Recently, the Internal Revenue Service issued guidance again adjusting the maximum health savings account (HSA) contribution for individuals with family coverage under a high deductible health plan (HDHP). The new guidance, Revenue Procedure 2018-27, provides that for the 2018 calendar year an individual with HDHP family coverage may use $6,900 as the maximum contribution limit rather than the lower limit of $6,850 established following the passage of the 2018 Budget Reconciliation Act and published by the IRS on March 2, 2018. The new guidance further provides that, if permitted by the HSA trustee or custodian, an individual who receives a distribution from an HSA of an excess contribution (with earnings) based on the previously published $6,850 limit may repay the distribution to the HSA and the amounts will not be includable in the individual’s taxable income or subject to the 20 percent additional tax under Section 223(f)(4) of the Internal Revenue Code.
CMS Extends Transitional Relief for Small Groups through 2019
Apr
17
2018
Recently, the Centers for Medicare and Medicaid Services (“CMS”) announced further extension of its transitional policy allowing insurers in the small group market to renew health insurance policies that they would otherwise have had to cancel due to noncompliance with the Affordable Care Act (the “ACA”).
By way of background, the ACA includes market reforms that created new coverage standards for health insurance policies such as: premium rating rules, guaranteed availability and renewability, and the requirement to provide essential health benefits. Under the ACA the market reforms were to be effective for plan years beginning on or after January 1, 2014. However, prior to the effective date, CMS implemented a transitional relief policy that, if permitted by the states, would allow insurers offering coverage in the individual and small group markets the option of renewing current policies for current enrollees without adopting all of the ACA market reforms. The transitional relief policy was extended several times, but was set to expire in 2018.
The CMS guidance extends the transitional relief policy through 2019. Under the CMS guidance, states can permit insurers that have continually renewed health insurance coverage for small groups since 2014 under the transitional relief policy to again renew such coverage for a policy year beginning on or before October 1, 2019. However, any policy renewed under the transitional relief cannot extend beyond December 31, 2
Vizance Insight Series: April – June 2018
Mar
14
2018
Join us for our Vizance Insight Series webinars when Beth Ward, Vizance’s Compliance Attorney, will address several common issues affecting employee benefit plans. Beth will discuss the legal issues and practical concerns surrounding these topics and discuss strategies to help employers be compliant.
Benefits Based on Disability: What the New DOL Regulations Mean for Employers, Tuesday, April 10th, 1:30 - 2:30
Continuation Coverage: An Overview of Federal COBRA and State Continuation Rules, Tuesday, May 15th, 1:30 - 2:30
An Employer's Guide to FMLA, Tuesday, June 12th, 1:30 - 2:30
Please see our 2018 2nd Qtr Vizance Insight Series Schedule for more information.
16 Items to Pack in a Roadside Emergency Kit
Feb
27
2018
Whether you are taking a casual drive or embarking on a long road trip, you never know when an emergency will arise. As such, it's important to have a roadside emergency kit packed in your vehicle. Consider including these items in your kit.
Protect Yourself by Avoiding These Passwords
Feb
16
2018
How clever is your password? If it's on this infographic, your password is just as easily stolen as it is remembered. Protect yourself by making sure you’re not using one of the top 25 most commonly stolen passwords of 2017.
OSHA’s Deadline for Electronic Reporting Has Been Extended to December 31, 2017
Dec
19
2017
On November 24, 2017, OSHA officially delayed the first deadline for its electronic reporting rule to December 15, 2017. On December 18, 2017, OSHA announced employers can submit their electronic reports until December 31, 2017 without fear of penalty. This Compliance Bulletin provides an overview of reporting requirements, submission options and OSHA-approved State Plan compliance issues regarding the electronic reporting rule.
Vizance Insight Series: January – March 2018 Webinar Schedule
Dec
19
2017
Join us for our Vizance Insight Series webinars when Beth Ward, Vizance’s Compliance Attorney, will address several common issues affecting employee benefit plans. Beth will discuss the legal issues and practical concerns surrounding these topics and discuss strategies to help employers be compliant.
It's Time to "Pay or Play" - The Affordable Care Act Employer Mandate Tuesday, January 9th, 1:30 - 2:30
Discrimination in Employee Benefits: What Is or Is Not Permitted? Tuesday, February 13th, 1:30 - 2:30
Employee Health Savings Accounts: What Employers Should Know Before They Contribute Tuesday, March 13th, 1:30 - 2:30
Click here for our upcoming webinar details.
Another Food Drive Has Come to an End
Nov
22
2017
Thank you to those who contributed to our annual Thanksgiving Food Drive. Vizance collected 26,627 food items and $5,875 for a grand total of 32,502 items. We're so happy to help out those in need this holiday season!
Health FSA Limits Increase in 2018
Nov
02
2017
The ACA imposes a maximum dollar limit on employees' salary reduction contributions to a health FSA. Although the ACA set this limit at $2,500, the limit is indexed for cost-of-living adjustments each year. On October 19, 2017, the IRS announced that, for taxable years beginning in 2018, the dollar limit on employees' salary reduction contributions to a health FSA will increase to $2,650. This Compliance Bulletin explains the indexed health FSA limit for 2018.
Vizance Insight Series: Employee Benefit Plan Issues and Compliance – What Employers Need to Know
Oct
19
2017
In recent years we have seen new laws, rules and regulations that have significantly impacted almost every aspect of employee benefits – from the benefits an employer can offer to how those benefits are offered and the programs administered. In the ever-changing world of employee benefits knowing the current and applicable rules and maintaining compliance can be a daunting task for employers. We want to help. Join us for our fall webinar series when Beth Ward, Vizance’s Compliance Attorney, will address several common issues affecting employee benefit plans. Beth will discuss the legal issues and practical concerns surrounding the issues and discuss strategies to help employers be compliant.
