The Consolidated Omnibus Budget Reconciliation Act (COBRA) requires employers to offer covered employees who lose their health benefits due to a qualifying event to continue group health benefits for a limited time at the employee’s own cost. COBRA provisions are found in the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code (Code), and […]
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IRS Provides Major Delay in 6055 and 6056 Reporting
Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance, while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium […]
Read moreIRS Notice 2015-87: HRAs, Affordability, and More
IRS Notice 2015-87: HRAs, Affordability, and More On December 16, 2015, the Internal Revenue Service (IRS) and other federal agencies released IRS Notice 2015-87, which is a “potpourri” update that covers many different topics relating to the Patient Protection and Affordable Care Act (ACA), including some relating to market reforms. The Notice generally covers health […]
Read moreReminder – 2016 ACA Reporting Requirements
Minimum Essential Coverage (MEC) (Section 6055) and Large Employer (Section 6056) reporting are required by the Affordable Care Act (ACA) to help the Internal Revenue Service (IRS) administer compliance with the individual and employer mandates. The insurance carrier is responsible for MEC reporting on individuals covered under fully insured health plans. Employer clients are responsible for […]
Read moreTime is running out! IRS Play or Pay Reporting: The Final Countdown – Employer Webinar
Benefit Insurance Marketing 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 nations leading employment and benefit law firms, Jackson Lewis LLP. Best of all, you can […]
Read moreCompliance Recap // September 2015
Compliance Recap September 2015 After a slow summer, federal agencies picked up the pace in September, with a large assortment of guidance, proposed rules, and updated forms and instructions. Nondiscrimination regulations were proposed, a temporary safe harbor was announced for summary and benefits of coverage, and the 2015 6055/6056 reporting forms and instructions were finalized, […]
Read morePerfect Attendance! How to Handle Leaves of Absence under the ACA
The Patient Protection and Affordable Care Act (ACA) requires applicable large employers (ALEs) to offer full-time employees health coverage, or pay one of two employer shared responsibility penalties. An ALE is an employer with 50 or more full-time or full-time equivalent employees (for 2015, this threshold is 100). A full-time employee is an employee who […]
Read moreIRS Notice on Minimum Essential Coverage Reporting
Minimum essential coverage or “MEC” is the type of coverage that an individual must have under the Patient Protection and Affordable Care Act (ACA). Employers that are subject to the ACA’s shared responsibility provisions (often called play or pay) must offer MEC coverage that is affordable and provides minimum value. The IRS has issued Notice […]
Read moreBenefits and Employment Briefing // Fall 2015
The Surprising Compliance Issues of High Deductible Health Plan/Health Savings Account Arrangements As the Patient Protection and Affordable Care Act (ACA) comes into complete fruition, many employers are offering to employees High Deductible Health Plans (HDHPs) and facilitating the establishment and funding of Health Savings Accounts (HSAs). Read more ACA Cadillac Tax: IRS Issues […]
Read moreAffordable Care Act Information Returns
Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium […]
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