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

IRS Announces 2019 Healthcare Flexible Spending Arrangement (FSA) Contribution Limit

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

The Internal Revenue Service (IRS) has announced that the 2019 limit on employee pre-tax FSA healthcare contributions will rise to $2,700, up from $2,650 in 2018. Revenue Procedure Bulletin 2018-57 provides the details of this and approximately fifty other tax-related annual inflation adjustments. The dependent care FSA maximum, which is set by statute and not subject to inflation-related adjustments, will … Read More

The IRS Releases Final 1094-C/1095-C Forms and Instructions for 2018 Tax Year

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

The Internal Revenue Service (IRS) recently released the 1094-C/1095-C forms and instructions to be used by Applicable Large Employers (ALEs) for the 2018 tax year reporting required by the Affordable Care Act (ACA). ALEs sponsoring a self-funded health plan may use Part III of Form 1095-C to provide individual coverage information to plan participants in lieu of providing Form 1094-B, … Read More

Cautions and Benefits of an HDHP/HSA for Your Organization

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

As the price of health care continues to increase faster than the rate of inflation, both monthly premiums and average deductibles are also increasing. Many employers have turned to high deductible health plans (HDHPs) to reduce premiums. When paired with a Health Savings Account (HSA), an HDHP can save employees money on their monthly premiums and allow them to pay … Read More

Managing Prescription Drug Plan Costs: Pricing Tricks Employers Should Watch For

AdminBlog, Private Self-Funded Health Plan

Employers typically pay close attention to medical plan provider discounts, stop loss premiums, and administrative costs, but often overlook ways to manage prescription drug plan costs. Proactively controlling prescription drug costs in your self-funded group health plan can save your organization up to $40 per employee per month through better-negotiated pricing alone. For a 500-employee group, this amounts to over … Read More

Are you Prepared for a HIPAA Audit?

AdminBlog, Private Self-Funded Health Plan

The Health Insurance Portability and Accountability Act (HIPAA) protects the privacy and security of an individual’s protected health information (PHI) by governing how covered entities use, store, and share health information. As covered entities under HIPAA, self-funded plan sponsors must comply with HIPAA’s Privacy, Security, and Breach Notification Rules. The Department of Health and Human Services Office of Civil Rights … Read More

Which Will Better Serve Your Business: a Broker or an Actuarial Consultant?

AdminBlog, Private Self-Funded Health Plan

When it comes to employee benefits, your organization needs a benefits advisor that adds the most value to your business. While there are quite a few differences in the services provided by a broker or an actuarial consultant, a crucial consideration is the size of your business. Generally speaking, a business with fewer than 150 employees is better off with … Read More