Category Archives: Health Benefits

by BC2

ERISA Procedures For Disability Provider Plans Went Into Effect April 1

For employers that sponsor a disability benefit plan governed by ERISA, March and April of 2018 represent an important period of time.

Claims filed later than April 1 must be in compliance with a new Department of Labor rule issued back in December of 2016. Among the plans falling under this umbrella are certain qualified retirement plans, health and welfare plans as well as non qualified plans for deferred compensation. The purpose of the new requirements is to boost disclosures to participants in the plans and to increase impartiality of those who make decisions concerning the plans.

Categories Of Affected Plans

In a general sense, the new regulations are applicable toward any plan that falls under the auspices of the Employee Retirement Income Security Act (ERISA). Every plan, including those related to disability benefits, that involves the claims adjudicator of that plan to make disability determinations before rendering a payment decision is part of the new layout. Thus, all employers need to take a fresh look at plans providing benefits, waiver of accrual allocation rules or accelerated vesting due to disability.

Impact On Qualified Retirement Plan Operation

It may be necessary to update retirement plans if their plan administrators are charged with determining disability. But, if such determinations are made by third parties such as the Social Security Administration or other entity, there may be no need for an update.

While it is true that non qualified deferred compensation programs largely fall outside of the ERISA regulations, they are subjected to the statutory claims regulation rules. As such, these plans will require compliance with the new rule if their administrators are the ones to make disability decisions.

Implications For Welfare Plans

The majority of plans covered by ERISA are in fact insured, and therefore broadly speaking, it is the disability carrier’s duty to make changes to claim processes and procedures. Employers and/or plan administrators ought to communicate with the insurers to ensure that coverage certificates will be appropriately updated to achieve compliance with the new rule by April 1 of 2018.

Short-term disability plans that are self-insured and that qualify as a payroll practice may also not require revision, given that they are exempted from ERISA. It should be noted, though, that administrators of such plans may wish to adopt part of even all of the final rule’s provisions, in keeping with best practices. Also, it is important that summary plan description documents and wrap plans be updated and disseminated to all plan participants.

Key Changes Within The New Rule

Every claim and appeal must now receive adjudication in a way that fosters the impartiality and full independence of those making benefit decisions. Much like the rules pertaining to group health care plans promulgated as part of the Affordable Care Act, determinations related to the compensation, hiring, promotion, termination or other issue impacting an adjudicator must never be made with an eye toward the chances that individual will support benefits denials.

Bolstered Disclosure Rules

First, a claim denial, whether at the first denial stage or later as part of an appeal, must have as part of it a discussion about the decision itself. This should include the rationale for any disagreement with the vocational expert, treating doctor or other expert who assessed the claimant; the opinions of experts secured by the plan; and a Social Security Administration disability determination offered to the plan by the claimant.

Furthermore, a denial notice needs to include all guidelines, internal rules, standards and protocols utilized in rendering an adverse claim decision (or in the alternative, a statement that no such criteria exist). There also must be a formal statement that the claimant at issue is entitled to be provided with all relevant documents upon request.

Right To Receive, Review And Refute New Facts Prior to Decision

So that all reviews are full and fairly rendered, plans are required to give claimants all new evidence or rationales used in making the benefit determination. This material must be provided to the claimant immediately and with enough advance time before the decision date so that a response by the claimant is possible. This way, claimants have an opportunity to present their side at the level of an administrative appeal instead of having to wait until the issuance of a denial.

Exhaustion Of Remedies

In cases where a plan has not met all of the claim procedural requirements, normally a claimant would have been declared to have exhausted all available administrative remedies and a lawsuit against the plan could be commenced. But, plans can still be in compliance if their rule violation was deemed non-prejudicial, de minimis, the result of good cause or something the plan could not control, made in the context of a good faith exchange and not part of an overall pattern of violation.

Rescission of coverage is in and of itself an adverse benefit adjudication. Rescission of disability coverage made retroactively is also an adverse determination and is subject to the appeals process. It must be noted that termination of coverage because of premium nonpayment does not equate to a coverage rescission.

