Overview of Selected HSA Banking Alternatives

AdminBlog, Private Self-Funded Health Plan

We’re frequently asked which is “the best” HSA bank for our clients’ employees, but it’s not an easy answer. Lately, employers are moving away from using traditional banks and toward online or investment banks to take advantage of longer term investment options and online fund access. Increasingly, employers are even pairing their HSA with their retirement savings vendor to help … Read More

Changes to the ACA Affordability Standard for 2020

AdminBlog, Health & Welfare, Multiemployer / Taft-Hartley Plan, Private Self-Funded Health Plan

Recently, the IRS issued Revenue Procedure Bulletin 2019-29, which decreases the affordability percentage under the Employer Mandate. The “affordability standard” is a component of ACA that is frequently overlooked. Employers should be reassessing their employee contribution structure annually to ensure compliance and avoid costly penalties (see below for updated penalty amounts). In order to determine affordability, the IRS sets an … Read More

Federal Judge Rules Affordable Care Act Unconstitutional; Law Stands Awaiting Likely Appeal

AdminBlog, Health & Welfare, Private Self-Funded Health Plan

Last week, Judge Reed C. O’Connor ruled in favor of a lawsuit that argued the entirety of the Affordable Care Act (ACA) is unconstitutional without the individual mandate. The individual mandate penalty was eliminated starting in 2019 by the tax bill passed by Congress in December 2017. Despite this ruling, there will be no immediate change to the numerous provisions … Read More

The IRS Extends the Deadline for Furnishing Forms 1095-B and 1095-C to Individuals

AdminBlog, Health & Welfare, Private Self-Funded Health Plan

The IRS has extended the deadline for furnishing Forms 1095-B and 1095-C to individuals from January 31, 2019 to March 4, 2019. Notice 2018-94 DOES NOT extend the deadlines for filing the 2018 Forms 1094-B, 1095-B, 1094-C, or 1095-C with the IRS. The due date for filing with the IRS remains February 28, 2019 for paper forms, or April 1, … Read More