The Patient Protection and Affordable
Care Act (PPACA) added Internal Revenue Code (Code) section 6051(a)(14), which
requires employers to report the aggregate cost of employer-sponsored group
health plan coverage on their employees’ Forms W-2. This reporting requirement
was originally effective for the 2011 tax year. However, the IRS later made
reporting
optional for 2011.
In April 2011, the IRS issued Notice
2011-28,....
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Q: Is the filing of a Form 5500 determined by the number of people you have employed or by the number of members in a plan?
For example, we have a client that has more than 100 employees; however, more than 70 are enrolled in a dental plan with a carrier written with one group number and more than 70 are enrolled in a dental plan with a carrier with another group number. Would the plan have to file a Form 5500 since they do no....
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On June 13, Governor Andrew M. Cuomo announced that he has submitted a Governor's program bill that would establish a new Health Benefit Exchange in order to comply with the Affordable Care Act (ACA) passed by Congress and signed into law by President Barack Obama in 2010.
New York will operate its own exchange, rather than have the federal government operate one for the state, given the complexity and diversity of the insurance market in New ....
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Q: How do I manage my HSA?
A: Your Health Savings Account (HSA) is your account; the HSA dollars are your dollars. Since you are the account holder or HSA beneficiary,
you manage your HSA account. You may choose when to use your HSA dollars or when
not to use your HSA dollars. HSA dollars pay for any eligible expense. Most commonly, the HSA account holder will use HSA dollars to pay the out-of-pocket expenses....
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The Family and Medical Leave Act of 1993 (FMLA) gives eligible employees the right to take unpaid, job-protected leave each year in certain situations, including the birth of a child, their or a family member’s serious health condition, and a family member’s military service.
This Benefit Management Solutions Inc. Legislative Brief provides answers to commonly-asked questions regarding administration of the FMLA’s rules.
Can a.... Read More >
Self-Insurance Guide
More than half of U.S. employers have made the switch to self-insuring as a way to reduce costs and improve service. Self-insuring or self-funding is not right for every organization. Employers considering a switch from fully-funded to self-funded health plans should analyze the advantages and disadvantages before making the switch. This article describes self-insured plans, including the pros and cons of ....
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Health care reform changes the rules for reimbursement of over-the-counter drugs through HSAs, HRAs, MSAs and FSAs. These questions and answers from the IRS clarify the new rules.
Q. How are the rules changing for reimbursing the cost of over-the-counter medicines and drugs from health flexible spending arrangements (health FSAs) and health reimbursement arrangements (HRAs)?A. Section 9003 of the Affordable Care Act estab....
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Employees are focusing on job security, managing debt, and building retirement and emergency funds. However, the most important concern is obtaining health insurance coverage for themselves and their families. The 2009 National Consumer Survey on Personal Finance released by the Certified Financial Planner Board of Standards reported that 55% of employees struggle with this necessity.
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Both employees and employers appear to share similar concerns for the second half of 2010. Employees are focusing on job security, managing debt, and building retirement and emergency funds. However, the most important concern is obtaining health insurance coverage for themselves and their families. The 2009 National Consumer Survey on Personal Finance released by the Certified Financial Planner Board of Standards reported that 55% of employees s....
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