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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.”
A stand-out strategy for small businesses: Worksite benefits enable small companies to do more with less
The competition for talent is fierce for small businesses. With the rising cost of health care eating up larger portions of their benefits budgets, small business owners working to attract and retain key talent are looking for ways to do more with less. For these employers, worksite benefits offer a strategic opportunity to not only compete for top talent but keep key employees once they're on board.
The fourth quarter is finally over, and you made it through! Now you’re probably planning to sit back, relax, and enjoy a well-earned break. Not so fast!
Open enrollment season can be unbelievably stressful and exhausting. With all the time you spent setting up enrollment meetings, chasing down employee applications and entering new benefit elections, you probably didn’t have a spare moment to think about benefits compliance. Unfortunately, compliance obligations don’t go away just because it’s your busiest time of the year.
Benefit needs and strategies are constantly evolving. But, one thing hasn't changed. Employers value the expert guidance they get from their benefits brokers.
A new employee benefit trends report from MetLife examines the changing expectations of employers – and finds that the list goes way beyond cost savings.
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.
Premium Only Plans (POP) can generally be defined as a type of Cafeteria Plan where the only pre-tax benefit available to employees are for those of insurance premiums. When non-taxable benefits are involved, the IRS will usually have some strict rules in place that must be followed.
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.
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