Posts Tagged ‘Employee Benefits’
IRS Issues Final Rules for Family Coverage Affordability Determination
The IRS has issued final regulations that change the way employer-sponsored plan affordability is calculated when determining if a family is eligible for a premium tax credit (PTC) when purchasing individual health insurance through a public Exchange. In fixing what is commonly referred to as the “family glitch,” affordability for family members will be based…
Read MoreHRA’s Can Help Your Staff Pay for Medical Expenses
As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans. Fortunately, there is…
Read MoreCalifornia’s New COVID-19 Sick Leave (SB114)
The law is effective February 19, 2022 and retroactive to January 1, 2022. While the new legislation is similar to California’s prior bill (SB 95), which expired September 30, 2021, there are some notable differences this time around. Which Employers Does the New Law Apply To? Like SB 95, the new law applies to employers…
Read MoreIRS to Get Tough on ACA Reporting Form Mistakes – Forms 1094-C & 1095-C
The time when the IRS offers relief from financial penalties to employers that make errors on their group health insurance reporting forms has come to an end. Starting this year, the IRS will no longer offer protection against reporting error penalties when “applicable large employers” (ALEs) file their Forms 1094-C and 1095-C and the employer…
Read MoreACA Compliance: Group Plan Affordability Level Set for 2022
The IRS has announced the new affordability requirement test percentage that group health plans must comply with to conform to the Affordable Care Act. Starting in 2022, the cost of self-only group plans offered to workers by employers that are required to comply with the ACA, must not exceed 9.61% of each employee’s household income.…
Read MoreAttract and Retain Employees by Lowering the Cost of Healthcare Premiums
As businesses struggle to attract new talent, many companies are starting to boost their employee benefits offerings. Because of this, many businesses are offering added benefit choices through various Voluntary Benefits packages. Aside from added benefits, employees also seek relief from continually increasing premiums, and are looking for more options when selecting health insurance plans.…
Read MoreEmployee Mental Health: EAPs to the Rescue During Troubling Times
As a result of the COVID-19 pandemic, Employee Assistance Programs (EAP) have become more popular and crucial than ever before. EAP managers report a surge in call volume from workers that need mental health help. Some common stresses are potentially becoming infected by the virus, losing a loved one or a friend to COVID-19 or…
Read MoreAmerican Rescue Plan Act: Stimulus Plan Expands Business Assistance
The $1.9 Trillion American Rescue Plan Act (ARPA) that President Biden signed into law on March 11 contains a number of provisions intended to help small businesses and other organizations hurt by the pandemic. Foremost, it includes additional Paycheck Protection Program (PPP) loans to struggling businesses, and a number of special grants to companies in…
Read MoreHow COVID-19 Will Change Employee Benefits
The COVID-19 pandemic has impacted businesses and other organizations in multiple ways. Lost revenue and the overnight change to remote workforces, among other things, have caused significant changes to operations and finances. A new report shows that there will be long-term effects on employee benefit programs as well. Health insurers are forecasting continued cost increases…
Read MoreCOVID-19 Relief Bill Extends Unemployment Benefits and Paycheck Protection Program
The $900 billion COVID-19 relief bill, passed by Congress and signed into law on Dec. 27, includes a number of provisions that affect employers and their workers in terms of paid sick leave and Emergency Family and Medical Leave Act provisions. The legislation also boosts unemployment benefits to out-of-work Americans, as well as reopening and…
Read MoreGetting the Benefits of Self-Funding without the Risks
There are typically two approaches to securing health coverage for your staff – group health insurance or self-funding. But, self-funding can be costly and risky and is usually only done by larger organizations with thousands of employees. However, there is a hybrid model that can help small and mid-sized employers provide their staff with affordable…
Read MoreWhy Your Staff Needs Disability Coverage
No one plans on becoming disabled and missing work, but it can happen. An illness or an accident could cause one of your employees to be unable to work for months, or even years. While their health insurance will cover their medical expenses, it won’t cover the cost of living while they recover. Only 30%…
Read MoreTo Bolster Employee Loyalty, Educate Your Staff
A recent Harris Interactive Study, commissioned by insurer Unum Group, found that employees who receive frequent and thorough education on their available benefits are more likely to view their employer positively, and to feel that their employer values them. The survey establishes a positive correlation between employees’ understanding of their benefits and productivity. Your employees…
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