It’s Time for ACA and State-Based Individual Mandate Reporting
As 2023 begins, the deadlines for ACA reporting and reporting to states that are enforcing health insurance individual mandates approach.
Posts in Benefit Minute
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Benefit Plan and Payroll Limits for 2023 (Benefit Minute)
Set forth below are the 2023 and 2022 limitations for qualified plans and other benefit related items:
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Considerations for Employees Approaching Medicare Entitlement (Benefit Minute)
This Benefit Minute discusses how Medicare Parts A and B entitlement at age 65 impacts active and retiring employees.
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IRS Addresses the ACA Family Glitch (Benefit Minute)
Since 2014, eligibility for ACA Marketplace premium tax credits for all family members of an employee has been determined based on whether the cost of employee-only coverage is affordable (i.e. not more than 9.61% of household income for 2022) and provides minimum value coverage to the employee. This is regardless of the additional cost to […]
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Prescription Drug Reporting – The Next Transparency Requirement (Benefit Minute)
The Consolidated Appropriations Act of 2021 (CAA) added a requirement for group health plans and health insurance issuers to provide certain information about prescription drug and health care costs. The deadline for first year reporting (2020) was originally December 27, 2021. However, it was subsequently extended to December 27, 2022 for calendar years 2020 and […]
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Broker Compensation Disclosures: A Fiduciary Responsibility (Benefit Minute)
The Consolidated Appropriations Act of 2021 (CAA) added a requirement for entities rendering brokerage or consulting services to ERISA-covered group health plans to disclose in writing to plan fiduciaries all direct and indirect compensation received for providing services to the plan. Plan fiduciaries must obtain and review this compensation information before entering into the arrangement […]
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Recent Compliance Updates (Benefit Minute)
HSA Limits for 2023 IRS Revenue Procedure 2022-24 updated the limits for qualified high deductible health plans (QHDHPs) for plan years beginning in 2023 as well as the 2023 calendar year health savings account (HSA) contribution limits, as set forth below: For non-grandfathered health plans that are not QHDHPs, the out-of-pocket maximums for plan years […]
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Recent Supreme Court Decisions Impacting Health & Welfare Plans (Benefit Minute)
The Supreme Court is wrapping up a busy year with several decisions that potentially impact health and welfare benefit plans. Two of the prominent cases are described below.
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Commuter Benefit Programs – A Way to Address High Gas Prices (Benefit Minute)
Section 132(f) of the Internal Revenue Code allows employers to provide certain tax-favored commuter benefits, a valuable fringe benefit for employees in light of the current high gas prices. This issue of the Benefit Minute describes these qualified transportation programs and provides related compliance reminders.
