41 posts found for category: Affordable-care-act

As the New Year rings in, everyone is decked up with resolutions and strategies to put to work. Employers and especially the HR professionals have come thorough a lot of challenges last year right from the beginning with the first-ever Affordable Care Act reporting, one of the most painstaking challenges of 2016!
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The Open Enrollment countdown has begun and employers’ panic has already made its way from the closed cabins to employee floors! Just[...]
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On December 1, 2016, the Department of Labor’s overtime rules are going to take effect and will certainly change the eligibility dimensions for employees in the domain of overtime pay and benefits. In a straightforward way, the new overtime rules will increase the eligibility criteria for overtime pay for executive, administrative, and pr[...]
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Recently released proposed regulations by the Internal Revenue Service will be applied for the taxable years that begin after December 31, 2016. The recent announcement is about implementing some of the rules previously announced in IRS Notice 2015-87. Along with the other regulations, a new rules was introduced regarding opt-out payments. As per the rule, employers that offer opt-out [...]
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The Affordable Care Act (ACA) has always been the most challenging and confusing regulatory burden for all size businesses. The shifting of IRS reporting requirements has further added to the complexity and made employers more worried than ever about the legal issues or fines that they may get subject to due to non-compliance. The new regulation involves more reliance on monthly data to be captured from employee time tracking and payrol[...]
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The ObamaCare Act, Employer Shared Responsibility Mandate, ACA Reporting, and what not! Being an employer, handling the healthcare reform is getting tougher with each passing day. With the reporting mandate in effect now, employers with 50 or more full-time equivalents or FTEs are busy with making preparations to accurately fulfill the reporting requirements. But, having such strict deadlines and a [...]
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With the rally of legislative changes, new provisions and rules coming into effect, a lot is being said about the existence of brokers. But the fact is- with the rising complexities, employers are now in much more need of expert guidance on employee benefits administration and management. There lies a significant opportunity for brokers to help their employer clients manage benefits while complying [...]
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It’s National Employee Benefits Day on April 4th and as designated by the International Foundation of Employee Benefit Plans (IFEBP), this is a very good chance to educate employees about their benefits, re-evaluate the benefit offerings and celebrate everyone’s hard work throughout the year. It is a day when the dedication and contribution of various corporate benefits practitioners, administrators and professional advisors towards [...]
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“After investing tens of billions of dollars, has ObamaCare succeeded in making the health care system more efficient and less expensive?”Obamacare is celebrating its 6th birthday, but with the newspaper articles, polls and countless stories from people across the country, the opinion seems to be ambiguous.
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ACA reporting is approaching and the mere thought of it is making employers’ hearts skip a beat. With the newly designated deadlines and reporting requirements put forth by the IRS, health coverage providers and applicable large employers are given a sign of relief to properly prepare themselves for the real deal. To ease the task, here are few aspects that you need to give priority to make this reporting season easy and seamless for your org[...]
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In the Notice 2016-22 issued on March 7, 2016, IRS has offered guidance and transition relief for employers to undertake the certification necessary in claiming the work opportunity tax credit (WOTC). This extension was provided to cover those eligible employees who started their employment between January 1, 2015 and May 31, 2016 and also include employees falling under the “long-ter[...]
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For most of the 2015, everyone was busy gathering more and more information about the first ever Affordable Care Act reporting requirements that apply to the employers as well as insurance carriers. A lot has been said and written about the reporting requirements though, here we put some light on one of the options available for reporting- electronic filing.
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EDI 834, referenced as the Obamacare’s most important number, has a vital role in the healthcare industry. Since it is the prescribed format by HIPAA 5010 for  benefits enrollment and maintenance document that is used to transmit information like healthcare subscriber’s personal information, status of enrollment and the plan or product identification details, it becomes more critical to carry out the data transactions more carefully and ac[...]
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“As business owners you probably know by now that the New Year brought with it a whole new set of IRS reporting requirements and you definitely don’t have enough time left for that law to come on the floor.”ACA has been always been a complex topic for both employers and employees. Where employees seek most of the information from their employer, it is the responsibility of the brokers to cater all employer queries, so that [...]
