Q.- Last month we filed a Form 5500 for our retirement plan. The instructions mention “welfare plans.” Do we need to file a Form 5500 for our health plan?
A.- A “welfare plan” must file Form 5500 if it has 100 or more participants at the beginning of the plan year or if it is funded by a trust (regardless of participant count). Examples of welfare plans include medical plans, dental plans and vision plans. A participant for filing purposes is someone actually enrolled in benefits (including active employees and COBRA participants) along with someone who is in a COBRA election period.
Benefit Allocation Systems (BAS) provides best-in class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).