Categorized as: Blog

IRS Announces HSA/HDHP Limits for 2018

OVERVIEW On May 5, 2017, the Internal Revenue Service (IRS) released Revenue Procedure 2017-37 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2018. These limits include: The maximum HSA contribution limit; The minimum deductible amount for HDHPs; and The maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. The IRS limits for HSA contributions and HDHP cost-sharing will all increase for 2018. The HSA contribution limits will increase effective Jan. 1, 2018, while the HDHP limits will increase…

House Republicans Pass Amended AHCA

OVERVIEW On May 4, 2017, members of the U.S. House of Representatives voted 217-213 to pass the American Health Care Act (AHCA), after it had been amended several times. The AHCA is the proposed legislation to repeal and replace the Affordable Care Act (ACA). The AHCA needed 216 votes to pass in the House. Ultimately, it passed on a party-line vote, with 217 Republicans and no Democrats voting in favor of the legislation. The AHCA will only need a simple majority vote in the Senate to pass. If it passes both the House and the Senate, the AHCA would then…

Market Stabilization Final Rule Issued

OVERVIEW On April 14, 2017, the Department of Health and Human Services (HHS) issued a market stabilization final rule under the Affordable Care Act (ACA). The final rule includes new reforms intended to help lower premiums, stabilize the individual and small group health insurance markets and increase choices for the 2018 plan year. Specifically, the rule includes a variety of policy and operational changes to existing standards to stabilize the Exchanges, including changes to the annual open enrollment period and special enrollment periods. ACTION STEPS The rule does not directly impact plans in the large group market. Instead, it aims…

1st Quarterly Newsletter of 2017

Below please find our Compliance Observer Newsletter for the first quarter of 2017. This newsletter contains information on many employee benefits compliance issues. The following articles, information, and important reminders are contained in this Newsletter: ACA Replacement Bill Withdrawn IRS to Continue Processing Tax Returns without Health Coverage Information Beware! 2017 Tax Scams March 31, 2017 – Deadline to Electronically File Returns with IRS Group Term Life Insurance Imputed Income & the Straddle Rule Reminder! New Summary of Benefits & Coverage (SBC) Telemedicine – Impact on HSA Eligibility Compliance Observer Newsletter- Quarter 1 2017

The American Healthcare Act

On Monday evening House Republicans released the “American Health Care Act,” draft legislation intended to repeal and replace Obamacare (the ACA).  Committee mark-ups are scheduled for March 8th and although revisions may occur, it is expected to advance to the House and Senate before eventually being presented to President Trump for signature, possibly as early as April. Key Points: Delays Cadillac Tax until 2025 but does not repeal it. Delays repeal of many of the ACA’s tax increases until 2018, a year later than previous versions. Continues to prohibit health insurers from denying coverage or charging higher premiums for patients…

4th Quarter Newsletter 2016

Below please find our Compliance Observer Newsletter for the fourth quarter of 2016. This newsletter contains information on many employee benefits compliance issues. The following articles, information, and important reminders are contained in this Newsletter: Is Your Wellness Program Compliant? New Overtime Rule Blocked ACA Reporting for 2016 Employers Face New W-2 Filing Deadline Soliciting SSNs/TINs for Form 1095-C Paid Sick Leave for Contract Workers Revised EEO-1 Reporting 21st Century Cures Act Allows Stand-Alone HRA Option for Small Employers 2017 Employee Benefit Plan Limits 4th Quarter Newsletter 2016

Overtime Rule Halted!

A federal judge has halted the new FLSA overtime rule just days away from its effective date of December 1, 2016 BACKGROUND In May 2016, the Department of Labor (DOL) issued its final Fair Labor Standards Act (FLSA) overtime rule which was scheduled to take effect December 1, 2016. Among other changes, the new rule would have raised the salary threshold for executive, administrative, and professional overtime exemptions from $23,660 to $47,476. The threshold would then automatically increase every three years, with the first automatic update taking place on January 1, 2020. On October 14, twenty-one states, led by Nevada…