That massive $1.7 trillion Omnibus Bill that was signed into law on December 29, 2022 had a few things for us concerning our health and benefits. Long Term Care Insurance Individuals can now use up to $2,500 of funds each year from their existing 401(k)s, 403(b)s and IRA’s without incurring the 10% early withdrawal [...]
This record-breaking enrollment represents a 13% increase over last year, including over 3 million people new to the Marketplaces.
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 [...]
Marsha Marrullier is featured and on the cover of Manage HR Magazine 11/15/21 edition! Bringing unparalleled employee benefit services to corporations. Visit the website to read the full issue: Click Here. Download Document
