Employers with large, calendar year health plans subject to ERISA should be prepared for the Form 5500 filing deadline. Unless an extension is requested, ERISA-covered, calendar year health plans with 100 or more participants must file their Form 5500s by July 31, 2019.
The Affordable Care Act included an excise tax on rich employer-sponsored health coverage. Many referred to this as the “Cadillac tax.” The Cadillac tax is a 40% tax on the value of employer-sponsored health coverage exceeding $11,200 for individuals and $30,100 for families (adjusted for cost of living).
Q.- I heard about a fee some health plans have to pay based on the number of plan participants. How do I know if we have to pay this fee?
Q.- An employee’s wife lost her job. She is going to watch their kids instead of sending the kids to day care. May our employee stop participating in the Dependent Day Care FSA now even though it is not open enrollment?
The President of the United States issued an executive order directing government agencies to make changes to health laws. The Order is intended to help improve price and quality transparency in healthcare. A copy of the Order may be accessed by clicking here.
The U.S. Department of Labor updated the form for summary annual reports relating to welfare benefit plans.
Q.- We have an employee who works two jobs. He contributes to the health FSA of his other employer, and he asked if he can contribute to our health FSA. He is eligible for the plan. Is he allowed to participate in both and what amount may he contribute?
The IRS suggests employees who work more than one job or who add summer employment should conduct a mid-year Paycheck Checkup. Reviewing pay will allow workers to confirm they have the right amount of tax withheld from each paycheck.
The Affordable Care Act created the Patient-Centered Outcomes Research Institute (PCORI) which is an organization tasked with improving the quality of health care and providing information to help consumers make informed health care decisions. Health plans are required to pay an annual PCORI fee for plan years ending on or after 10/1/2016 through 10/1/2018 to fund PCORI research. The next PCORI fee (for 2018) is due July 31, 2019.