Compliance Recap August 2017 August was a quiet month in the employee benefits world. The Internal Revenue Service (IRS) released its 2018 affordability rate, four information letters regarding the Patient Protection and Affordable Care Act (ACA), and its draft Forms 1094 and 1095. The U.S. Department of Labor (DOL) increased the McNamara-O’Hara Service Contract Act […]
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The COBRA Payment Process
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) allows qualified beneficiaries who lose health benefits due to a qualifying event to continue group health benefits. The COBRA payment process is subject to various rules in terms of grace periods, notification, premium payment methods, and treatment of insignificant shortfalls. Grace Periods The initial premium payment […]
Read moreNew Form 1-9 For Immediate Use// Guest Blog
UPDATE TO FORM I-9 United States Citizenship and Immigration Services (“USCIS”) has released a new Form I-9 for immediate use, which can be downloaded here: Updated Form I-9. Changes to the form include: Changing of the name of the Office of Special Counsel for Immigration-Related Unfair Employment Practices to its new name, Immigrant and Employee […]
Read moreWhat You Need to Know about Dependent Care Flexible Spending Accounts
A dependent care flexible spending account (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services. The IRS determines which expenses are eligible for reimbursement and these expenses are defined by Internal Revenue Code §129 and the employer’s plan. Eligible DCFSA expenses include: adult day care center, before/after school programs, child […]
Read moreWhat You Need to Know about Health Flexible Spending Accounts
A health flexible spending account (FSA) is a pre-tax account used to pay for out-of-pocket health care costs for a participant as well as a participant’s spouse and eligible dependents. Health FSAs are employer-established benefit plans and may be offered with other employer-provided benefits as part of a cafeteria plan. Self-employed individuals are not eligible […]
Read moreCompliance Recap // July 2017
Compliance Recap July 2017 July was a relatively quiet month in the employee benefits world, despite the U.S. Senate’s release of two bills in its attempt to repeal the Patient Protection and Affordable Care Act (ACA). First, the U.S. Senate revised its Better Care Reconciliation Act and declined to vote on its revision. Then the […]
Read moreAugust Webinar-Registration Closing Soon!
Bim is pleased to extend an invitation to attend our upcoming monthly compliance Webinar. In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nation’s leading employment and benefit law firms, Jackson Lewis LLP. Best of all, you can take advantage […]
Read moreBIM’s Wellness Bazaar Invitation
Hello Clients of BIM! You are invited to attend BIM’s Wellness Bazaar on Thursday, August 3, 2017, from 12 p.m. to 3:00 p.m. at 1151 Red Mile Road Lexington. This event is an opportunity to gather information from a variety of health and wellness organizations that can have a positive impact on the lifestyle and well-being of your employees. A […]
Read moreDetermining COBRA Premiums for Fully Insured and Self Funded Health Plans
Determining COBRA Premiums for Fully Insured and Self-Funded Health Plans The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) allows qualified beneficiaries who lose health benefits due to a qualifying event to continue group health benefits. While some group health plans may provide COBRA continuation coverage at a reduced rate or at no cost, most qualified […]
Read moreCOBRA Notices
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires group health plans to provide notices to covered employees and their families explaining their COBRA rights when certain events occur. The various notices described below are subject to different timeframes and requirements under COBRA. Initial Notice The initial notice, also referred to as the general […]
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