The deadline for furnishing statements to individuals under Sections 6055 and 6056 has been extended to March 2, 2021. Employers should become familiar with these forms and instructions for reporting for the 2020 calendar year.
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The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure their plan administration will be consistent with the new limits. Although some of the limits will increase for 2021, most of the limits remain the same.
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The College Tuition Benefit is a value‑added program that helps your employees achieve greater financial security and alleviate some of the stress associated with paying for college. And for you, it can be used as a meaningful recruiting and retention tool helping to increase employee satisfaction.
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To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan. 1, 2020. Employers should review their plan documents to confirm that they include these required changes.
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The Affordable Care Act requires insurers offering fully-insured plans to pay a “health insurance tax” based on premiums and market share. These fees help fund the ACA’s marketplace exchanges, but Congress passed a one-year hold on the tax in 2019.
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To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan. 1, 2020. Employers should review their plan documents to confirm that they include these required changes.
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“Convenient” and “easy to use” aren’t how members would likely describe their experiences engaging with today’s complex health system. Telemedicine is one example of how payers are using technology and a keener understanding of consumer behavior to help change that narrative.
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This Compliance Overview includes a chart that summarizes the benefit notices employers should provide at open enrollment time.
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