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With the extensions of Work Opportunity Tax Credit through December 31, 2019, recipients like youths on their summer breaks, war veterans, food stamp recipients, etc. will now find it much easier to find employment. Under this law, employers are given a specific amount of tax credit to hire such individuals benefitting both the employees and employers, which subsequently help in boosting the nation’s economic growth and overall productivity.
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The holiday season brings a delightful news for the employers!The Internal Revenue Service and U.S. Treasury have released a notice regarding extension of Affordable Care Act Information Reporting deadlines in order to enable employers to meet the requirement more effectively. In the
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December 16, 2015, was marked as an important day for Premium Tax Credits, as IRS released its final regulation for Premium Tax Credit Eligibility provisions. Many of the provisions were to determine minimum value of eligible employer-sponsored health plans and several other rules, like whether certain wellness incentives will be included to calculate minimum value and affordability or not.
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Among the businesses fulfilling new tax information reporting responsibilities as per the Affordable Care Act (ACA), carriers are likely to be faced with a broad range of new challenges. Internal Revenue Code (IRC) Section 6055 and 6056 have set up new information reporting responsibilities for ACA as carriers’ status is both of an insurer and an employer, their reporting commitments are ‘two-fold’, which significantly leads to certain ch[...]
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With Affordable Care Act (ACA) reporting dates coming closer rapidly and ACA compliance expected to become more complex day-by-day, developing and executing a best-fit strategy to comply with the rules and fulfilling each requirement is the need of this hour. Tracking, integrating and analyzing volumes of data across time and attendance, managing payroll, etc. are the most affected tasks for any HR. Thus, organizations, irrespective of their si[...]
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Starting with the 2015 calendar year, Affordable Care Act imposes significant information reporting responsibilities on employers. Moreover, IRS has issued various forms and instructions that will be required to comply with these reporting requirements.But, fulfilling these new reporting requirements can significantly be harder for employers if they don’t posses necessary tools. With so many benef[...]
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Happy Thanksgiving! Finally the holiday season kicks-off with a lot of bells and whistles!Keeping aside the open enrollment fever, we all look forward to the Thanksgiving dinner delights-roasted turkey with stuffing, mashed potatoes, cranberry sauce and the yummy pumpkin pie; and sharing those light moments with friends, family and loved ones. But still there are many who work in the backend to make sure you get properly enrolled.This [...]
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This weekend is Halloween! With everyone busy around making jack-o-lanterns, preparing spooky costumes, and kids getting excited for their candy treats, employers are already scared about the open enrollment period just underway. October end marks the beginning of the Open enrollment period that runs down till January. Though it’s a horror thing for employers, for employees too it’s a headache. Many try to avoid spending much time in evaluating or revie[...]
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Every year, employers and their benefit partners tweak their open enrollment strategies to successfully fulfill their employees’ needs while remaining compliant with various rules and regulations. But, to everyone’s surprise the law brings in new aspects every time, making benefits open enrollment season, the most complex and hectic time of the year for every party involved.Here’s a look at so[...]
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Business owners, every year, frequently complain of an outbreak of new legal regulations and requirements. Paid sick leave is not far behind in this list of laws and continues to trouble employers of all sizes. Moreover, signing of an Executive Order by President Obama, permitting federal contract and subcontract employees to avail at least one hour of sick leave for every 30 hours of work done, has probably put all federal contractors in action. Many organ[...]
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The season of Open enrollment is that crucial time when healthcare agents and brokers are the most called upon for advice and guidance on various healthcare plans. The role of brokers in today’s dynamic market scenarios has been re-defined as a “Know-all” guide for all benefits and enrollment queries. Right from deciding the appropriate health insurance plan to understanding the legal requirements, they have to answer a whole lot o[...]
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On Sept. 17, 2015, IRS released the final version of Forms 1094 and 1095 along with the related guidelines and instructions. The forms will be used to enforce Section 4980H for employer penalties, as well as for tax credit eligibility rules and individual mandates. The key provisions in the final instructions included:- Time ex[...]
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In a move to protect employees doing overtime, US Department of Labor, has proposed a new overtime rule. The department itself claims that roughly 25% of country’s exempt employees will be rendered non-exempt and will be made eligible to receive overtime pay.  How does the rule affect organizations?
