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Some flexible spending account (FSA) participants have the unfortunate experience of forfeiting, or losing, unused funds from their Health Care FSA and/or Dependent Care FSA because they don’t understand their plan provisions. It is important for everyone involved in FSAs to understand which plan provisions provide time to file claims after the end of the plan year, such as runout, and when the plan includes optional features that provide more time to incur expenses, such as grace period and ro...
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Health Care FSA , Dependent Care FSA , Runout , Grace Period , Rollover , HSA eligibility , COVID Relief , 2020-29
With open enrollment fast-approaching for many employers, it is a good time to review what employer notices and materials are required for distribution at open enrollment as well as other times throughout the year. Some employer notices are only provided when participants first become covered under a health and welfare plan and others have an annual distribution requirement. Make sure you are providing all required notices at open enrollment.
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Categories: Benefits in General, Compliance | Tags: Notice , Compliance , Benefits , SPD , SMM , SBC , SAR , Medicare Part D , Notice of Creditable Coverage , COBRA , HIPAA , CHIP , WHCRA , Wellness , ADA , Grandfathered Plan , Michelle's Law
The cafeteria plan nondiscrimination tests are a series of tests that are required by the Internal Revenue Service (IRS) to determine if plans unjustly favor higher-paid individuals or those who own or are in charge within an organization. Employers are required to perform annual nondiscrimination tests or hire a third party to conduct testing on their cafeteria plan. Employee Benefits Corporation provides nondiscrimination testing for our BESTflex and BESTflex Premium Only Plan clients as part...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Cafeteria Plan , Nondiscrimination Testing , NDT , HCFSA , DCFSA , Flexible Spending Account , FSA , IRS , Annual Compensation , Gross Compensation , W-2
Annually, the maximum salary reduction for the Health Care Flexible Spending Account (FSA) is increased based on inflation measured by the average chained Consumer Price Index for all Urban Consumers (CPI-U), for the 12-month period ending August 31st. The August 2020 CPI-U was released this week and Thomson Reuters has reported on projected inflation adjustments for 2021 health, charitable, compliance and other specialty items.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Health Care FSA , FSA , Plan Limits , Inflation , CPI-U
Annually, the limits for various benefits, including qualified small employer health reimbursement arrangements (QSEHRA) and transportation benefits are increased based on inflation measured by the Consumer Price Index for Urban Consumers (CPI-U), for the 12-month period ending August 31st. The August 2020 CPI-U was released this week and Thomson Reuters has reported on projected inflation adjustments for 2021 health, charitable, compliance and other specialty items.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Transportation Benefits , Transit , Parking , QSEHRA , CPI-U , Plan Limits , Inflation

Deadline Approaching for Medicare Part D Notice

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Annually, employers who offer prescription drug coverage are responsible for providing notice to their Medicare-eligible plan participants (employees, former employees, and covered dependents) regarding the creditability status of their prescription drug coverage. This notice is required prior to the start of the Medicare Part D annual enrollment period, no later than October 14, 2020.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Medicare Part D , Certificate of Creditable Coverage , Non-Creditable Coverage , CMS , HRA , FSA , HSA , Notice Requirement
Nondiscrimination tests on a cafeteria plan are a series of tests that are required by the Internal Revenue Service (IRS) to determine if plans unjustly favor either higher-paid individuals or key employees who own or are in charge within an organization. Employers are required to perform annual nondiscrimination tests or hire a third party to conduct testing on their plan(s). Employee Benefits Corporation includes nondiscrimination testing for our cafeteria plan clients (including BESTflex, BE...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Nondiscrimination Testing , NDT , Key Employees , Highly Compensated Employees , Non-Highly Compensated Employees , Flexible Spending Accounts , FSA , Premium , Cafteria Plan

COBRA Continuation and Disability

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The COBRA continuation coverage may be extended if an individual is deemed disabled by the Social Security Administration (SSA). This allows a qualified beneficiary to remain covered under COBRA until they become eligible for Medicare.
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Categories: Benefits in General | Tags: Disability , Extension , COBRA , Timing , Primary Payer , Secondary Payer , 18 months , 29 months

COBRA Continuation and Medicare

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The relationship between COBRA continuation and Medicare can often cause confusion. At times Medicare entitlement (enrollment) can trigger a need to offer COBRA, but at other times it can trigger a termination of COBRA coverage. We hope this article provides some clarification.
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Categories: Uncategorized, Benefits in General, Compliance | Tags: Medicare , Medicare Entitlement , COBRA , Timing , Primary Payer , Secondary Payer , 18 months , 36 months
The deadline to file Form 5500s for 2019 calendar year plans is 7/31/2020. If you have missed a filing deadline, there are different consequences and remedies available to Employers/Plan Sponsors. Review the options available and potential penalty fees associated with each below.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Form 5500 , Form 5558 , DFVCP , Delinquent Filers , Penalties
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