How the ACA will Affect Jobs, Employers The Congressional Budget Office (CBO) Report On February 4, 2014, the Congressional Budget Office, a non-partisan agency that conducts impartial analysis of Congressional budgetary issues, released their annual report of the economic outlook from 2014-2024. Since the CBO releases reports regularly, it seems odd that this report would generate so much media attention….
In December, 2013, the IRS announced that Flexible Spending Plans could allow participants to roll over up to $500 of contributions to the following year. ISIhr announced that this change will take place automatically with our plan, and will apply to 2013 participants. Here is some further clarification on that announcement: Question: I had a balance that should have rolled over…
Flexible Spending is Now More Flexible! The Treasury Department just recently announced that participants can roll over up to $500 of their year-end balances to the next year. Three things to note about this change: The rollover amount will not count toward the annual election limit of $2,500, meaning that each participant could have a $3,000 balance at the beginning…
Media and Politics Three and a half years after the Affordable Care Act was signed into law, the news media has finally put healthcare reform front and center. With the disastrous roll-out of the Marketplace website coinciding with the Government Shut-Down last month, politicians, consultants and media personalities alike have been weighing in on Healthcare Reform and its financial and…
Employer Shared Responsibility In January, 2015, the Affordable Care Act (ACA) will mandate that employers who are subject to the Employer Shared Responsibility provisions (50+ Full-Time-Equivalent employees) must report certain information regarding the health coverage they offer their full-time employees. The law also requires reporting from insurance carriers, employers with self-funded plans and other entities that provide insurance. This is…
Beginning January 1, 2014, new Health Reform legislation (PPACA) requires that all US Citizens have Minimum Essential health insurance, qualify for an exception, or pay a tax penalty. The majority of Americans already have coverage that meets affordability and minimum value standards, but most individuals who are not currently covered on any plan will have the obligation to obtain coverage or…
Under the Affordable Care Act (ACA), Health Insurance Marketplaces (formerly referred to as Exchanges) are places where individuals and small businesses can go to shop for insurance plans and compare those plans based on value, affordability and market standards. The intention of the Marketplaces is to make shopping for health insurance as easy as shopping online through a site like…
There are two main pieces of communication that employers must share with their employees under the Affordable Care Act (ACA). The qualifications, requirements and timelines are listed below for each. But don’t worry; ISIhr will take care of these requirements for all applicable clients and employees. ISIhr is your ACA compliance expert. Health Insurance Marketplace (Exchange) Notifications The ACA requires…
How Does the ACA Affect Small Business? Several provisions of the Affordable Care Act (ACA) will likely have significant effects on small businesses, their employees, and families. Small businesses will have the option to purchase insurance through a new market, called the Small Business Health Options Program (or SHOP Exchange). In Utah, this exchange is called Avenue H. Though small…