Archive by month: 2015-5Return
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Form 720 for 2015 Payment of PCOR Fee Published

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The IRS has published Form 720 and a book of instructions for payment of the Patient Centered Outcomes Research (PCOR) fee. The fee is due by July 31, 2015 for plan years that ended in 2014.
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Categories: Health Care Reform, Compliance | Tags: PCOR , Fee , IRS
Last Friday, the Senate approved a trade bill, H. R. 1314, which would revive the Health Coverage Tax Credit (HCTC) to subsidize COBRA premiums for individuals that lose their jobs due to foreign competition and for retirees at least age 55 who worked for companies whose pension plans have been taken over by the Pension Benefit Guarantee Corporation (PBGC).
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Categories: Compliance, Health Care in General | Tags: subsidy , HCTC

Two New Q&As for ALE 6056 Reporting Issued

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The IRS has published two new Q&A documents related to the Code Section 6056 reporting that applicable large employers (ALEs) are required to provide to each of their full time employees for coverage offered or not offered in calendar year 2015 and copied to the IRS in early 2016.
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Categories: Health Care Reform, Compliance | Tags: IRS , 6056 , 1095-C , 1094-C , Reporting
The minimum deductible and maximum out-of-pocket (OOP) for a high deductible health plan (HDHP) have been set by the IRS for plans renewing in 2016. The minimum deductible is $1,300 for single plan and $2,600 for family plan, the same as 2015. The maximum OOP for the HDHP for 2016 is $6,550 for single plan and $13,100 for family plan. But, does an HDHP with a family aggregate deductible greater than $6,850 satisfy the Cost Sharing limit of the ACA? Only if that HDHP embeds an individual deductib...
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Categories: Health Care Reform, Compliance | Tags: HDHP , OOP , Cost Sharing , HHS
A federal court in Alabama has ruled in favor of a former employee that the COBRA election notice he received from his former employer was insufficient and he can move forward with his civil suit that he was not provided sufficient notice of his COBRA rights.
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Categories: Benefits in General, Compliance | Tags: COBRA , Notice

Some HRAs are Subject to 6055 Reporting

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Employers that provide health reimbursement arrangements (HRAs) that reimburse more than just dental or vision expenses and are not integrated with the employer’s group medical plan are required to provide 6055 reporting (Forms 1094-B and 1095-B) to the participants in that HRA and to the IRS in early 2016 for coverage provided in 2015. Commonly, these are HRAs that cover retirees and/or former employees.
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Categories: Health Care Reform, Compliance | Tags: 6055 , Reporting

IRS Announces 2016 HDHP and HSA Limits

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In Revenue Procedure 2015-30, the IRS has announced the calendar year 2016 inflation adjusted contribution maximum amounts for a health savings account (HSA) and the accompanying high deductible health plan (HDHP) minimum deductible and maximum out-of-pocket (OOP) thresholds
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HDHP , Limits , Cost Sharing
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