Home > Benefits Blog

Cadillac Tax Would Have a Deep Impact on Employers

(comments: 0)
Category: ACA, Compliance and Regulatory,

tl_files/content/blog/2016/BusinessWest.png

Cadillac Tax Would Have a Deep Impact on Employers

BusinessWest on March 8, 2016 in Banking and Financial Services

New Rules of the Road

By BOB CUMMINGS

tl_files/content/about/Bios/RCummings_Head.jpg

Although many provisions of the Affordable Care Act (ACA) have already been implemented, a few major ones are still to come. None are as far-reaching as the proposed ‘Cadillac tax’ on employer-sponsored health benefits.

Originally scheduled to take effect in 2018, the Cadillac-tax implementation was recently pushed off to 2020. If implemented, the IRS will impose a 40%, non-deductible excise tax on certain employer-sponsored health benefits that exceed a dollar threshold of $10,200 for an individual and $25,500 for a family. Health-insurance companies and self-insured plan sponsors will have to pay the tax on excess dollar amounts for benefits provided above this threshold. After 2020, the limits are to be adjusted for future changes in the consumer price index.

Read more >

Getting a Grasp on the New Health-benefits Reporting Rules

(comments: 0)
Category: ACA, Compliance and Regulatory,

tl_files/content/blog/2016/BusinessWest.png

Getting a Grasp on the New Health-benefits Reporting Rules

BusinessWest on January 12, 2016 in Banking and Financial Services

Delayed Reaction

By BOB CUMMINGS

tl_files/content/about/Bios/RCummings_Head.jpgFor many employers, their first challenge with the Affordable Care Act (ACA) may be compliance with the new reporting requirements.

Under the ACA, the Internal Revenue Code added IRS Section 6056, which requires ‘applicable large employers’ to file information returns with the IRS and provide statements to their full-time employees about the health-insurance coverage that the employer offered. Under the terms of the ACA, an applicable large employer generally means an employer that had 50 or more full-time employees (including full-time equivalent employees) in the preceding calendar year.

Read more >

Getting a Grasp on the New Health-benefits Reporting Rules

(comments: 0)
Category: ACA, Compliance and Regulatory,

tl_files/content/blog/2016/BusinessWest.png

Getting a Grasp on the New Health-benefits Reporting Rules

BusinessWest on January 12, 2016 in Banking and Financial Services

Delayed Reaction

By BOB CUMMINGS

tl_files/content/about/Bios/RCummings_Head.jpgFor many employers, their first challenge with the Affordable Care Act (ACA) may be compliance with the new reporting requirements.

Under the ACA, the Internal Revenue Code added IRS Section 6056, which requires ‘applicable large employers’ to file information returns with the IRS and provide statements to their full-time employees about the health-insurance coverage that the employer offered. Under the terms of the ACA, an applicable large employer generally means an employer that had 50 or more full-time employees (including full-time equivalent employees) in the preceding calendar year.

Read more >

American Benefits Group is Featured in the current edition of BusinessWest

(comments: 0)
Category: CDHC, COBRA, Flexible Spending, FSA, Health Reimbursement, Health Reimbursement Arrangements, Health Savings, HRA, HSA, Section 125 Plans, Transit and Parking Section 132,

When Bob Cummings started out in benefits administration, health-insurance co-pays were $3, premiums were well under $100 a month, his office ran on MS-DOS, and it issued paper statements. Much has changed since then, obviously, but not his company’s success formula, based on personalization, creativity, knowledge of a complex and ever-changing subject, and what American Benefits Group prefers to call ‘enabling technology.’
 
George O'Brien on October 5, 2015 in BusinessWest


See the entire American Benefits Group story in the October 5th Issue of BusinessWest and BusinessWest.com 
http://businesswest.com/blog/abg-thrives-in-complex-world-of-benefits-administration/ 

Read more >

ACA Reporting and HRAs

(comments: 0)
Category: ACA, Health Reimbursement Arrangements, HRA, IRS,

Section 6056 Update

Good news!  The IRS has changed their position on both of these issues!
 
We just received final 2015 versions of the instructions for Forms 1094-B, 1095-B, 1094-C, and 1095-C.
 
Reporting HRA Coverage
In the instructions for Forms 1094-B and 1095-B, the IRS states:

Read more >

Robert Cummings Elected President of NAPBA

(comments: 0)
Category: CDHC, Flexible Spending, Health Reimbursement, Health Savings,

Northampton - Robert Cummings, CEO and founder of American Benefits Group of Northampton, Massachusetts, has been elected President of the National Association of Professional Benefits Administrators (NAPBA) . . .

 

Published in The Republican, Business Monday - http://www.masslive.com/business-news/index.ssf/2015/07/people_in_business_robert_cummings_of_am.html

Read more >

ABG Recognized as 2015 Customer Service Champion with Alegeus Apex Award

(comments: 0)
Category: Cafeteria Plans, CDHC, COBRA,

American Benefits Group of Northampton, MA has been recognized as the 2015 Customer Service Champion by healthcare consumerism market leader Alegeus Technologies. The award was presented to ABG management on May 8th at the national Alegeus Client Conference in San Diego.

