Are you a small business owner (employing less than 50 FTE)? Do you offer health insurance to your employees? Have you heard of SHOP — the Small Business Health Options Program — and is it right for your business? Group Health Insurance Although small business owners are not required by law to provide health insurance, doing so is a great way to attract and retain the best and brightest talent
Cafeteria Plans, Part 2
This is the second in a 2-part series on cafeteria plans. Click here to go back to Part 1. If you have questions about cafeteria plans or any small group coverage, please give us a call at 1-800-867-0800 or send us an email at email@example.com. We will be happy to help. What are the Special Rules for Premium Conversion Plans? A premium conversion cafeteria plan (POP) — but not a
Cafeteria Plans, Part 1
A cafeteria plan is a separate written plan maintained by an employer for employees. A plan is a cafeteria plan if it meets the specific requirements and regulations of Section 125 of the Internal Revenue Service (IRS) Code. Cafeteria plans provide employees who participate the opportunity to receive certain benefits on a pre-tax basis. Cafeteria Plans can be an attractive benefit for employers to offer their employees, and we work
2015 Pediatric Dental Benefit in Virginia
When Open Enrollment for 2015 health insurance plans begins on November 15, 2014, it will be nice to NOT have to explain to individual and small group clients why they must pay for pediatric dental benefits even if they have no children on their policy. It’s not that we are anti-pediatric-dental-care! We love healthy teeth in kids as much as the next guy! The Trouble with Pediatric Dental Benefit in
What is the Employer Mandate?
One of the provisions of the Affordable Care Act (ACA) is the employer mandate. Employer Mandate Companies with 50 or more full-time or full-time equivalent employees must offer full-time employees and their dependents (i.e., children up to age 26) coverage that is affordable* and provides minimum value**. * affordable = employee pays no more than 9.5% of his/her household income ** minimum value = plan pays at least 60% of
IRS Says Employers Can’t Give Employees Money and Send Them to the Exchange
A recent ruling by the Internal Revenue Service (IRS) addresses a growing trend among employers who, in an effort to avoid the rising cost of providing health insurance, have opted to contribute money towards their employees’ individual health insurance premiums rather than provide group coverage for their workforce. Employees then use that money — which does not count as income and therefore is tax-free — to purchase coverage in the
I Missed 2013 Open Enrollment for my Employer-Sponsored Plan. Will I Pay a Penalty for Waiting Until the Plan’s 2014 Open Enrollment?
The short answer is NO. The Internal Revenue will grant an exemption for the penalty tax as long as you enroll in coverage during your employer’s 2014 open enrollment period. Since health insurance became mandatory on January 1, 2014, the penalty exemption is available for people whose employer-sponsored plan has an open enrollment window that does not align with a calendar year. The issue really came about because, for this
Small Employer Health Insurance Tax Credit Calculator
Are you a small business owner considering whether or not to provide health insurance for your employees? Although it is not mandatory, offering health insurance benefits small business owners by: helping to attract and retain employees making the business eligible for a possible tax credit In a recent post on this site, we provide a detailed explanation of how the small business tax credit for health insurance works. Estimate Your
New Virginia Law Changes Pediatric Dental Benefit for 2015
Coverage for pediatric dental care is considered an essential health benefit under the Affordable Care Act (ACA). Several months ago we wrote about pediatric dental coverage in Virginia (click here to read the original post). To summarize briefly, all 2014 individual and small group (50 or fewer employees) health insurance policies sold outside the federal exchange are required to include coverage for pediatric dental care. But for policies sold through
Can Your Small Business Get a Tax Credit by Providing Health Insurance?
If you are a small business owner, have you considered providing health insurance for your employees? The Affordable Care Act (ACA) makes health insurance mandatory for most Americans in 2014, and the deadline for individuals to enroll in personal coverage — March 31, 2014 — is approaching quickly. Your employees may be scrambling right about now to get coverage. If you are trying to decide whether or not to provide