In April, government agencies ramped up their activities by issuing a final rule, updating guidance, and announcing increased Health Insurance Portability and Accountability Act of 1996 (HIPAA) enforcement. The Internal Revenue Service (IRS) updated its webpage that summarizes employer shared responsibilities payments and their calculation. The Department of Health and Human Services (HHS) Centers for […]
Read moreTag: 6056
ACA – Employer Mandate Reporting Reminder
The following applies to employer groups that are considered Applicable Large Employers (ALEs) for the 2015 calendar year and subject to ACA Employer Mandate reporting for 2016. MARCH 2, 2017: ACA Forms 1095-C to Employees Applicable Large Employers must submit Forms 1095-C to employees no later than March 2, 2017. FEBRUARY 28, 2017 or MARCH […]
Read moreCompliance Recap // January 2017
January was a significant month in the employee benefits world because the new U.S. administration issued an Executive Order announcing its intent to repeal the Patient Protection and Affordable Care Act (ACA). However, January was a relatively inactive month for new laws and administrative rulemaking because the new administration placed a freeze on rulemaking until […]
Read moreCompliance Recap – December 2016
December was a relatively busy month for new laws and administrative rulemaking in the employee benefits world. President Obama signed the 21st Century Cures Act into law. The IRS issued a reporting deadline reminder, two information reporting summaries, and Q&As on information reporting. A U.S. District Court issued a nationwide preliminary injunction regarding a portion […]
Read moreIRS Delay in 6055 and 6056 Reporting for 2017
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 moreThe ACA deadline is approaching FAST!! Are you READY?
Have you decided how you will handle ACA reporting? If not, time is running out! Most third party vendors have a 10/31 or 11/1 deadline for new service. Reporting is due to employees by 1/31/17! No extension as of today. If you need assistance or have questions, contact your BIM representative today!
Read moreCompliance Recap // August 2016
August remained relatively quiet in the employee benefits world, with only new draft versions of the instructions for Forms 1095-C, 1095-C, 1094-B and 1095-B. The new draft versions of the specific forms were released in July. The IRS also released the annual contribution limits for health savings accounts (HSAs) and the deductible minimums and out-of-pocket […]
Read moreReporting Minimum Essential Coverage
Minimum essential coverage (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. In the fall of 2015 the […]
Read moreCompliance Recap // July 2016
During the month of July numerous new regulations were issued or proposed by federal agencies, and existing forms and processes were updated. In particular, penalties for various ERISA violations were increased, a major overhaul to Form 5500 filings was proposed, and draft 1095-C and 1094-C forms were released. Proposed regulations were also released relating to […]
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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 […]
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