Affordability Safe Harbors The safe harbor percentage for 2019 is 9.86% (IRS per Rev. Proc. 2018-34). The safe harbor percentage for 2020 is 9.78% (IRS per Rev. Proc. 2019-29). Employer Shared Responsibility Tax (employer mandate) – applicable to the 2018 plan year 4980(a) tax for not offering minimum essential coverage to at least 95% of […]
On July 23, 2019, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-29 to index the contribution percentages in 2020 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2020, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not exceed:
In today’s war for talent, the power unequivocally lies in the hands of the candidates. As a result, expectations for workplace benefits are rapidly shifting. Employers recognize that attractive benefit plans are critically essential to engage and retain a competent workforce, but rising costs (usually in the group health sphere) can be cost-prohibitive, hindering an organization’s ability to rework their offerings substantially.
On July 17, 2019, the IRS released Notice 2019-45 to add care for a range of chronic conditions to the list of preventive care benefits that can be provided by a high deductible health plan (HDHP) without a deductible.
In this 1-hour webinar, presented by Hays Companies Research and Compliance Department, we present an overview of HIPAA Privacy and Security rules applicable to group health plans, as well as the latest requirements for the privacy and security of protected health information (PHI) and the role of the employer as plan sponsor. Other topics include: […]
On Thursday, June 13, the combined agencies of the Department of the Treasury, the Department of Labor, and the Department of Health and Human Services (“the agencies”) released final rules allowing for the reimbursement of premiums for individual coverage through an employer sponsored HRA. These changes also allow for some HRAs to qualify as excepted […]
In today’s business environment, companies are frequently bought or sold. Transactions can be structured as a stock sale, an asset sale, a merger of two companies who are forming a separate company, or a “spin-off” in which a part of an operating unit is separated from the former company and a new company is formed. […]
Employee Benefits can be complicated, but it’s essential that they’re understood. It’s why human resources departments are always on the lookout for new forms of communications—for benefits to be chosen and implemented successfully, employees need to know the ins and outs of their offered healthcare plans and retirement options. Text messages allow HR departments to […]
What responsibility does an organization have for the health of their employees? The answer is unique to individual companies, but those who take on a greater role in encouraging an active and fit lifestyle through wellness may see better performance and lower insurance costs. Traditional wellness programs provide health screenings and participation or outcome-based programs, […]
In 2018 an estimated 36 million workers, or about 23% of the US labor force, continued working past age 65, according to recent data published by the US Dept. of Labor’s Bureau of Labor Statistics (BLS). By 2024, baby boomers (born between 1946 and 1964) will reach ages 60 to 78, many of whom will […]