It is necessary for all notices to be rendered in a manner that is both linguistically and culturally proper. In the same vein as the ACA rules pertaining to group health care plans, if the relevant claimant’s address of record is within a country with more than 10 percent non-English speakers, claim denial documents must be accompanied by a statement in the appropriate language, indicating how language interpretation services may be accessed.

Disclosures Regarding Contractual Limitations Time Frame

Plans with restrictions on the time period available for claimants to file lawsuits need to include on their denial notices information regarding this limit. For instances, if the relevant state has a normal limitations period of five years, but the plan’s contract states that the period is just three years, denial notices must state this fact along with the exact expiration date. Best practices suggest that this type of notice should also accompany denial notices for group health plans and other plans.

Ultimately, every employer potentially affected should make certain to review the new regulations alongside their plan documents to ascertain which rules are relevant to their activities. Furthermore, updates to SPDs should be promptly undertaken in order to achieve full compliance with the new disclosure measures outlined above.

Does this all sound complicated?

Benefits Compliance Consultants Inc. make ERISA compliance easy with system processes that allow you and your employees to sleep better and work harder during the day or night.

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by BC2

End of Year ERISA Benefits Compliance For Your Business

Is your business  prepared and setup properly for a prosperous and compliant new year?

Many of us tend to approach the start of a new year with a degree of optimism in mind. When we own a business, however, the new year can be something to look forward to but the end of the year can be a stressful time that is full of uncertainty. To be certain, taking care of things at the end of the year as far as benefits and compliance are concerned is vitally important. Not only does it help you to your wrap the previous year up nicely, it allows you look forward to the new year with a renewed sense of vigor.

One of the factors that need to be considered in this regard is to get your business compliance ready for the year’s end. At times, this may require that you get a workers compensation policy and if that is the case, you need to consider many different factors that are going to affect how that policy is handled in the coming year. For example, how often are you going to pay and what is the expiration date with your current carrier? You also need to consider the worker’s comp claims that may have happened in the recent past as well as some information about the business and the owner of the business as well. These are all factors that can make a difference and they are part of a simple checklist to get your company compliance ready.

Other factors that need to be considered very carefully are the benefits and these need to be compiled and put together by the end of the calendar year. In some cases, notices may need to be distributed to employees from the insurance health marketplace. This is something that needs to be done in order to keep you in compliance and to avoid any problems that could occur as a result of not sending out that notice. In addition, there may be health insurance benefits that are available for certain employees and notice may be given to them within a certain amount of time they become eligible.

There are many other factors that can help to get your benefits ready for the end of the year but they really depend on what type of benefits you are offering. If you have a retirement plan in place for your employees and perhaps you are vesting some of the money that they are donating, you may need to consider the eligibility for some of your employees for the retirement plan. They may want to get on board with the new year and they should be informed they are now eligible.

Health insurance is also a very big factor that needs to be considered, especially with some of the major changes that took place in recent years. Many employers are going to need to provide health insurance for their employees or at the very least, they are going to have to provide the opportunity for the insurance to be accepted under group rates. This may require that you crunch the numbers, including figuring out how many full-time employees you currently have because that can make a difference in your need to participate in the health insurance program.

When there are health insurance options available, it is necessary for you to notify any full-time employees that you have on staff that they may be eligible for insurance coverage. Included in that number is anyone who may have been hired in the past year as well as part-time employees who have come on board as a full-time employee. In some cases, you may even qualify for tax credits if you have enough full-time employees that are eligible and taking advantage of the health insurance program.

Does your company offer any benefits in the way of sick time, personal time or vacation time? These are also factors that should be reviewed at the end of the year and any necessary notification should be sent out. Deferred compensation may also be a factor that needs to be considered during this time.

Of course, each business is going to have different options when it comes to reviewing and compiling information for benefits compliance. Some businesses may be relatively small or they may not offer options that would really put them in the line of fire as far as this is concerned. Other businesses, however, hire a lot of employees and in doing so, it is necessary for them to do the paperwork at the end of the year.

Keeping up with paperwork can be difficult but it is a necessity if you want your business to operate smoothly. Take the time to do it now at the end of the year and you will find that the new year goes along much better as a result of your efforts.

Is Your Business ERISA Compliant And Legally Prepared for 2018?

