The PCORI Fee

The annual PCORI fee must be reported and paid to the IRS by the following plan sponsors: Self-insured health plans Certain health reimbursement arrangements, or HRAs Certain flexible spending accounts, or FSAs (though the fee does not apply to most FSAs) Please click on the following documents for more information: …

Final Regulations Issued on 90-Day Waiting Period Limitation

On February 24, 2014 the government finalized the rule requiring employers to limit group health plan waiting periods for new employees who are otherwise eligible to enroll in the plan. Waiting periods that are based solely on the lapse of a time period must not be longer than 90 calendar days.  The …

Employer Mandate Final Regulations Issued

On Monday, the government released final regulations implementing the employer mandate under the affordable care act. The 227-page guidance provides clarification on previously issued rules and offers certain “transition relief” to employers subject to the employer mandate. Importantly, the final regulations offer employers “a gradual phase-in” of the employer mandate …

Are You in the Process of Filing Your Taxes?

Be aware that a large number of medical and dental expenses are tax deductible depending on your Adjusted Gross Income and Age. Using a Schedule A (Form 1040), you can deduct the part of your medical and dental expenses that is more than 10% of your adjusted gross income (AGI). …

W-2 Reporting of Total Cost of Health Coverage

Employers who issued 250 or more Forms W-2 in 2012 are required to report on their employees’ 2013 Forms W-2 the total cost of health care coverage.  This is the second year that this Affordable Care Act provision has been in place. The intention is to provide employees an opportunity …

New IRS Guidance: FSAs & HSAs for Same-Sex Spouses

The IRS recently issued guidance on how flexible spending accounts and health savings accounts should be handled for same-sex couples in light of the Supreme Court’s decision earlier this year striking down DOMA, or the Defense of Marriage Act. Among other guidance, the IRS is allowing a cafeteria plan to …

What is the Individual Mandate? How Does It Affect My Employees?

The Affordable Care Act (ACA) requires most Americans to have adequate health insurance beginning on January 1, 2014.  Those who do not get an “exemption” will pay a penalty for months during the year when they have no health insurance.  This “individual mandate” continues to be the subject of much …

Affordable Care Act Reporting Requirements IRS Sections 6055 and 6056

The following is a brief summary of the guidance to date on new employer reporting requirements known as section 6055 and section 6056 reporting.  Because the rules are subject to change until the government issues “final” guidance, Creative Benefits offers this summary now and will issue a detailed Alert once …

Tax Credit for Small Businesses Providing Health Insurance

The Affordable Care Act established a tax credit to encourage small business owners to offer their employees health insurance. This summary is designed to give a brief overview of the credit and how it is calculated for 2014 and beyond.  Creative Benefits can help our small business clients determine if …

Determining Large Employer Status for 2015

Do you know for sure whether your company is considered an “applicable large employer” (large employer) according to the Affordable Care Act (that is, a company employing 50 or more full-time or full-time equivalent employees)? Some companies clearly are large employers; however, for companies that are on the cusp of …

90-Day Waiting Period

Handling Employees in a Waiting Period When the 2014 Plan Year Begins The Affordable Care Act’s (ACA) 90-day waiting period limit rule begins with the group plan renewal in 2014.  The limit means 90 actual calendar days, not three months. Many plans currently have a “first of the month after 90 …