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The IRS Issues Informational Letters on Health Flexible Spending Accounts

… by debit card transactions to the plan. When a debit card transaction gives the required information, substantiation occurs automatically or as a real-time substantiation. The rules also permit an FSA plan sponsor to coordinate with the participant’s health plan to use the information provided in an explanation of benefits (EOB) to substantiate a debit card charge without requiring more information. Further, the debit card rules allow automatic substantiation when a plan approves a recurring QME payment incurred at certain providers that match the amount, medical care provider and time period of previously approved QMEs. These rules permit an

https://www.epicbrokers.com/insights/irs-issues-informational-letters-health-flexible-spending-accounts/

Why Now Is the Time to Leverage Your Benefits Strategy to Recruit & Retain Talent

“The purpose of employee benefits is to recruit and retain valuable employees.” This lesson is taught the first day at any benefits school – and it was the only reason for an organization to spend money on benefits before the Affordable Care Act (ACA). Viewpoints from Matt Sears These words ring true as most industries are experiencing a frantic “post-pandemic” employment situation. Is the traditional approach to offering benefits enough to sway potential hires to join your workforce? Taco Bell is now offering their managers $100,000 salaries, but is giving people taxable cash income the best approach? And …

https://www.epicbrokers.com/insights/leverage-benefits-strategy-recruit-retain-talent/

President Biden Announces COVID-19 Vaccine Mandate Impacting 100 Million Americans

Viewpoints from Craig Hasday Frustrated by increasing infection and hospitalization rates, President Biden announced on Thursday evening new COVID-19 mandate requirements that will impact around 100 million Americans, including federal workers, contractors and healthcare providers that accept Medicare and Medicaid – and employees in the private sector. Additionally, the Department of Labor’s Occupational Safety and Health Administration (OSHA) will shortly be issuing a directive for all employers with at least 100 employees. These employers must ensure their workforce is fully vaccinated or require unvaccinated workers to produce a negative COVID-19 test at least once a week. The President …

https://www.epicbrokers.com/insights/biden-covid-19-vaccine-mandate-impacting-100-million-americans/

The IRS Releases 2022 Benefits Affordability Requirements

On Monday, August 30, 2021, the Internal Revenue Service (IRS) issued Rev. Proc. 2021-36. The revenue procedure provides the required contribution percentage and applicable percentage table for the 2022 calendar year. An employer-sponsored benefits plan uses the required contribution percentage to determine whether the plan is affordable according to the Affordable Care Act (ACA) Section 4980H(b) requirements. The applicable percentage table is used to calculate an individual’s premium tax credit (PTC). These 2022 indexed adjustments for affordability and PTC determinations are discussed in more detail below. The employer shared responsibility (ESR) provisions under Section 4980H of …

https://www.epicbrokers.com/insights/irs-2022-benefits-affordability-requirements/

Webinar Recording Now Available: What Do Tax Changes Mean for Your Nonqualified Deferred Compensation Plan?

Webinar Recording Now Available!  EPIC Employee Benefits Consultants Joanne Tran and Suzannah Gill Moderate Discussion with Nathaniel S. Siegel Congress recently released an initial draft of a proposed $3.5 trillion spending package. To pay for this spending, tax policy changes are included in the draft. Has your firm engaged in proactive planning to optimize your approach in the face of this uncertainty? Our Executive Benefits Team hosted a discussion to cover what these tax changes could mean for your firm’s nonqualified deferred compensation plan. Topics covered include: Best practices to enhance an existing deferred compensation plan How to …

https://www.epicbrokers.com/insights/what-do-tax-changes-mean-for-your-nonqualified-deferred-compensation-plan/

Updates on Provisions of the Transparency in Coverage Rules & Consolidated Appropriations Act

The Departments of Labor, Health and Human Services (HHS) and the Treasury (collectively, the Departments) released the Transparency in Coverage (TiC) Final Rules on November 12, 2020. The TiC Final Rules set forth requirements for group health plans (GHPs) and health insurance issuers in the individual and group markets to disclose cost-sharing information upon request to a participant, beneficiary, or enrollee. The Consolidated Appropriations Act, 2021 (CAA) became law on December 27, 2020. The year-end appropriations bill included ongoing relief and funds relating to the COVID-19 pandemic, permissible changes to Flexible Spending Accounts (FSAs) and Dependent Care …

https://www.epicbrokers.com/insights/updates-on-transparency-in-coverage-rules-caa/

Employer Strategies for COVID-19 Vaccine Policies & Incentives

Quick Facts Employers are generally permitted to require vaccinations so long as reasonable accommodations are offered to those with a disability or religious objection. Employers are generally allowed to provide incentives to employees who obtain the COVID-19 vaccine so long as they follow wellness rules under HIPAA and the EEOC. Generally speaking, limitations or exclusions on eligibility or group medical plans based on vaccination status are not recommended. Background Now that COVID vaccinations are readily available to all but young children, more employers are looking to encourage, and in some cases mandate, employees and their family members to get …

https://www.epicbrokers.com/insights/employer-strategies-for-covid-19-vaccine-policies-incentives/

Health Plan Cost Transparency Update

Quick Facts Recently passed legislation and related regulatory guidance will require insurers and group health plans to provide new information detailing provider reimbursement rates. Beginning in 2022, insurers and health plans must publicly post three reimbursement rate data files. Beginning in 2023, at the request of a participant, plans and insurers must disclose in advance an estimate of the participant’s expected cost-sharing for covered items or services. Most employers who sponsor a group health plan generally do not have access to provider reimbursement rates and will need to rely on their insurance carrier or TPA to provide the …

https://www.epicbrokers.com/insights/health-plan-cost-transparency-update/