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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 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

5500 Filing Season in Full Swing!

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July is a busy time of year for Form 5500 filings. All plans that are subject to ERISA and meet certain participation size requirements are required to file Form 5500 seven months after the end of the plan year. For calendar year plans (and short plan years ending 12/31), the deadline for either filing or requesting a filing extension is July 31st. Please read the full article to determine if you need to file and to learn more about filing requirements.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Form 5500 , Form 5558 , IRS , ERISA
As the July 15th income tax deadline quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, Health Care Flexible Spending Accounts (FSA), Dependent Care Flexible Spending Accounts (FSA), or health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HCFSA , HSA , DCFSA , Dependent Care Flexible Spending Accounts , Health Savings Accounts , Health Flexible Spending Accounts , IRS Form 2441 , IRS Form 8889 , W-2 , IRS , Income Tax Deadline , April 15th , 2018 tax deadline , IRS Form 1099-SA , IRS Form 5498-SA , IRS Notice 2020-35
While the recent focus of many organizations has been on impact to benefits based on the COVID-19 pandemic, other significant updates been released. Review this article to be sure you are staying up-to-date with other guidance, including COBRA Notices, HSA limits, and PCOR fee requirements.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2021 Limits , Rev. Proc. 2020-32 , PCOR fee , Patient Centered Outcome Research Fee , July 31 , IRS Form 720 , COBRA Model Notices
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