Producers
The Consolidated Appropriations Act, 2021 was signed into law on December 27, 2020. As part of the law, a new stimulus package was included that impacts Health and Dependent Care Flexible Spending Accounts (Health and Dependent Care FSAs).
Individual Coverage Health Reimbursement Arrangements (ICHRAs) first became available in 2020. ICHRAs allow employers to reimburse employees for individual health insurance coverage (or Medicare coverage) that employees obtain on their own. ICHRAs provide employers with an alternative to offering traditional group health insurance coverage to employees.
President Donald Trump signed a new stimulus bill into law on December 27, 2020 which will provide direct payments to eligible individuals and loans to small businesses, among other things. Among those other things are temporary and optional changes that employers can implement to Health and Dependent Care Flexible Spending Accounts (Health FSAs and Dependent Care FSAs).
As we approach the new year, it is important that employers and benefit advisors not forgot some of the reporting obligations that come along with offering group health plans and other employee benefit programs.
Here are four reporting reminders:
When talking about Health Flexible Spending Accounts (FSAs), you may hear the terms carryover, grace period and run-out period, but what do they mean and how do they differ? Here are some simple explanations of each term.
Tis the season where open enrollments are occurring throughout the country. Employees are generally offered an array of benefits to choose from by their employer. This includes, but is not limited to, health insurance, dental insurance, vision insurance, Flexible Spending Accounts (FSAs), and more. It’s the most wonderful time of the year; however, employers need to make sure they comply with a very simple, but important rule.
On November 6, 2020, the Centers for Medicare & Medicaid Services (CMS) released the 2021 premiums, deductibles and coinsurance amounts for the Medicare Part A and B programs. Below is a summary of some of the key cost components:
The Flex General Agency is excited to welcome Bright Health into our individual product portfoli
The Affordable Care Act (ACA) created two reporting requirements which are spelled out in Internal Revenue Code Sections 6055 and 6056.
Section 6055 requires every provider of minimum essential coverage to report information of those employees and dependents who enroll in coverage. Reporting this information to the Internal Revenue Service (IRS) is still required even though the Individual Shared Responsibility penalty (i.e. Individual Mandate) is $0.
The Supreme Court of the United States (SCOTUS) is scheduled to hear oral arguments about the constitutionality of the Affordable Care Act (ACA) today. The underlying issue to be heard is whether the elimination of the Individual Mandate penalty now invalidates some, all, or none of the law. One of the following outcomes is likely to occur:
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