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"Benefits Resources"
As of Jan. 1, 2016, Hulsey reminded the audience, employers of 50 or more full-time equivalent (FTE) employees are required to provide health insurance to at least 95% of their employees or face a penalty. One key issue for employers is that many federal government entities are auditing small businesses with little to no coordination… Continue reading
Good news for some employers dreading the reporting of Summary of Benefits and Coverage (SBC) to their employees. The Department of Labor recently extended the deadline. The benefit summaries will not have to be distributed until the first day of the first plan year that begins on or after April 1, 2017. Continue reading
Employers will have plenty of time to comply with upcoming regulatory changes to the annual summary of health care benefits and coverages they must distribute to employees, according to a U.S. Department of Labor notice.
In a notice issued last week, the Labor Department said the new SBCs will not have to be distributed until the first day of the first plan year that begins on or after April 1, 2017.
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Affordability is based on the “self-only” (or, employee only) premium for the lowest cost option offered by the employer that meets the minimum value (MV) requirement. This applies even with employees who “buy-up” to a richer plan design alternative or enroll their dependents. If the lowest cost self-only health plan is 9.5% or less of your full-time employee’s household income, then the coverage is considered affordable. However, because you are unlikely to know your employee’s household income, you can determine whether you are offered affordable coverage under the various safe harbors for employer shared responsibility provisions. Continue reading
The New Year brings yet additional IRS reporting responsibilities for some employers under the Affordable Care Act (ACA). Many employers will now need to file a range of reporting forms reflecting compliance with the health care reform’s “shared responsibility” mandate to provide affordable health coverage to their employees. However, many are still uncertain about the requirements to provide employees with these new ACA disclosures. Continue reading
