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IRS Announces Increased Limits for Certain Employee Benefits for 2021

The Internal Revenue Service (IRS) has released Revenue Procedure 2020-45 in which it has updated many key employee benefit limits that it adjusts annually to account for inflation. Effective for tax years beginning in 2021, the following limits will apply: IRC Section 125 health flexible spending arrangements (HFSA): $2,750/year IRC Section 132 qualified transportation fringe benefits: $270/month IRC Section 137 adoption assistance program expenses: $14,400/year (subject to phase out for individuals with adjusted gross income in excess of $216,660) IRC Section 9831 qualified small employer health reimbursement arrangement (QSEHRA): $5,300/year ($10 …

https://www.epicbrokers.com/insights/irs-announces-increased-limits-for-certain-employee-benefits-for-2021/

Plant and Harvest Your Wellness Budget Tree

… works diligently to ascertain wellness funds for our clients. Beyond improving employees’ health, putting these wellness dollars to work can drive down claim costs and generate savings for your health plan. This year, the EPIC New York financial team surveyed clients to develop a benchmark of their various wellness fund arrangements. We found that wellness funds are available to employers of any size, with every carrier, no matter if that employer is in a fully insured, minimum premium, or self-funded plan. However, the amount of those funds can vary greatly between carriers and depends heavily on the client’s …

https://www.epicbrokers.com/insights/plant-and-harvest-your-wellness-budget-tree/

IRS Releases Draft Forms for 2020 ACA Reporting

Quick Facts The Internal Revenue Service (IRS) recently released draft 2020 Forms 1094-C and 1095-C for Affordable Care Act (ACA) reporting. The draft Form 1095-C reflects several substantive updates affecting employers that offer Individual Coverage Health Reimbursement Arrangements (ICHRA). The draft Form 1095-C removes Part III from Page 1 and moves it to Page 3. The IRS has yet to release draft instructions for the 2020 forms, but it expects to release final 2020 forms and instructions by year end. The IRS also issued draft Forms 1094-B and 1095-B. Overview The Internal Revenue Service …

https://www.epicbrokers.com/insights/irs-releases-draft-forms-for-2020-aca-reporting/

Checklist for Strategic and Compliant Employee Benefit Plan Communications

… small amounts of benefits information using new technology (such as videos, texts and mobile apps) will lead to greater perception of value in employee benefits. Understanding Individuals can take full advantage of benefits only if they understand what options are available and how they work. FSAs, HSAs and health reimbursement arrangements (HRAs) require additional targeted campaigning to avoid confusion and encourage buy-in. Employees who understand their coverage options and feel empowered to enroll make better-informed, cost-effective health care decisions. Drive Enrollment If you offer HDHPs, strategic communication and implementation is essential for securing employee participation, maximizing enrollment …

https://www.epicbrokers.com/insights/checklist-for-strategic-and-compliant-employee-benefit-plan-communications/

Cost Modeling Projections

… claim with lifetime medical costs that can easily be in the millions of dollars. Typically, these patients, even when in an employer plan are Medicare-eligible. Employers should consider their obligations to establish a Workers Compensation Medicare Set-Aside Arrangement to indemnify Medicare for the medical costs they pay resulting from workplace diseases or accidents. Summary As of the date of this publication, our model calculates net decrease in healthcare spending of $135B in 2020 and an increase of $36B in 2021 as a result of all impacts of COVID-19. In this context payers include all private health …

https://www.epicbrokers.com/insights/cost-modeling-projections/

Why Now Is the Time to Address Your Employees’ Mental Health

… shortage of providers. Primary care doctors in fee-for-service arrangements are under-reimbursed for treating mental health and often prescribe medications without much follow-up care. Kaiser indicated that 50% of California mental health providers have moved to cash-only practices – so those seeking care in-network will have fewer resources to which they can turn. Kaiser Permanente’s response has been to increase access to providers and to integrate more expansive mental health treatment with primary care and other specialties. They have also increased telepsychiatry and embedded additional online resources and digital tools supported by live counselors …

https://www.epicbrokers.com/insights/now-is-the-time-to-address-your-employees-mental-health/

Covering Coronavirus: Risk Considerations Volume 1, Issue 15

… for small business owners. While the program would not apply to the current crisis, it would apply to pandemics occurring after January 1, 2021. A few details of the proposed legislation include the following: Covered public health emergencies would be certified by the Secretary of Health and Human Services The aggregate annual coverage cap would be $750 billion The definition of “Insurer” in the bill includes captives and self-insurance arrangements Alternative legislation had been proposed by insurer industry associations that would have called for a similar program to be funded by taxpayers. Maloney indicated there was no movement for

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-15/

Patient-Centered Outcomes Research Institute (PCORI) Fee Payment Due July 31

… Health Plan: A self-insured health plan established or maintained by employers for their workers and/or retirees. “HIPAA-excepted benefits” (discussed below) are exempt from the fee. The plan sponsor (employer) is responsible for calculating and paying the fee for its self-insured health plans. For a health reimbursement arrangement (HRA) that is integrated with a self-insured major medical plan, the fee applies only once to the integrated plan (due to the “multiple self-insured plans” non-duplication rule). However, if the HRA is integrated with an insured medical plan, the employer will pay the fee with respect …

https://www.epicbrokers.com/insights/pcori-fee-payment-due-july-31/