IRS to Amend Cafeteria Plan Regulations to Facilitate Enrollment in Marketplace Coverage
By Paul M. Hamburger, Peter Marathas, Stacy Barrow and Tzvia Feiertag September 23, 2014
On Thursday, September 18, 2014, the Internal Revenue Service ("IRS") released Notice 2014-55, which expands the cafeteria plan "change in status" rules to allow plans to offer employees an option to revoke their elections for employer-sponsored health coverage to purchase a qualified health plan through a Health Insurance Marketplace ("Marketplace"). read full article
Employers fail to meet key ERISA requirements
By Kathryn Mayer March 21, 2014
There are two ERISA requirements that, for the most part, employers are just not meeting.
That's the word from 71 percent of brokers who say their clients are not maintaining plan documents or providing employees with summary plan documents - two major requirements under ERISA, according to an HR360 survey. read full article
CDHPs only plan that grew last year
By Kathryn Mayer June 10, 2014
Enrollment in consumer-driven health plans grew 15 percent in 2013, up to 45 million from 39 million in 2012, the American Association of Preferred Provider Organizations said today.
They were the only plan type to grow last year.
It's the latest barometer of the plans' increasing growth and popularity. The latest report from AAPPO also finds that the increase of CDHPs - which include health savings accounts, health reimbursement arrangements and flexible spending accounts - represents more than a doubling of employers that offer then since 2008. read full article
Consumers clueless about HSAs
By Kathryn Mayer April 2, 2014
Though reports have shown the steady growth of health savings accounts, in actuality, few consumers use the health savings vehicle.
Just 8 percent of Americans have an HSA, according to a new survey from InsuranceQuotes.com. That's despite the fact that 50 percent say they recognize the benefits and would consider using one. read full article
That's a Wrap
Vol. 58 No. 1
Wrap documents for benefits plans help meet disclosure requirements.
By Peter Wand 1/1/2013
While most employers make sure they comply with the Employee Retirement Income Security Act's plan documentation and disclosure requirements with respect to their retirement plans-such as their pension, 401(k) and profit sharing plans-few devote the same attention to their health and welfare benefit plans. The U.S. Department of Labor's plans to conduct more ERISA compliance audits should sour employers to make sure that they are in compliance with the law's plan documentation, disclosure and annual reporting requirements for all applicable plans. A wrap document can help small employers in particular meet their obligations. read full article
HSAs to quadruple in next six years?
Private exchanges will drive 'huge opportunities'
By Kathryn Mayer June 3, 2014
Driven by the emerging private health exchange sector, health savings accounts could quadruple their growth over the next six years, according to a new report. read full article
For 2015, Higher Limits for HSA Contributions and Deductibles
By Stephen Miller, CEBS 4/24/2014
The Internal Revenue Service announced higher limits for 2015 on contributions to health savings accounts (HSAs) and for out-of-pocket spending under high-deductible health plans (HDHPs) linked to them. In Revenue Procedure 2014-30, issued April 24, 2014, the IRS provided the inflation adjusted HSA contribution and HDHP minimum deductible and out-of-pocket limits, effective for calendar year 2015. The higher rates reflect a cost-of-living adjustment and rounding rules under Internal Revenue Code Section 223. Read full article
IRS Bars Employers From Dumping Workers Into Health Exchanges
By Robert Pear May 25, 2014
WASHINGTON - Many employers had thought they could shift health costs to the government by sending their employees to a health insurance exchange with a tax-free contribution of cash to help pay premiums, but the Obama administration has squelched the idea in a new ruling. Such arrangements do not satisfy the health care law, the administration said, and employers may be subject to a tax penalty of $100 a day - or $36,500 a year - for each employee who goes into the individual marketplace. Read full article
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