IRS Releases 2021 HSA Limits and ACA Out-of-Pocket Maximum

2020-06-05T13:34:17+00:00

The Internal Revenue Service released its 2021 Health Savings Account Inflation Adjustment Limits. A comparison of the 2021 and 2020 limits are listed below. The ACA maximum out-of-pocket limits have also been adjusted. The ACA uses a different adjustment calculation than the IRS when setting HSA limits year over year.

IRS Releases 2021 HSA Limits and ACA Out-of-Pocket Maximum2020-06-05T13:34:17+00:00

Determining Self-Funded Plan Costs for PPP Loan Forgiveness

2020-05-04T19:08:29+00:00

The CARES Act, which was signed into law on March 27th, 2020, provides for Small Business Loans called the Paycheck Protection Program. These loans, later supplemented by the Paycheck Protection Program and Healthcare Enhancement Act, provide for up to $10M in forgivable loans to small businesses. Paycheck Protection Loans (PPL): In order to apply for [...]

Determining Self-Funded Plan Costs for PPP Loan Forgiveness2020-05-04T19:08:29+00:00

DG Compliance Update: Tax Credits Under FFCRA

2020-04-09T17:07:12+00:00

The Families First Coronavirus Response Act (FFCRA) signed into law on March 18th included two temporary expanded paid leave options that are mandatory for employers with fewer than 500 employees. Additionally, there are tax credits available for employers that have paid employees with one of these two emergency leave provisions (outlined below). The chart below [...]

DG Compliance Update: Tax Credits Under FFCRA2020-04-09T17:07:12+00:00

DOL Issues Families First Coronavirus Response Act Employee Notification Poster

2020-04-09T17:06:28+00:00

The Department of Labor recently published The Families First Coronavirus Response Act (FFCRA) employee’s notification poster. According to the Department of Labor, each covered employer (i.e., employers with fewer than 500 employees) must post the FFCRA Notice Poster in a conspicuous place on its premises. Covered employers may satisfy this requirement by emailing or direct mailing [...]

DOL Issues Families First Coronavirus Response Act Employee Notification Poster2020-04-09T17:06:28+00:00

PCOR Fee Reauthorization and Diversified Group’s Reporting Services

2020-03-05T15:09:01+00:00

The ACA’s PCOR fee had expired with the 2019 plan year, although non-calendar year plans were still required to remit their fees on July 31, 2020. However, as part of the year end budget/spending bill, Congress authorized an extension of the Patient Centered Outcomes Research Institute Fee (PCOR) for another ten years through 2029. The ACA [...]

PCOR Fee Reauthorization and Diversified Group’s Reporting Services2020-03-05T15:09:01+00:00

Department of Labor Releases 2020 Adjusted Penalty Amounts

2020-01-28T21:59:55+00:00

The Department of Health and Human Services (HHS) and the Department of Labor (DOL) have issued adjusted/updated civil monetary penalties for a myriad of benefits related violations. The Departments are required by law to provide their annual adjustments by January 15th each year. The 2020 penalties will not be assessed until after January 15, 2020 [...]

Department of Labor Releases 2020 Adjusted Penalty Amounts2020-01-28T21:59:55+00:00

Diversified Group’s State Update

2020-01-02T17:26:16+00:00

New Jersey: Health Insurance Mandate In 2018, New Jersey Governor, Phil Murphy, signed into law The New Jersey Health Insurance Market Preservation Act. This law requires all New Jersey residents to have health insurance or pay a penalty. Lawmakers in New Jersey drafted this legislation in response to the decision to eliminate the ACA individual mandate with the [...]

Diversified Group’s State Update2020-01-02T17:26:16+00:00

Fully-Insured Health Insurer Tax Is Back for 2020

2019-11-21T17:36:39+00:00

Recently released IRS notice 2019-50 has reestablished the health insurer tax (HIT) for 2020, which had been previously suspended for 2019. The Affordable Care Act (ACA) imposes an annual, non-deductible health insurer tax on insurance companies that offer fully-insured plans and applies to all insurers offering fully-insured coverage, including plans sold via the exchange or [...]

Fully-Insured Health Insurer Tax Is Back for 20202019-11-21T17:36:39+00:00

Which Welfare Plans Must File Form 5500?

2020-01-02T16:05:07+00:00

Funded Plans: All  “funded” welfare plans covered by ERISA must file a Form 5500. A “funded” plan is one where funds are set aside in a custodial account or trust fund for the exclusive benefit of plan participants. The type of Form 5500 (Form 5500 vs. Form 5500-SF) filed is determined by the number of [...]

Which Welfare Plans Must File Form 5500?2020-01-02T16:05:07+00:00

Get Eligibility Right the First Time or Pay for It Later

2019-08-02T08:00:18+00:00

Missing, incorrect, or late information regarding eligibility can lead to mistaken interpretation of coverage, no coverage/denied claims, or incorrect participant information. These can all lead to overbilling, underbilling, and claim payment errors. Additionally, eligibility errors can “over-obligate” the plan by allowing an invalid member to linger on the plan, for example: enrolling in COBRA for [...]

Get Eligibility Right the First Time or Pay for It Later2019-08-02T08:00:18+00:00