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by BC2

ACA Compliance: Employers Must Continue Until Change To Law Is Certain

A majority of employers have struggled to comply with the Affordable Care Act (ACA) that was passed in 2010. This is mainly due to the fact that ACA’s regulations and guidelines established a broad framework that where many aspects of compliance were different from the original plan of legislators. A lot of information on the act became clearer much later after the law was planned. Fast forward a few years later and we have a new administration with its own unique agenda and policies. Many employers are now unsure about the future of ACA compliance.

The election of President Donald Trump in last year’s election is the origin of the debate on ACA compliance. The President is said to have issued a series of executive orders earlier on in the year where he instructed various regulatory bodies such as the IRS to be more lenient to employers in regards to ACA compliance. However, the instructions of these orders were immediately put aside by the IRS claiming no formal law had been passed to remove ACA compliance.

Employers mainly find it difficult to comply with the act due to the numerous changes that occur to its regulations. Keeping up with these changes is necessary in order to maintain compliance. The future of ACA regulations is therefore very much uncertain until solid updates can be provided by the various regulatory bodies on the issue. Much of the act however remains the same so there are some fundamental regulations that employers can be certain of following. Some of the fundamental ACA compliance areas include:

– Avoiding market reform penalties under Section 4980D

– Avoiding employer mandate penalties under Section 4980H

– Reporting on Forms 1094 and 1095

Reporting

To add onto this, employers are still required to keep track of their data for annual ACA reporting. The IRS has a big role to play in terms of assisting employers with ACA compliance. Many employers cite difficulties with compliance due to problems with the systems provided by the IRS. The IRS has attempted to solve these problems by asking for periodic audits of its systems. The most recent audit highlighted key problems with its systems such as Tax Identification Number matching errors, missing portions of line 14 data and many more. These problems are being actively addressed to ensure that employers face no problem with complying with the Affordable Care Act.

IRS Penalty Notices

Another issue raised in regards to compliance is on the complexity of forms 1094 and 1095. Because of how the forms have been formulated recent years, the IRS has found it quite difficult to process them in time. This results in the IRS pushing its compliance deadlines every now and then. Notices on compliance penalties are also affected by this delayed process. In the end, the complexity of these forms contributes to the difficulty in ACA compliance. As a consolation, this is an issue that needs to be addressed by the tax body and not employers so all we can do is wait for something to be done.

Compliance Rules

ACA compliance is still a relatively difficult area for many employers across the U.S. Keeping up with the frequent changes and updates as well as strictly adhering to ACA rules and regulations can sometimes seem impossible. However, failure to comply with the Affordable Care Act leads to employers being penalized in the long run which is not a good thing. Attempting any processes or transactions that are forbidden by this law can result in huge annual penalties which can sometimes go up to thousands of dollars. Employers must therefore continue with ACA compliance until advised otherwise.

ERISA compliance is the law and Benefits Compliance Consultants, Inc. is an ERISA expert.  You simply can’t know everything there is to know about ERISA services.  And, if you’re hesitant to work with a benefits consultant because of the cost, you need to realize that our benefits consultants group can actually save you money, resources and time.  The only way to keep up with all of the changes is with the assistance of a professional company like ours.  Let our highly skilled professionals help make certain that your Plan is in compliance with the law.

Contact us at (515)244-2424 or CONTACT for your benefit plan compliance review today.

by BC2

Retirement In Your 60’s: How Much Should You Have In Your 401k Plan?

Retirement age might seem far away from you for now, but it doesn’t mean that it’ll never come. Preparing for your future is never too early or too late. Everything that you’ll be saving up from your salary right now will pay off in the future. But it can be very difficult to save up most of the time especially if you’re in your 20’s and you’re still enjoying your life. There are still things that you want to buy and places that you want to go to. All of these things might make you lose focus and end up with no savings at all.

So what should you do to have enough savings in the future? 401(k) plans are now being offered by employers to their employees. You might have heard about them before in your office but had no idea what it is. You may already have one. This article will help you understand how it can help you with your lifetime savings.

The 401(k) Plan

The 401(k) is basically a retirement plan that is sponsored by an employer. It helps employees manage their savings better and their future finances by taking a part of their salary and investing it in their savings. It is just like pension funds but more flexible. This is because you can control the money that you want to invest. There are plans that you can invest in bonds, stocks, and money market investments.