Read more >

HPID Requirement Delayed Indefinitely

(comments: 0)
Category: HIPAA, HPID,

On Oct. 31, 2014, CMS announced that enforcement of HIPAA’s health plan identifier (HPID) requirement has been delayed indefinitely. As background, HIPAA requires health plans to obtain an HPID, which is to be used by the plan in certain HIPAA-related transactions. The HPID is a unique identifier for the plan, similar to a taxpayer identification number—a standard number that applies in all transactions so that the parties involved know the true identity of the plan.

Read more >

Group Health Plans that Fail to Cover In-Patient Hospitalization Services

(comments: 0)
Category: ACA, Compliance and Regulatory, HHS,

Notice 2014-69

I.  PURPOSE AND OVERVIEW

The Department of Health and Human Services (HHS) and the Department of the Treasury (including the Internal Revenue Service) (collectively, the Departments) have become aware that certain group health plan benefit designs that do not provide coverage for in-patient hospitalization services are being promoted to employers.  A plan that fails to provide substantial coverage for these services would fail to offer fundamental benefits that are nearly universally covered, and historically have been considered integral to coverage, under typical employer-sponsored group health plans. Promoters of these plans contend that the plans satisfy minimum value within the meaning of the Affordable Care Act (including section 36B(c)(2)(C)(ii)of the Internal Revenue Code (Code) and final HHS regulations under section1302(d)(2)(C) of the Affordable Care Act (referred to in this notice as minimum value or MV)), as determined through use of the on-line MV Calculator referred to in final HHS regulations and proposed Treasury regulations.

Read more >

DOL and HHS Release Key FAQs on Implementation of The Affordable Care Act

(comments: 0)
Category: DOL, Health Care Reform, HHS,

Set out below are additional Frequently Asked Questions (FAQs) regarding implementation of the Affordable Care Act. These FAQs have been prepared jointly by the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the Departments). Like previously issued FAQs (available at http://www.dol.gov/ebsa/healthreform/ and http://www.cms.gov/cciio/resources/fact-sheets-and-faqs/index.html), these FAQs answer questions from stakeholders to help people understand the new law and benefit from it, as intended.

Read more >

2015 Health FSA and Commuter Transit & Parking Limits

(comments: 0)

October 30, 2014, the Internal Revenue Service announced the annual inflation adjustments for Health FSAs and Commuter Transit and Parking benefits in Revenue Procedure 2014-61.

The annual dollar limit on employee contributions to employer-sponsored Healthcare Flexible Spending Accounts (FSA) is increased to $2,550. This increase applies to plan years starting January 1, 2015 and going forward.

The 2015 monthly limit for Commuter Accounts will remain the same as the 2014 monthly amounts, $250 for qualified parking and $130 for transit expenses.

Read more >

Putting People First

(comments: 0)
Category: CDHC,

tl_files/content/logos-icons/IHC_Innovator_2014_AwardWinner.pngThe Institute for Health Care Consumerism (IHCC) has just recognized ABG with a 2014 Superstar Award in the Innovator category.  

Read more >

IRS Issues FAQs relating to PPACA Informational Reporting under Sections 6055 and 6056

(comments: 0)
Category: Health Reimbursement Arrangements, PPACA,

On Sept. 22, 2014, the IRS released two sets of FAQs discussing the informational reporting requirements under Internal Revenue Code Sections 6055 and 6056. Section 6055 requires employers that sponsor self-insured plans to report specific information to the IRS and to plan participants which will assist the IRS in administering and enforcing the individual mandate. 

Read more >

Excepted Benefits Regulations Finalized

(comments: 0)
Category: Flexible Spending, FSA,

On Oct. 1, 2014, the IRS, EBSA and HHS released final regulations related to excepted benefits. As background, plans or programs that qualify as excepted benefits are generally exempt from PPACA’s mandates such as preventive care services and the prohibition on annual dollar limits. 

Read more >

IRS Issues Notice Setting Adjusted Applicable Dollar Amount for PCOR Fee at $2.08

(comments: 0)
Category: Compliance and Regulatory, Health Reimbursement Arrangements, HRA,

On Sept. 18, 2014, the IRS published Notice 2014-56, setting the applicable dollar amount for plan years that end on or after Oct. 1, 2014, and before Oct. 1, 2015. As a reminder, the PCOR fee is calculated using the average number of lives covered under the plan and the applicable dollar amount for that plan year. The applicable dollar amount is $2 for plan years ending after Oct. 1, 2013, and before Oct. 1, 2014. Notice 2014-56 announces that the applicable dollar amount for plan years that end on or after Oct. 1, 2014, and before Oct. 1, 2015, is $2.08. For plan years ending on or after Oct. 1, 2015, the adjusted applicable dollar amount will be published in future Internal Revenue Bulletin guidance.

With respect to payment responsibility, if a plan is fully insured, then the insurance carrier is responsible for paying the fee. If a plan is self-insured, the plan sponsor is responsible for the fee. For this purpose, “plan sponsor” is defined as the employer for a single employer plan.

IRS Notice 2014-56

Read more >