Employee Benefits updates
Employee benefits today      
       December 30, 2015
RIP Dave Hednderson
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Dear 
:


Check out the box below with breaking news on ACA reporting for groups over 50 employers. Given the track record of many provisions of the Affordable Care Act, this should have been anticipated.  Take a look back at some of the other extensions granted since ACA was passed:
If you have any questions please send us an e-mail.   Please feel free to forward this newsletter to anyone you know who owns a business.    

In addition, have a Happy and Healthy New Year.  Thank you for your business and we look forward to working with you again in 2016.

Sincerely,



The U.S. Treasury and Internal Revenue Service announced they are extending some Affordable Care Act reporting deadlines to help companies meet the requirements.

Employers will have two more months past Feb. 1 to give individuals forms for reporting on offers of health coverage and the coverage provided. The deadlines to report this information to the IRS are extended by three months past the previous Feb. 29 due date for paper filings and the March 31 date for electronic returns, the Treasury said in a statement Monday.

This will not affect your employees since most will simply check the box on their tax return indicating that they had coverage for the year.

"The vast majority of individual taxpayers will not be affected by this extension," Treasury said. "Like last tax filing season, most individuals will simply check a box on their tax return indicating they had health coverage for the entire year."

Column from Benefit Comply.
 

Healthy Actions Works for Companies of all Sizes
 

Last year we had a group with just two employees that added Healthy Actions  which cost 1.25% in additional monthly Blue Cross premiums.   During the year both employees successfully completed all  requirements of Healthy Actions.  Since the final participation result was 100%, the Employer received a 7.5%  return of annual premium.  This amount was credited on their monthly invoice.

Lets take a look at the numbers;
  • cost to add Healthy Actions was $259.36
  • each employee received $300 - total $600 payout
  • employer received a credit of $1,656.16

In total an investment of $259.36 returned $2,256.16, while encouraging the employees to have their free annual physical and to maintain a health lifestyle.   

2016 First Quarter Health Insurance Renewals

Just a quick summary of first quarter health insurance renewals.  On average increases were single digit ones, ranging from 5% to 9%.  However,  there were many changes to plan designs.  
 
Most of the carriers now have Emergency Room Visits as a copay - $200 per visit.  In most instances, the ER visit is not longer subject to the deductible.
 
We also are finding new, or additional co-pays after the deductible has been satisfied for certain services.... this includes MRI, CT Scans and in some cases Outpatient surgery and Inpatient Hospitalization.
 
The carriers are also rearranging Prescription Drug Co-pays and adding a new level for Specialty Drugs.  It is a good idea to go on line and check your prescriptions to see what tier they are in for the new year.    



  Advantage Benefits Group       
78 Pleasant St Worcester MA 01609
     800-426-2413 (Bill)                508-798-0887 (Vanessa)
 508 4-14-8305  (Bill cell)          508-494-8303 (Vanessa cell)
Bill@AdvantageBenefits.com     Vanessa@AdvantageBenefits.com
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