Proposed regulations for revising and greatly expanding the Department of Labor (DOL) Form 5500 reporting are set to take effect in 2019. Currently, the non-retirement plan reporting is limited to those employers that have more than 100 employees enrolled on their benefit plans, or those in a self-funded trust. The filings must be completed on the DOL EFAST2 system within 210 days following the end of the plan year.
Topics: small group employers, Form 5500, Carol Taylor, small business, group benefit plans, health plan reporting
The new Department of Labor (DOL) overtime exemption rules increase the salary threshold from $23,660 a year to $47,476 annually, beginning December 1, 2016. This means that employees earning less than the threshold can no longer be considered salaried and exempt from overtime pay.
Topics: ACA, minimum value coverage, Federal Poverty Level safe harbor, W-2 Box 1 safe harbor, rate of pay safe harbor, affordability safe harbor, overtime exemption
In the early 2000s, prescription costs were around 20 percent of total medical claim spend. This number stayed relatively unchanged for a number of years. Recently, this number has been increasing at an alarming rate.
Topics: Carol Taylor, UBA Health Plan Survey, prescription drug cost, specialty pharmacy drug prices, medical claim spend, medical claims costs, UBA Special Report
The 2015 UBA Health Plan Survey data reveals who will not escape the 40% excise tax to take effect in 2020. The “Cadillac” tax, now called the excise tax, was originally set to start in 2018, but legislation passed the end of 2015 delayed the start date by two years.
Topics: ACA, PPACA, excise tax, Cadillac Tax, UBA Health Plan Survey, Affordable Care Act, health care cost
Small employers are feeling the squeeze from increasing costs of medical care and increasing premiums for the medical insurance they offer their employees. Recently released findings from the 2015 UBA Health Plan Survey show that 54 percent of small employers are currently offering gold or platinum plans to their employees. However, with the pressure from rising medical care costs, the introduction of community rating in setting insurance rates, and the end of grandmothering, it is highly unlikely that this trend will continue.
Topics: health care costs, ACA, health care reform, Carol Taylor, community rating, UBA Health Plan Survey, Affordable Care Act, metal level benefits
On November 6, 2014, the collective Departments of Health and Human Services (HHS), Labor (DOL) and the Treasury released three Frequently Asked Questions (FAQs) directed at employer payment plans for the purchase of individual insurance. While the departments had previously released several other pieces of guidance about these arrangements, this latest round exclaimed an emphatic no!
Topics: HHS, DOL, employers, employees, premiums, individual plans, Carol Taylor, FAQ
By Carol Taylor, Employee Benefit Advisor
D&S Agency, a UBA Partner Firm
Topics: health insurance exchanges, private insurance exchange, health marketplace, employee wellness, PPACA, retirement, small group employers, summary of benefits and coverage, SBC, benefit communication, benefit consultants, benefit management, compliance with health care reform, employee health, group health insurance, healthcare consumerism, health plan compliance, health reimbursement account, insurance solutions, medical plan, self funded health plans, Group health plans, small business, dependents, dependent insurance, family insurance benefits
By Carol Taylor, Employee Benefit Advisor
D&S Agency, A UBA Partner Firm
Topics: health insurance exchanges, private insurance exchange, health marketplace, employee wellness, PPACA, retirement, small group employers, summary of benefits and coverage, SBC, benefit communication, benefit consultants, benefit management, compliance with health care reform, employee health, group health insurance, healthcare consumerism, health plan compliance, health reimbursement account, insurance solutions, medical plan, self funded health plans, Group health plans, small business, dependents, dependent insurance, family insurance benefits
Topics: health insurance exchanges, private insurance exchange, health marketplace, employee wellness, PPACA, small group employers, SHOP, small business health options program, benefit communication, benefit consultants, benefit management, compliance with health care reform, employee health, group health insurance, healthcare consumerism, health plan compliance, health reimbursement account, insurance solutions, medical plan, self funded health plans, Group health plans, small business
By Carol Taylor
Benefits Advisor
D&S Agency
Topics: health insurance exchanges, private insurance exchange, health marketplace, employee wellness, PPACA, retirement, small group employers, benefit communication, benefit consultants, benefit management, compliance with health care reform, employee health, group health insurance, healthcare consumerism, health plan compliance, health reimbursement account, insurance solutions, medical plan, self funded health plans, Group health plans, small business