New Health Insurance Coverage Reporting Requirements
Effective in 2015, the ACA requires that employers with 50 or more full-time (or full-time equivalent) employees submit informational reports to the IRS regarding the health coverage they offer to...
View ArticleEmployer Notification of the New Health Insurance Marketplace
All employers covered by the Fair Labor Standards Act (generally, those firms that have at least one employee and at least $500,000 in annual dollar volume of business), must provide notification to...
View ArticleSummary of Benefits and Coverage (SBCs) Disclosure Rules
Employers are required by the ACA to provide employees with a standard Summary of Benefits and Coverage form explaining what their plan covers and what it costs. The purpose of the SBC form is to help...
View ArticleMedical Loss Ratio Rebates
Under ACA, insurance companies must spend at least 80% of premium dollars on medical care rather than administrative costs. Insurers who do not meet this ratio are required to provide rebates to their...
View ArticleW-2 Reporting of Aggregate Health Care Costs
As of January 2013, most employers must report the aggregate annual cost of employer-provided coverage for each employee on the Form W-2. The W-2 reporting requirement is informational only and it does...
View ArticleLimits on Flexible Spending Account Contributions
As of January 2013, the maximum amount an employee may elect to contribute to health care flexible spending arrangements (health FSAs) for any year will be capped at $2500, subject to cost-of-living...
View ArticleAdditional Medicare Withholding on Wages
As of January 2013, ACA increased the employee portion of the Medicare Part A Hospital Insurance (HI) withholdings by .9% (from 1.45% to 2.35%) on employees with incomes of over $200,000 for single...
View ArticleMedicare Assessment on Net Investment Income
As of January 2013, a 3.8% tax will be assessed on net investment income such as taxable capital gains, dividends, rents, royalties, and interest for taxpayers with Modified Adjusted Gross Income...
View Article90-Day Maximum Waiting Period
As of January 1, 2014, individuals who are eligible for health coverage will not have to wait more than 90 days to begin coverage. HHS, IRS, and the Department of Labor have issued final rules on how...
View ArticleWorkplace Wellness Programs
The ACA creates new incentives to promote employer wellness programs and encourage employers to take more opportunities to support healthier workplaces. Health-contingent wellness programs generally...
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