Month: January 2013
What All Employers Need to Know About the “Cadillac Tax”
Starting in 2018, employers offering health plans that exceed a certain cost (the total employee and employer cost) would be subject to a 40% excise tax on the amount above that value. For individual coverage, the threshold would be $10,200 and for family coverage the threshold would be $27,500.* The...
Read MoreCoordinating Exchange and Plan Open Enrollments
On Jan. 2, 2013, the IRS issued a detailed rule that, among other things, provides that noncalendar-year plans may amend their Section 125 plans to allow employees to make midyear changes because of PPACA. Open enrollment for the exchanges will begin in October 2013 for a Jan. 1, 2014, effective...
Read MoreHow Will an Employer Know if an Employee Applies for a Premium Subsidy in the Exchange?
On Jan. 14, 2013, the Department of Health and Human Services (HHS) issued another lengthy proposed rule under the Patient Protection and Affordable Care Act (PPACA). Among other things, the proposed rule provides some information on how employers will be notified if an employee applies for a premium subsidy /...
Read MoreTerriann Presents to the Philadelphia Chapter of Women Presidents’ Organization!
As an area business owner herself, and an expert on Health Care Reform, Terriann Procida is honored to present “Health Care Reform: An Update on PPACA Since the Election” to the Philadelphia Chapter of Women Presidents’ Organization. The PPACA provisions present some challenges to employers in deciphering the new regulations...
Read MorePPACA: What Do Employers Need To Do Between Now And January 2014?
The provisions associated with health care reform pose many questions for employers, most importantly, what do I need to do and when? Here is a checklist of items to cross off your list before January 2014: Calculate and pay the Patient Centered Outcome Fee if the plan is self-funded (insurers...
Read MoreStand, Stretch and Move!
A Vanderbilt University study estimated that Americans spend about 55 percent of waking time sitting. That’s about seven and a half hours in a chair every day. A growing body of research shows that long periods of physical inactivity raise your risk of developing heart disease, Type 2 diabetes, cancer,...
Read MoreWhat Should Employers Already Be Doing To Comply With PPACA?
Plans: May not have a lifetime dollar maximum on any “essential health benefit” May not have an annual dollar limit on an “essential health benefit” that is over a certain amount Must cover the employee’s dependent children until the dependent reaches age 26 – even if the child...
Read MoreThanks to the Fiscal Cliff Deal, Roth 401(k) Conversions Are Allowed for All
As part of the fiscal cliff deal employees have been given the ability to take funds in a pre-tax 401(k) account and convert it into a Roth 401(k) account. Prior to this most recent provision in the American Taxpayer Relief Act of 2012, only amounts that were deemed distributable could...
Read MoreHealth Care Reform Update: IRS Proposes Regulations on Employer Penalty
The Internal Revenue Service has released proposed regulations on the health care reform employer “shared responsibility” penalty provision. This is the penalty on “large” employers (those with at least 50 full-time or full-time equivalent employees) that do not provide affordable minimum essential coverage for full-time employees and their dependents and...
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