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Individual Coverage HRAs May Be the Solution You Seek

… ACA). In short, an employer creates an HRA through which they reimburse employees for the cost of the purchase of individual health insurance through an individual exchange. The employer contributions must be set at a level that is compliant with ACA rules to avoid penalties. The employer retains the tax benefits of subsidizing the program and the employee enjoys employer support towards the cost of health and prescription coverage. If employees need to make up any difference between the employer’s monthly reimbursement and the total insurance cost, the employee simply does so through a voluntary contribution. The upside: An …

https://www.epicbrokers.com/insights/individual-coverage-hras-may-be-the-solution-you-seek/

Covering Coronavirus: Risk Considerations Volume 1, Issue 26

EPIC Risk Advisory Bulletin Volume 1, Issue 26 In this issue, we take a focused look at: Supply Chain and Business Risks TSA Extends HME STA Exemption Through End of Year Cargo Theft Spikes Continue FMCSA Outlines Plan for Service Relief, New Pilot Programs Insurance Products and Coverage Information Renewed Effort to Secure Pandemic Insurance for Entertainment Industry Surprising Effect of the Pandemic on Live Events How the Pandemic is Impacting M&A Activity Cybercrime Puts Hospitals in the Crosshairs Presumptive Compensability Update News of Note Human Resources and Employee Benefits OSHA Levies More Than $1.6 Million in Fines …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-26/

Transparency Rule Released Just Prior to 2020 Election

Following through on President Trump’s objective of increasing transparency in healthcare, the Departments of Health and Human Services (HHS), Labor and Treasury released a final rule, Transparency in Coverage (CMS-9915-F). It mandates disclosure of pricing information beginning January 1, 2022 – and starting January 1, 2023, it requires most group health plans and health insurance issuers in the individual and group markets to disclose cost-sharing information to individual and employer-sponsored plan enrollees upon request. These disclosures are separate from the hospital cost disclosures slated to take effect on January 1, 2021. The information includes cost-sharing …

https://www.epicbrokers.com/insights/transparency-rule-released-just-prior-to-2020-election/

IRS Releases Final 2020 ACA Reporting Forms and Instructions

… offered (or did not offer) or provided to their employees in the prior calendar year. Each reporting entity must annually file all of the following with the IRS: an individual statement (generally Form 1095-C, for employers) for each person who was provided with minimum essential coverage (for providers reporting under Section 6055), or for each full-time employee (for ALEs reporting under Section 6056); and a transmittal form (generally Form 1094-C, for employers) for all of the returns filed for a given calendar year. Key Changes The 2020 forms are largely similar to the 2019 versions, but they

https://www.epicbrokers.com/insights/irs-releases-final-2020-aca-reporting-forms-and-instructions/

California Franchise Tax Board Reporting of Offers of Group Health Coverage

The original alert published on November 2, 2020 was updated on January 22, 2021. Quick Facts California implemented an individual health coverage mandate penalty effective for taxable years beginning on or after January 1, 2020. The California Franchise Tax Board (FTB) requires carriers and certain employers to file copies of the federal ACA information returns that carriers, applicable large employers (ALE) and self-funded plan sponsors file annually with IRS. Proof of MEC is due to plan participants by January 31, 2021 using the 1095-C or 1095-B. FTB filings are due by March 31 of year following year …

https://www.epicbrokers.com/insights/california-franchise-tax-board-reporting-of-offers-of-group-health-coverage/

Considering Aligned Success for Families and Business

… has been a recent flurry of paid family leave legislation passed in various states, and with it comes a significant amount of work from human resources teams to offer what is required and stay compliant. What if companies led the charge instead? What if companies looked at their policies and benefits from the lens of a parent – what could be done differently that encourages the aligned success of the individual, the family, and the business? Not having children, it’s hard for me to truly understand the challenges of parenthood that are magnified as a working parent. However, countless friends …

https://www.epicbrokers.com/insights/considering-aligned-success-for-families-and-business/

Coronavirus: Risk Considerations Volume 1, Issue 25

EPIC Risk Advisory Bulletin Volume 1, Issue 25 In this issue, we take a focused look at: Insurance Products and Coverage Information Effect of Q3 Losses on Property Renewals Will Property Insurance Respond if Election-Related Protests Turn Violent? Business Liability Immunity and Interruption Update Presumptive Compensability Legislation News of Note Human Resources and Employee Benefits Silver Lining to Remote Working How Workplace Benefits May Reflect Pandemic Realities Paying for Coronavirus Cleaning Supplies and PPE OSHA Publishes Coronavirus Quick Tip Videos Insights from Across the Firm The information presented here is intended to provide a high level overview of critical …

https://www.epicbrokers.com/insights/coronavirus-risk-considerations-volume-1-issue-25/

Newest 2020 Trend: Premium Holiday

… dislocation of businesses and homeowners from their natural community, and the general economic uncertainty continue to drive lower healthcare claims spend. It’s anybody’s guess when things will fully return to normal. Viewpoints from Adam Okun This begs the question for employers – what, if anything, should be done with employee contributions? In many instances, rates are not projected to increase in 2021, and given the current climate, many employers are opting not to increase employee contributions in the new year. However, some employers are going a step further… and giving employees money back! The concept of rebates to members …

https://www.epicbrokers.com/insights/newest-2020-trend-premium-holiday/