In good news for consumers, last month the US Department of Treasury and the Internal Revenue Service (IRS) announced a change to the “use-or-lose” rule for Health Flexible Spending Arrangements — also known as Flexible Spending Accounts or FSAs. (Read the full notice here.) What is a Health Flexible Spending Account (FSA)? When considering which benefits to offer its workforce, an employer may choose to offer the option of a
The Role of the Broker in Buying Employer-Sponsored Health Insurance
The delay of the employer mandate under the Affordable Care Act (ACA) means employers will not be required to provide group coverage for their employees until January 1, 2015. But, the mandate is going to happen, and we recommend employers begin to think — and plan ahead — for that eventuality. In fact, under ACA, employers must notify their employees about their health insurance options by October 1, 2013 (read
Early Renewal for Health Insurance Plans
Why Renew Early? With the next phase of the Affordable Care Act (ACA) going into effect in just under six months, many small businesses that currently provide group insurance for their workers are concerned about the law’s impact on the cost of doing so. Individuals, too, are wondering if their costs will increase under ACA. Under the law, new health plans must cover the essential health benefits, but at the
Employer Mandate Delayed until 2015
On July 2, the US Treasury Department announced that the employer mandate — a key provision of the Patient Protection and Affordable Care Act (ACA) — will be delayed until 2015. REMINDER: What is the 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 beginning in
What Does the DOMA Ruling Mean for Health Insurance Reform?
Last month the US Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) in its ruling in United States v. Windsor. The Court’s landmark decision to overturn DOMA extends federal benefits to legally married, same-sex couples. What does this mean in terms of health insurance reform and implementation of the Affordable Care Act (ACA)? Here are some key points: Eligibility for Federal Health Insurance Subsidies
What Every Business Needs to Know about the Affordable Care Act
We’ve added a new resource — What Every Business Needs to Know about the Affordable Care Act — on our Resources page. This is a terrific, easy-to-use guide that we think will be very helpful as companies and individuals do their best to learn about the new health care law. Take a few moments to check it out! Better yet, bookmark the page and refer back whenever you need to!
Small Employers May be Missing Out on Tax Credit
Attention Small Business Owners Do you employ fewer than 25 full-time employees (or full-time equivalents/FTEs)? Do you provide your employees with health coverage? If you answered YES to both of these questions, you may be eligible for a federal income tax credit on your annual federal tax return! Most people know that under the Affordable Care Act (ACA), small employers (those with fewer than 50 FTEs) are not required to
Employers Must Notify Employees About Health Insurance Information by October 1
Last month, we wrote about the Affordable Care Act’s (ACA) requirement that every employer provide written notice by October 1, 2013 to every employee about options for health insurance. In addition, after October 1, 2013, employers must provide the exchange notice to new hires within 14 days of the employee’s start date. We also posted a link to the Department of Labor’s (DOL) model notices that employers can use as
What Should I do if my Employer Stops Providing Health Care Coverage?
With health insurance premiums on the rise and companies struggling to survive tough economic times, more and more employers have stopped offering health insurance coverage for their employees. According to a recent study by the Robert Wood Johnson Foundation, the number of Americans who got their health coverage through their employer fell by 11.5 million between 2000 and 2011. Although many of these workers may have been able to get
