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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
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

Tips for Employees Who Lose Health Coverage

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Many employers are facing business shutdowns, closures, or reduced operations due to the COVID-19 pandemic. As a result, employers may need to reduce staff hours, or lay off or furlough employees, which may have an impact on benefit eligibility. Many of the decisions individuals will make are time sensitive and employers and brokers may want to help employees understand their options when faced with loss of health plan coverage.
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Categories: Benefits in General, Health Care in General | Tags: COBRA , Marketplace , Subsidy
The U.S. government continues to develop and enact legislation to aid employers and individuals in light of COVID-19. Today, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes, among numerous provisions designed to stimulate and protect the American economy, a provision to allow individuals to use their Flexible Spending Account (FSA), Health Reimbursement Arrangements (HRA), and Health Savings Account (HSA) funds tax free to purchase over-the-c...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: CARES Act , Coronavirus Aid Relief and Economic Security Act , Coronavirus , COVID-19 , Over-the-counter medications , OTC , Menstrual care products , telemedicine , HSA eligibility
The IRS has issued Notice 2020-15, which provides relief for testing and treatment for the 2019 Novel Coronavirus (COVID-19) from being disqualifying coverage for eligibility to contribute to a Health Savings Account. Health Plans are permitted to offer these services before the minimum High Deductible Health Plan deductible has been satisfied.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , HDHP , High Deductible Health Plan , COVID-19 , Coronavirus , Notice 2020-15
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