500 limit on Health FSA (HFSA) pre-tax contributions imposed by the Affordable Care Act (ACA). Most significantly, Notice 2012-40 clarifies that the $2500 limit only applies to HFSA plan years beginning on or after January 1, 2013.

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Documentation Risks in Electronic Medical Records

Many organizations are rushing to get Electronic Medical Records (EMR) programs implemented or enhanced in order to take advantage of the monetary incentives currently being offered for participation in the “Meaningful Use” program.  While one of the goals of electronic documentation is to improve the quality of the patient visit, certain practices could actually do more harm than good.

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Hospitality Industry Risks: Data Privacy and Security

Most hospitality businesses allocate time and capital to efficiently collect and process data in order to improve sales, customer service and loyalty, and operations efficiency. Technological advances have made it easier to manage a wide range of information about customers, vendors, and employees.

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Strategies for a Firming Insurance Marketplace

The insurance marketplace took it on the chin in 2011. Recent estimates peg the total economic loss resulting from last year’s collection of catastrophic events at over $350 billion, the most costly year on record.

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Handling Medical Loss Ratio (MLR) Rebates

Under the Affordable Care Act (ACA), health insurers are required to disclose the percentage of medical plan premium that is spent on claims and health quality improvement initiatives versus the portion spent on administration, marketing, and insurance company profits.

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Record Retention for Health and Welfare Benefit Plans

Like the proverbial "stitch in time", the efficient filing of benefit plan records inevitably saves time, resources, and anguish otherwise spent searching for documents needed at a later date. Moreover, the law penalizes the failure to maintain certain records.

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The State of the Surety Industry and You

For the most part, with a few notable exceptions, sureties have had a good run over the last few years. It is somewhat counterintuitive that surety results would be so positive during this very challenging economic period, but that can be understood chiefly by two things: surety results historically lag the general economy by 18 months or more and surety underwriters have been relatively disciplined.

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Taking Advantage of the Biggest Gift the IRS Ever Gave

On December 17th, 2010 the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 which contained dramatic, yet temporary, changes to the federal transfer tax system (estate, gift and generation skipping taxes).

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Giving Key Employees a Reason to Stay

While there are many different ways a business can get started, one of the more common answers we hear goes something like this – “I was working for XYZ Company as a Vice President of something important, but there weren’t enough opportunities for growth. I had some ideas, came into some money and decided to break out on my own.”

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DOL and the Treasury Release FAQ Regarding Implementation of SBC Provisions

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (the Departments) have released Frequently Asked Questions (FAQs) regarding the implementation of the summary of benefits and coverage (SBC) provisions of the Affordable Care Act.

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