How Much Will You Receive For Retirement?

It’s easy to say how you’ll be saving up for your future and how you plan to become a millionaire by the age of 50. But it is not easy to do it. And one of the reasons why is because you are not sure of how much you should be saving up. Lack of proper planning for your retirement and for your personal finances make you unfocused on your goals.

If you don’t have a clear plan, you won’t reach your target savings. And this is how a 401(k) plan becomes very useful for you. The amount that you want to save is automatically removed from your salary, therefore preventing you from spending it on things that you don’t need like that shoes that you saw in the mall last week or that bag that you have been eyeing for months now.

Let’s go back to the question. How much are you going to receive for your retirement if you invest in a 401(k) plan? While it is impossible to say a specific amount because the economy is always changing, experts were still able to estimate how much money you are likely to have in your plan once you retire in your 60’s.

According to them, assuming that you have a $1,000 balance in your plan and start your career at the age of 22, with a salary of $40,00 an annual increase of 3%, a contribution rate of 10%, and returns of 8% annually, your balance can amount to $3.1 by the age of 66. This money is already more than enough for you and your family when you retire.

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What Are The Benefits Of This Retirement Plan?

It is very motivating to know the potential amount of money that you can get through a 401(k) plan. And to make you even more motivated to save up, here are some benefits that come with this retirement plan.

• The amount of money that you contribute to your 401(k) is exempted from tax. This means that your taxable income is lowered. In addition to this, the dividend, as well as your capital gains that are earned through your 401(k), are also not subject to taxes until you withdraw it from your retirement plan.

• Some retirement accounts like the IRAs limit people from contributing once they turn 70 ½ which is unlike 401(k) plans that will allow you to contribute as long as you want while you are still working.

The 401(k) plan is undoubtedly a good way of making your savings earned. The amount of money that you can save up using this plan is also really good. However, the bottom line for every savings plan is that you are always in control of your money. You can either save a lot or end up having none at all. If you are not mindful of your expenses, you won’t succeed even if you have a 401(k) plan.

Benefits Compliance Consultants, Inc.

401k Form 5500 Filing Services

PH: (515)-244-2424

by BC2

How To Create A Successful Employee Benefits Strategy

What kind of benefits do you offer to employees? A good employee benefits strategy is crucial to the success of a business venture since an attractive benefits package will attract new talents and help you increase your retention rate. Besides, employees will be more motivated and more positive if they have access to a good benefits package for themselves and their family.

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Creating An Ideal Benefits Package

Healthcare and retirement benefits are the two main elements of a good benefits package. These are the first things prospective employees will look at and good healthcare and retirement benefits can make the difference between someone accepting a job offer or rejecting it. However, you should think about offering other types of benefits. You can create an attractive package for your employees by offering perks such as paid vacations, health and wellness programs, life insurance, stock options or even childcare. Even small perks like a company gym or the possibility to occasionally work from home can make a difference.

Complying With Current Rules And Regulations

Many employers are currently facing a serious HR challenge due to the changing healthcare laws. High health insurance premiums do not facilitate things. Employers should have a policy in place to keep up with changing rules and regulations and to make the necessary changes. Employers also need to make sure that they are compliant with minimum wage regulations and with laws regarding overtime.

Establishing A Budget For Benefits

Employers need to dedicate a significant portion of their budget to offering attractive benefits. This strategy will benefit them on the long-term since valuable employees will be less likely to seek other opportunities. Offering good benefits is also an investment that will help an employer attract new talents. It is important to create a benefits package that is adapted to the current budget of an organization. Benefits will have to be adjusted if there are budget changes.

Giving More Control To Employees

Not everyone has the same needs. A young single employee will have different priorities than someone who has children. Employees will look for different things when comparing benefits packages and you should think about giving more control to employees, for instance by letting them choose between different healthcare plans or by giving them to possibility to make more significant contributions if they want to save up more for their retirement or want to sign up for additional perks like dental care. Transparency is important. Employees should know exactly how much they are contributing to the benefits package and what kind of benefits they have access to.

