Employer Health Care Arrangements and Significant Penalties |
Updated Q&A guidance from the IRS outlines the consequences for employers, if the employer does not establish a health insurance plan for its employees, but instead reimburses employees for premiums they pay for individual health insurance (either through a qualified health plan in the Marketplace or outside the Marketplace).
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Mental Health Parity Rules Begin July 1
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The Final Rules implementing the Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA) will begin to apply on the first day of the plan year that starts on or after July 1, 2014. For example, if the plan runs on a calendar year basis, the effective date will be Jan. 1, 2015.
Parity requirements must be applied classification by classification to medical/surgical and mental health & substance use disorder (MH/SUD) benefits.
The Rules establish limits around financial requirements and treatment limitations in the following manner:
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Patient-Centered Outcomes Research Institute Fee
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The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans (including HRA plans) to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported only once a year on the second quarter Form 720 and paid by its due date, July 31, is based on the average number of lives covered under the policy or plan. See More Here ...
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Adding Employee Benefits at NO Cost to the Employer
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Employer sponsored 529 plans can be offered to employees at no cost to the employer. The employer sponsored 529 plan, is a value added benefit for employees who want to save for their children or grandchildren's college education. Payroll deductions or ACH direct contributions make it easy for employees to save for future college expenses. The employer sponsored 529 plan gives employees the added benefit of group pricing and savings compared to individual 529 plans.
Contact Chris Staub at The Capital Group to find out how this free benefit can add value to your employee benefits package at (301) 214-7666.
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Business Interruption Insurance
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Also known as Business Income Insurance covers the loss of income that a business suffers after a disaster while its facility is either closed because of the disaster or in the process of being rebuilt. This extra policy provision is applicable to all types of businesses, and designed to put a business in the same financial position if no loss had occurred. Contact The Capital Group's Property and Casualty team for coverage quotes and questions at 301-214-7666.
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