TALLAHASSEE, Fla. (AP) — Florida will seek to provide consumers more flexibility in buying prescription drugs and more information about their costs under a legislative proposal that Republican Gov. Ron DeSantis said Thursday January 12, 2023, he will ask lawmakers to approve. The proposal would further regulate prescription benefit managers, the go-betweens for health [...]
In final regulations released on December 12, 2022, the IRS permanently and automatically extends the deadline for 30 days from January 31, 2023 to March 2nd each year for employers and insurers to furnish individual statements on health coverage and full-time employee status (Forms 1095-B and 1095-C). For 2022 Forms the deadline if March [...]
Federal COBRA-Consolidated Omnibus Budget Reconciliation Act. COBRA stands for The Consolidated Omnibus Budget Reconciliation Act of 1985. COBRA covers employees and their insured dependents of employers with at least twenty full- and part-time workers. COBRA qualifying events are: A voluntary or involuntary employment termination, except for termination for gross misconduct Reduction of covered employees' [...]
The IRS just released 2023 contribution limits for FSAs, commuter benefits, adoption assistance, QSEHRAs, and more. The new 2023 limits are:
IRS Fixes Family Glitch On October 11, 2022, the Internal Revenue Service (IRS) and the Department of the Treasury issued final regulations revising a 2013 interpretation on premium tax credit eligibility for families. This change fixes the so-called “family glitch” by extending eligibility for marketplace subsidies to dependents of lower-wage workers who [...]
Employers Here it comes again: ACA Penalties Increasing in 2023 The IRS recently announced that the ACA penalty assessments issued for non-compliance with the Employer Mandate are increasing for the 2023 tax year. Below we highlight the new penalty amounts as well as explain how the IRS identifies non-compliance and issues penalties [...]
The IRS released Notice 2019-29 that adjusts the affordability percentage for 2020. To avoid penalties under the Affordable Care Act, large employers must offer minimum value, affordable coverage to their full-time employees. The IRS adjusts the percentage for calculating affordability each year. For 2020, coverage will be considered affordable if it costs less than 9.78% of the [...]
What conditions are costly for employers to cover? In IFEPB’s Workplace Wellness Trends 2017 Survey, more than 500 employers were asked to select the top three conditions impacting plan costs. The following 10 topped the list. #1 Diabetes #2 Cancer (all kinds) #3 Obesity #4 Arthritis/back/musculoskeletal #5 Heart disease #6 Hypertension/high blood pressure #7 Depression/mental [...]
On June 19, 2018, the U.S. Department of Labor (DOL) published Frequently Asked Questions About Association Health Plans (AHPs) and issued a final rule that broadens the definition of “employer” and the provisions under which an employer group or association may be treated as an “employer” sponsor of a single multiple-employer employee welfare benefit plan and group health plan [...]
Last week we received word that the House Ways and Means Committee “approved legislation that that would temporarily repeal the law’s employer mandate.” Reps. Devin Nunes (R-CA) and Mike Kelly (R-PA) sponsored the bill, which “would suspend penalties for the employer mandate for 2015 through 2019 and delay implementation of the tax on high-cost employer-sponsored [...]