News & Articles
The Affordable Care Act (ACA) established a number of so-called "market reform" restrictions on employer-provided group health plans, starting with plan years beginning in 2014. These restrictions generally apply to all employer-provided group health plans -- including those furnished by small employers with less than 50 workers. Even worse, there's a punitive penalty for running afoul of the market reform restrictions. The penalty, under Internal Revenue Code Section 4980D(b)(1), equals $100 per-day per-employee, which can amount to up to $36,500 per-employee over the course of a full year. Yikes!
Does your company's health insurance plan include health reimbursement arrangements (HRAs) or flexible spending accounts (FSAs)? If so, you should know these plan components are both subject to the Affordable Care Act (ACA) and its "market reform" provisions. The Department of Labor and other principal agencies have issued another round of guidance1 to answer some of the frequently asked questions about health care reform, including questions about the use of HRAs and FSAs.
Just around the corner is an immediate deadline imposed by the Affordable Care Act (ACA), November 5, 2014. Fortunately that is not a difficult one to fulfill. The requirement is to get a "health plan identifier number," or HPID. Small plans -- those through which less than $5 million flows in a year, have a November 5, 2015 deadline. The requirement pertains to the government's desire to simplify HIPAA compliance monitoring. For that, you will need to consult with an accounting professional for details.
Starting this year, a provision in the Affordable Care Act generally imposes a penalty on individuals who fail to carry so-called minimum essential health insurance coverage. The requirement to carry such coverage is often called the individual mandate, and the penalty is the cost for failure to comply with the mandate. This article explains who owes the penalty, how the penalty is calculated (it's complicated!) and how an individual will be expected to pay it.
With all the delays, website malfunctions, and general confusion surrounding the Affordable Care Act, you may have the misguided impression that little of significance will change in 2014. Such a notion needs to be corrected. Read on, to learn key provisions which kick in for plan years beginning with 2014.
Providing healthcare coverage is difficult for many small employers but they may get a tax break for some of the costs. The IRS recently issued proposed regulations fine-tuning the rules governing the healthcare tax credit available to certain small employers, beginning in 2014. The Affordable Care Act includes a credit for eligible employers of up to 50% of premiums. This article explains what the new proposed regulations add to the mix.
Some employers face a July 31 deadline to pay a new fee required under the Affordable Care Act. The fee must be paid by employers who sponsor self-insured health plans, including health reimbursement arrangements and flexible spending arrangements. The new requirement may take some employers by surprise -- and, of course, there are penalties for failing to comply. This article explains what the federal government will use the money for and which employers must pay it.
Most employers are aware that, starting January 1, 2014, there will be a penalty for some employers if they don't offer affordable health insurance coverage to employees who work a certain number of hours a week. But under the Affordable Care Act (ACA), employers face numerous other provisions and deadlines. This article briefly explains three provisions involving healthcare flexible spending accounts, group plan waiting periods and the new Small Business Health Options Program.