Archive by month: 2016-3Return

Penalties Steep for Late or Incorrect 1095-C

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The deadline for applicable large employers (ALEs) to furnish a Form 1095-C to each of their full time employees is March 31, 2016. Although the IRS has granted relief from penalties for late or incorrect Forms this year, Forms that are furnished late or are incorrect for 2016 coverage are subject to a $250 penalty per late or incorrect Form to a maximum of 3 million dollars when provided in 2017.
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Categories: Health Care Reform, Compliance | Tags: IRS , 1095-C , Penalty , ALE

Bills Introduced to Amend Cadillac Tax

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Two bills have recently been introduced in Congress to amend the “Cadillac Tax” by removing certain benefit plan offerings from the calculation of the total cost of health care provided to an employee.
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Categories: Health Care Reform, Compliance | Tags: Cadillac Tax , IRS , ACA
The Department of Health and Human Services (HHS) has proposed maximum out of pocket limits for in-network essential health benefit (EHB) services covered by a health plan at $7,150 for single coverage and $14,300 for any coverage other than single plan.
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Categories: Health Care Reform, Compliance | Tags: HHS , IRS , Maximum , HDHP

2015 Version of IRS Publication 969 Issued

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The IRS has issued the 2015 version of Publication 969 that provides information on “Health Savings Accounts and Other Tax-Favored Health Plans” for taxpayers when preparing their individual income tax returns.
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Categories: Benefits in General, Compliance | Tags: IRS , HSA , FSA , HRA

Proposed Revisions to SBC

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The Department of Labor has released proposed revisions to the Summary of Benefits and Coverage (SBC) materials and template. Final regulations were released in June of 2015, with the expectation that the new template and revised materials would be finalized in Spring of 2016 for use with plan years beginning on or after January 1, 2017. Some of the changes to the template include the addition of a question—“Are there services covered before you meet your deductible?,” the requirement th...
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Categories: Health Care Reform, Compliance | Tags: IRS , SBC , Health Care Reform , DOL
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