Clarification on the Individual Mandate Penalty
Written by Tonya YoungMany are confused about when the individual mandate is actually effective. It DOES still go into effect in 2014, unlike the employer mandate which has been delayed in its entirety to 2015. Initially, the mandate would be considered to be satisfied if you had a gap of no more than two months of coverage, which would require individuals to enroll in coverage by March 1st. However, there has been some new guidance issued just this month clarifying that individuals who enroll through the marketplace have until March 31st to select their coverage. Enrolling this late, however, means coverage would not be effective until April or May, due to the rule requiring individuals to be enrolled by the 15th of the month prior to starting coverage. Because the enrollment period in the marketplace goes until March 31 this first year, the Department of Health and Human Services (HHS) has clarified that individuals who enroll by March 31, 2014 in the marketplace WILL qualify for a hardship exemption from the mandate, even if their coverage does not start until April 1 or even May 1. Drop us a line or read more here if you have any further questions about this!
Amend Your FSA Plan Now to Include New FSA Rollover Option
Written by Amy De Lorenzo
- Continue to enforce the “Use-it-or-Lose-it” Rule that means any unused dollars at the end of the plan year revert to the employer.
- Take advantage of a 2 ½ month grace period which allows your employees to have extra time to INCUR claims, not just submit receipts. This allows UNLIMITED rollover in terms of dollar amounts, but a LIMIT in terms of time to use it. This grace period cannot be used in conjunction with the new $500 rollover.
- Jump on this newly available third option, of allowing a $500 rollover. This works the opposite of option 2, giving the employee only a LIMITED dollar amount, but UNLIMITED time to use that $500.
Group Health Insurance Survey Says… (Part 1 of 2)
Written by KristenRussellHigher Premiums & Greater Employee Cost-Sharing
The Kaiser Family Foundation released their “Employer Health Benefits – 2010 Summary of Findings” on September 2nd, 2010.
Group Health Insurance Survey Says… (Part 2 of 2)
Written by KristenRussellHigher Premiums & Greater Employee Cost-Sharing
The Kaiser Family Foundation released their “Employer Health Benefits – 2010 Summary of Findings” on September 2nd, 2010.
Amidst the economic upheaval, the numbers clearly suggest two trends.
2011 Group Health Insurance Trends (Part 1 of 2)
Written by KristenRussellWhat trends can you expect in employee benefits for 2011? What financial impacts did healthcare reform have on the average renewal?