Listening To Employees

Employers should listen to what employees have to say regarding benefits and other perks. Having regular discussions on the topic and encouraging everyone to submit their suggestions is a good way to find out what kind of benefits employees would like to see. Businesses are limited by their budget and should make compliance a priority but the benefits packages they offer should also be shaped by the expectations of their employees. Encouraging employees to play an active role in the development of benefits package is the best way to create packages that will make job offers look more attractive for new talents.

It is possible to offer great benefits packages even with high healthcare premiums and changing regulations. Businesses need to have strict policies in place to monitor these changes and to make sure that their current package is compliant. Businesses should also listen to their employees to find out what matters to them and think about offering flexible benefits packages to increase employee retention and to attract new hires.

by BC2

What Our ERISA Compliance Business Will Do For Your Company

Bc2 specialize in ERISA compliance and Form 5500 preparation.

Many accounting and law firms claim to be able to support your company in its efforts to be compliant. And, then the surprise letter arrives in the mail citing non-compliance and assessing thousands of dollars in fines for every employee affected by such transgressions.

Our ERISA compliance business will save you from extremely costly business-breaking surprises. We not only build a relationship with your company, but we provide a sturdy knowledge base that demonstrates expertise in all things ERISA compliance.

We even have proven client experience to show that we put you in the position to truly be compliant. This is one time to be ahead of the eight ball. No one wants to raise eyebrows at the Federal level. It is just another hassle and would cost a lot in pulling paperwork out of storage, off of old drives, while detracting resources from your business’s bread and butter: daily operations.

It is best to have a process in place that ensures all paperwork to be in compliance is completed and stored for easy access by HR. Our ERISA compliance business will set up such a process with you to ensure that it works within the scope of how your business already functions.

Congratulations if you own a business that is successful enough to hire on employees. Now, get ready to invest in them, according to the Federal laws and regulations, and local state laws as well. The Federal government’s ERISA is the topic here.

What Is ERISA?
The Employee Retirement Income Security Act of 1974 is also known as ERISA. It is actually a Federal law that on what types of information needs to be collected and filed away for employees who are going to receive benefits. It sets the bar for the minimum voluntarily pension, for instance, as well as for health plans for use within the private sector. In essence, ERISA provides protection for the individual employees who are parked in such plans.

Why Is ERISA Important?
While it is important to follow Federal laws to avoid costly fines, there are more compelling reasons to follow ERISA. For one, it is out of respect for the very people who contribute to your company, committing their time and lives to your success, essentially.

What Our ERISA Compliance Business Will Do For You
ERISA puts the obligation for administrative management of employee benefit plan paperwork on the employer who is providing such benefits. It includes plans such as retirement, health insurance, welfare and other benefits management. In other words, yes, ERISA makes requirements on employers about the way the benefits are managed.

As a compliance service provider, we ensure your company’s HR understand the legal requirements. This allows the HR team to adhere to ERISA properly. In addition, we recommend having HR management oversight to ensure that ERISA requirements are met.

What Does ERISA Cover?
As it turns out ERISA encompasses many different programs or welfare plans. In this case welfare plans refer to any funds, plans, or programs that give employees’s access to disability, death, and accident benefits, along with surgical, medical, surgical, and hospital access.

What many people forget is that unemployment insurance benefits are actually provided through contributions made by employers and administered through accurate payroll assignments by the employer on behalf of its individual employees. ERISA is very much connected to unemployment through new hire forms and taxation of the employer.

Other surprising areas touch by ERISA even include scholarships, days off, training plans, legal services, daycare, severance, and of course retirement programs.

ERISA Components
Reporting by administrators to the DOL and IRS simply means describing in summary how the employer’s coverage works.

ERISA Forms And Disclosure
Filing forms is a big part of the deal with ERISA. It requires annual reporting to the IRS on Form 5500/5500-SF. DOL welfare plan forms are required if there are more than 100 participants with full benefits. Other forms required by the IRS for retirement plans are not required to be filed at the same time as welfare plan forms.

Companies are under a lot of pressure to focus on their bottom line and in growing revenue. Turn to professionals like us to ensure ERISA compliance.

 

by BC2

Compliance Issues: What to Consider When Updating Benefit Plans

Benefits Compliance: What a company should consider when it decides to update its benefit plans?

