“I want to sell my car. I rent an apartment in the city close enough to my job to walk. I’ve figured out every angle to avoid using a car, and I dream of not dealing with the hassle or cost of one. One thing, though, is that I heard it’s a good idea … Continued
The 21st Century Cures Act, which was enacted on December 13th of this past year, includes provisions that permit small employers without group health coverage to reimburse employees for qualified health care expenses and individual health insurance premiums. Small employers that want to provide tax favored reimbursements will be required to set up a “qualified … Continued
By Shari Herrle, Director of Compliance A Chief Counsel Advice (CCA) memorandum issued by the IRS in January concludes that benefits provided under a Fixed Indemnity Plan may not be excluded from an employee’s gross income if premiums were pre-taxed through a Section 125 Cafeteria Plan or the premiums were paid by the employer. Many … Continued
The Internal Revenue Service has issued proposed regulations that will redefine “dependent”. The changes update existing regulations so that they reflect the IRS’s current position on the “tiebreaker” rules, Qualifying Child and Qualifying Relative. The revised definition of dependent has implications on employee benefit plans as the federal definition of dependent determines whether a household … Continued
Health and Human Services (HHS) released its 2018 health benefit and payment parameters. Employer plan sponsors planning for 2018 will want to take note of the new Annual Cost Sharing Limits for group health plan coverage: Health Plan Annual Cost-Sharing Limits: Limits 2017 2018 Individual Coverage $7,150 $7,350 Family Coverage $14,300 $14,700 We anticipate … Continued
In January of this year the DOL issued its first annual adjustment of civil penalties for several benefit-related violations. The new penalties are effective for penalties assessed after January 13, 2017 for violations occurring after November 2, 2015. We have included a chart below that summarizes the changes. If you have any questions regarding the … Continued
For each new calendar year the IRS releases an updated Publication 15-B (Employers Tax Guide to Fringe Benefits) which provides important information many employers rely upon to determine the tax treatment of various fringe benefits, including accident and health coverage, Health Savings Accounts, transportation benefits, etc. The 2017 publication has some noteworthy changes and clarity … Continued
Happy Groundhog Day! If you’re a Pennsylvania native, you probably know about the two most famous groundhogs. One predicts when spring is coming, and the other is the mascot for the Pennsylvania Lottery. What do the Lottery and a groundhog have to do with insurance? The entertaining and lighthearted commercials promote an organization that does … Continued
Recently retired or retiring soon? Choosing how to spend your funds and time can be an overwhelming part of retirement. Deciding what to do with your health insurance coverage can be a challenge, but we’re here to help. The following information is important to consider when planning retirement: Here at Henderson Brothers, we want to … Continued
Self-insured Applicable Large Employers (ALEs) may want to take time now to review their health plan participant data for missing social security numbers. Part III of Form 1095-C requires a Social Security number (SSN) or Taxpayer Identification Number (TIN) for each covered participant. If you don’t have the number on file, you are … Continued