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IRS Announces Benefit Plan Limits for 2018

The IRS recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2018. Although some of the limits will remain the same, many of the limits will increase for 2018. This Compliance Bulletin summarizes the newly released benefit plan limits for 2018. IRS Announces Benefit Plan Limits for 2018

ACA 2018 Compliance Checklist

Several ACA requirements will be affected by changes that take effect in 2018, such as increased dollar limits and decreased affordability percentages. To prepare for 2018, employers should review upcoming requirements and develop a compliance strategy. This ACA Overview provides an ACA compliance checklist for 2018. ACA 2018 Compliance Checklist

0% Renewal in Year One

In the midst of receiving massive medical plan increases, this educational institution was seeking alternative solutions to reducing costs or cutting departmental funding. Lack of risk management were leading to six figure increases year over year, causing the group to take action to mitigate out of control cost increases.

SENATE RELEASES DRAFT ACA REPLACEMENT BILL

On June 22, 2017, Republicans in the U.S. Senate released a draft of their proposal to repeal and replace the Affordable Care Act (ACA), called the Better Care Reconciliation Act (BCRA). The Senate bill closely mirrors the proposal passed in the House of Representatives—the American Health Care Act (AHCA)—with some differences. Senate Releases Draft ACA Replacement Bill 7.5.17

Affordability Percentages will Decrease for 2018

On May 5, 2017, the IRS issued Revenue Procedure 2017-36 to index the contribution percentages in 2018 for purposes of determining affordability of an employer’s plan under the ACA. For the first time since these rules were enacted, the affordability contribution percentages have been reduced. This ACA Compliance Bulletin describes the adjusted percentages. Affordability Percentages Will Decrease for 2018 5-17-17  

House Republicans Pass Amended AHCA by vote of 217-213

Overview: On May 4, 2017, members of the House of Representatives voted 217-213 to pass the American Health Care Act (AHCA), after it had been amended several times. The AHCA is the proposed legislation to repeal and replace the Affordable Care Act. This ACA update provides an overview.   5_4_2017 House Republicans Pass Amended AHCA    

ACA Reform: A Sneak Peek into the new American Health Care Act By: Alex Koglin, Axion RMS   After much anticipation, House Republicans have revealed their alternative to the Affordable Care Act. The new American Health Care Act promises many changes ranging from tax incentives to a halt on Medicaid expansion. Despite meaningful progress, the bill faces challenges. Even among republicans, there is still discord between moderate and hard-right conservatives like Rand Paul, who has dubbed the new plan “Obamacare Lite.” The bill has yet to receive a price tag, and certain features, such as opening state lines to promote competition are noticeably missing (President Trump tweeted on March 7th that the elimination of state lines will be rolled out in phase 2 and 3 of the bill). Look to see the politicians battle over the details and rhetoric in the coming months —as of right now, here are some of the more relevant points of the American Health Care Act:   End of the Employer Mandate Most businesses will no longer be required to offer health insurance, instead letting the market decide what benefits are appropriate.   End of the Individual Mandate Individuals will no longer be required to […]

House Committees Release ACA Replacement Bills

Overview: On March 6, 2017, Republican leadership in the U.S. House of Representatives issued two bills, collectively known as the American Health Care Act, to repeal and replace the ACA. This ACA Compliance Bulletin provides an overview of the new legislation. House Committees Release ACA Replacement Bills 3-7-17

House Republicans Release ACA Replacement Plan

Overview: On Feb. 16, 2017, Republican leadership in the U.S. House of Representatives issued a policy brief describing it’s intended approach for replacing the ACA. This ACA Compliance Bulletin summarizes the policy brief, which provides valuable insight into how many aspects of the current health care system, including employer plan rules, could be impacted. House Republicans Release ACA Replacement Plan 2-21-17

  Financial Wellness: How it Impacts the Health of Employees By: Brandon Collins, Axion RMS What is a Financial Wellness Program? Workplace wellness programs first rose to prominence in the late 1980s. The original design of the programs addressed physical and mental well-being for employees through lifestyle and disease management. According to IBIS World, a leader in industry market research, the wellness industry generates nearly $6 billion in revenue. While physical and mental health are important for employees, an emerging topic the last several years is financial wellness. These programs include retirement planning, debt management, budgeting, and investing to name a few. A recent CNBC article reported 55% of companies offer one of these financial wellness programs to employees. In 2017, this number is expected to increase to 77% with 52% offering at least 3 of these programs.   What are the benefits of a Financial Wellness Program? Financial stress could be more harmful than poor lifestyles and chronic diseases when it comes to workplace productivity and health. GoBankingRates.com found 70% of employees have less than $1,000 in savings and 34% have no money saved. PwC conducted a financial wellness survey in April of 2016. 50% of workers said they […]