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There’s been a lot of speculations regarding the effects of Obamacare on employees, employers and brokers, ever since the law came into effect. Since then, every sector, for that matter, has been facing considerable challenges. The need is to overcome these challenges and find a safe passage through these rocky mountains.Here are some of the challenges that brokers face while under Obamacare and how they can make these challenges a new way for success.
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Employers have started to become the center point of ACA imposed provisions as we move into 2015. Under the ACA provisions, all ALE (applicable large employers) are required to provide health coverage to full-time employees. In order to verify if the individuals are getting minimum essential coverage, ALEs are meeting pay or play (employer shared responsibility) obligations and if the individuals are entitled to premium tax credits, employers having 50 or mo[...]
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Finally, Supreme Court has released the decision on the King v. Burwell, regarding whether Affordable Care Act allows IRS to provide tax credits for health coverage purchased through Federal Health Insurance Marketplace. The Court has ruled that Obamacare aka ACA will allow the federal government to offer tax subsidies to help middle-class and poor individuals to purchase health insurance, confirmin[...]
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In the previous article, “Understanding The Important Terminologies & Facts Related To ACA E-filing!”, the basics of the ACA information reporting were discussed. While the final details about the AIR (ACA Information Returns) system have not yet been announced, there are still a few things can be done before the E-filing begins.
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Affordable Care Act Information Returns are gaining much attention from employers and other benefit participants as the returns are due to IRS by June 30, 2016. Though the final details about AIR (ACA Information Returns) System are yet to be announced, there are a lot of things that can be taken care of now. Since everyone is busy collecting the reporting information, e-filers can start preparing for e-filing completing the formalities that can be performed now an[...]
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Needless to say, “open enrollments” is a term that brings a lot of pressure and headache for both the employers and employees. Even majority of employees, in order to avoid getting into hassles of evaluating different benefit options, stick to same plan for years.The entire process including benefits planning, communication, and enrolling is a tiring one and entails a lot of confusions and dilemma for all the benefit participants. But, to ensure [...]
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Over the last two years, Internal Revenue System, Department of Health and Human Services and Department of Labor have individually issued FAQs that state that the employer payment plans or the premium reimbursement plans for health coverage of individuals are prohibited as they are not in compliance with the Affordable Care Act and Health Care Reform. Any employer found violating the rule would be subjected to pay an excise tax of up to $36,500 per year th[...]
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Irrespective of the ambiguities Affordable Care Act has created, new sources of advantages have emerged for individual health insurance market. These changes positively aid American citizens as well as insurance carriers who continuously put efforts to make their business adaptive in order to thrive successfully in the ever-changing health insurance market.But how? Let’s examine![...]
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If you’re about to tie a knot, then be informed that a change in your marital status can largely affect your health insurance premium costs; you might come under the burden to pay a big chunk of money!!Here are the common situations that couples generally come across:Ques -  A lady had a single coverage through the Marketplace fro[...]
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As Affordable Care Act or better known as Obamacare, celebrates its 5th anniversary in 2015, one question that still looms over is what is the public’s opinion about the Act? Over the years, public opinion has shown more fluctuations than the stock market itself. A recent survey by Kaiser Family Foundation (KFF) has put some light on public’s opinion o[...]
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There is nothing new in Obamacare being dragged into a controversy every now and then. This time it’s the King v. Burwell lawsuit that is being reviewed by the Supreme Court.The Court is hearing the lawsuit that challenges Affordable Care Act and is related to the ambiguity associated with legality of premium tax credits that are being offered by health insurance marketplaces.The lawsuit claims that as per the Affordable Care Act provisions[...]
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With New Year just around the corner, everyone is busy making New Year resolutions. Most of them are changing lifestyle, leaving bad habits, or losing weight, etc. Businesses can also make their resolutions for New Year. However, they are quite different from these conventional human pledges.With all the hustle around Obamacare, ACA and Open Enrollments, the only thing that is in everyone’s minds is Health Care Coverage!!So here are the Res[...]
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United States Department of Health and Human Services has not yet given any exact figures relating to the number of enrollments that are done “on-exchange” and “off-exchange”. They have yet not made any estimation for the people signing up for the marketplace or federal exchange.Although, the exact figures are still a surprise to all Americans, those will interpret the fate of Obamacare and will prove if Obama Administration is able to[...]
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