Health Care Reform
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Health Care Reform
On Aug. 1, 2014, CMS published a document containing several FAQs relating to the interaction of Medicare and marketplace coverage. The FAQs do not contain additional requirements for employers, but may be of general interest, particularly for employers with Medicare‑eligible employees and employers that are purchasing coverage through SHOPs.
On July 24, 2014, the IRS released three separate revenue procedures, proposed regulations, and final and temporary regulations addressing a number of factors affecting premium tax credits available to individuals through the health insurance marketplace.
Within the guidance, the IRS finalized rules regarding the health insurance premium tax credit, effective July 28, 2014, and published in the Federal Register the same day. The guidance also included temporary regulations regarding reconciling the premium tax credit with advance credit payments. The IRS simultaneously issued proposed rules regarding the health insurance premium tax credit, which propose to incorporate both the final and temporary regulations within the section of the tax code (Section 36(b)) pertaining to the individual mandate and eligibility for premium tax credits.
FOREST CAPITAL MANAGEMENT, A NEWLY FORMED REGISTERED INVESTMENT ADVISOR, OPENS ITS DOORS
New SEC Registered Investment Advisor (RIA) to provide unique approach to retirement plans, participants, and individual wealth management clients.
Chicago, IL ‐‐ Forest Capital Management, LLC, (FCM) a newly formed SEC registered investment advisor (RIA), is pleased to announce the launch of its operations. The new firm will advise on retirement plan assets such as 401(k)’s, 403(b)’s, and pensions, as well as provide wealth management solutions for families and individuals.
Click here to review the full press release.
On May 22, 2014, CMS released an FAQ providing details about the submission process for the collection of reinsurance contributions. The FAQ states that HHS will implement a streamlined process for the collection of reinsurance contributions.
As a reminder, contributing entities responsible for making reinsurance contributions include insurers, employers that sponsor self-insured plans and third-party administrators that pay contributions on behalf of self-insured plans. Self-insured plans that self-administer claims processing or adjudication are exempt from the reinsurance rate for 2015 and 2016. Such entities are required to provide basic company and contact information via a form available at www.pay.gov no later than Nov. 15.
On May 13, 2014, the IRS posted new frequently asked questions (FAQs) addressing various areas affecting employer-sponsored health plans, including the employer mandate, seasonal worker coverage, minimum value and small business tax credits.
On May 16, 2014, CMS issued FAQs on market reform implementation in the individual and small group health plan market. The FAQs include guidance on:
Although the FAQ guidance applies to insurers, it is also relevant for employers with small group plans.
June 3, 2014
On May 27, 2014, the IRS posted to its website Publication 5156, entitled “Facts About the Individual Shared Responsibility Provision.” The individual shared responsibility provision, also known as the individual mandate, went into effect Jan. 1, 2014. The fact sheet explains that, unless they qualify for an exemption, U.S. residents must have qualifying health coverage, called “minimum essential coverage,” in 2014. Those individuals who do not comply are subject to a shared responsibility payment when filing their federal income tax return. The fact sheet provides examples of minimum essential coverage and exemptions.
June 3, 2014
REMINDERS – 5500 Filing + PCOR Deadlines
Plan sponsors are required to file Form 5500-series returns on the last day of the seventh month following the end of their plan years. For calendar-year plans, sponsors must file by July 31, 2014 (reporting on the 2013 plan year). Plans may request a 2.5-month extension to file by submitting Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, by that plan’s original due date. Ask your advisor if you need assistance with filings.
On May 16, 2014, HHS issued the final rule on exchange and insurance market standards, effective for 2015 and beyond. The rule will be published in the Federal Register on May 27, 2014. The final rule addresses a wide number of provisions, including: the discontinuation of certain products, clarifications on the SHOP exchanges, guidance for both navigator and non-navigator assistance personnel, quality reporting, nondiscrimination standards (for health care providers), minimum certification standards and responsibilities of issuers and premium stabilization and enforcement remedies, among other provisions.
"As benefits continue to be one of our top cost drivers, we are extremely fortunate to be working with Forest Financial Group. They continue to demonstrate professionalism, follow-through, and a deep knowledge and experience in the benefits area. Having an experienced, internal underwriting team has proven to be one of their biggest differentiators. Last year alone, they saved us an additional 9% beyond what the carrier had proposed."
George Smolar, CFO
Land O' Frost