The U.S. Department of Labor, Wage and Hour Division, has released a series of video clips to help employers understand their legal obligations. These videos are short, simple presentations intended for employers who want basic information about what the law requires.
Q.- An employee got married and changed her name. Do we have to send her a new Form 1095-C?
An applicable large employer must offer its full-time employees affordable health coverage or pay a penalty. Employers have two options for counting their employees’ hours to determine full-time status.
Q.- An employee elected to contribute $2,000 to his FSA for the year and has not been reimbursed for any amount yet. He just terminated employment. His son is getting braces at the end of the summer, and he asked if he can submit receipts for the braces. Can he?
The Centers for Medicare and Medicaid Services issued a final notice last week further diminishing the individual mandate and essential health benefits under the Affordable Care Act.
The U.S. Department of Labor Wage and Hour Division issued a Field Assistance Bulletin explaining the enforcement of tip credit rules under the Fair Labor Standards Act. The FAB addresses (a) employers keeping employees’ tips and (b) tip pooling.
Now that employers have completed their 2017 Affordable Care Act reporting obligations, they should turn their attention to 2018 ACA compliance. Applicable Large Employers must continue to offer affordable health coverage to their full-time employees or face tax penalties.
Q.- We would like our employees to be more engaged in their health care. Can we set up a Health Savings Account for all of our employees?
The Consolidated Omnibus Budget Reconciliation Act of 1986, commonly known as COBRA, requires certain employers to offer individuals continuation of health coverage, at their own expense, when that coverage would otherwise cease. The COBRA rules are found in the Internal Revenue Code, the Employee Retirement Income Security Act (ERISA) and the Public Health Service Act (PHSA). Church plans and small employer plans are excepted from COBRA requirements.
Q.- We terminated a member of our accounting department who stole a lot of money from our company. We will not be offering the employee COBRA since his termination is due to gross misconduct. He was covered under our health plan and will be losing coverage. Do we have to provide him any notice that he is not going to be offered COBRA?
The Affordable Care Act requires almost all individuals to have minimum essential health coverage, qualify for an exemption, or pay a tax penalty. Individuals must disclose on their income tax returns if they have the required health coverage.
IRS Publication 969 provides basic information on certain programs designed to give individuals tax advantages to offset healthcare costs. Specifically, the publication addresses HSAs, HRAs, health FSAs, Archer MSAs and Medicare Advantage Savings Accounts.