The government annually checks whether companies and firms remain compliant with the law when it comes to how they implement their insurance policies. Agencies such as the IRS require employees and firms to submit forms that prove compliance with government guidelines. This is done not only to keep standards, but also to ensure that employee benefits are given proper attention and care.

With changes in guidelines every year, it can easily be assumed that your firm should reshape its benefit plan in order to meet those guidelines. Therefore, whether you are going to be designing a new benefit plan for a new plan year, or if you are simply going to be updating an existing plan you have, you need to know the factors that your firm must consider in order to make your benefits compliance easy. The Affordable Care Act includes specific requirements that must be met before the government deems your plan compliant with the law. Here are some of the things you need to keep in mind.

  • Fair Labor Standards Act overtime rules. The changes in the entitlement to overtime compensation can affect the benefits that an employee can receive. Therefore, as part of your benefits compliance agenda, you must ensure that your firm is ready to keep the staffing costs neutral in consideration of the changes you will make regarding the benefits your employees receive.
  • HIPAA security and electronic transactions. Double check whether you need to make any upgrades on how you safeguard the personal health information of your employees by checking the latest requirements set under the Health Insurance Portability and Accountability Act guidelines. Ensure that the vendors you coordinate with are also following the guidelines imposed by HIPAA and other related government agencies.
  • Mental health. As part of the benefits compliance process, the Department of Labor will also be checking if you comply with the requirements for mental health benefits. Your firm needs to confirm that the plan you offer meets the guidance on substance use disorders and mental health benefit coverage. When you are selecting vendors, ensure that you consider their compliance with the Addiction Equity Act and the Mental Health Parity.
  • Nondiscrimination rules and health benefits. The size of the benefits you provide your workers are monitored by government agencies such as the Department of Health and Human Services. Federal agencies continue to issue regulations which will greatly affect how you design your benefit programs. With the ACA in place, you need to make sure that your plan includes all the required health benefits prescribed by the ACA, and that it has nondiscrimination rules in place as well.
  • Strategy and reporting. You also need to double check the design of your health plan and the requirements you impose that your employees will need to comply to. Your firm must check whether the medical coverage and options you provide meet the minimum necessity. You should also check whether the price of your health benefits match standards for affordability. Make the necessary adjustments for your firm to be compliant with the ACA.
  • Wellness programs. To ensure benefits compliance, if your wellness program includes biometric screening, health risk assessment, or collects information from the employee’s spouse, you need to make sure that your program meets the regulations set up by the Equal Employment Opportunity Commission. Your program also needs to be compliant with the Genetic Information Nondiscrimination act and the Americans with Disabilities Act. You should speak to vendors to ensure that your wellness program meets the expectations of the law.

Read more about what benefits are subject to ERISA.

The earlier you start planning your benefit plan, the better it would be. Effective planning is key in passing checks and audits made by government agencies. Compliance will, aside from keeping your firm’s reputation, attract more employees and will generally improve business. Companies that offer good benefit packages are sought after by applicants due to the high costs of insurance policies, medical treatments, and medicines.

Are you seeking a US national benefits compliance consultants group? We specializes in form 5500 prep, plan document preparation, DOL audit and many other compliance issues your company may be dealing with at the moment or in the future.

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by BC2

Healthcare Reform To Make America Great Again

Any reform effort should start with Congress. Since Obamacare became law, conservative Republicans have been using reforms that can be provided individually or as part of more thorough reform efforts. In the staying sections of this policy paper, several reforms will be used that need to be thought about by Congress so that on the first day of the Trump Administration, we can start the process of bring back faith in government and economic liberty to individuals.

It is not adequate to merely reverse this dreadful legislation. We will deal with Congress to make sure we have a series of reforms all set for implementation that follow totally free market concepts which will bring back economic flexibility and certainty to everybody in this nation. By following free enterprise concepts and working together to develop sound public policy that will widen healthcare access, make healthcare more budget-friendly and enhance the quality of the care available to all Americans.

However none of these positive reforms can be achieved without Obamacare repeal. On the first day of the Trump Administration, we will ask Congress to immediately provide a full repeal of Obamacare.

healthcare reform and compliance benefitsGiven that March of 2010, the American individuals have actually had to suffer under the unbelievable economic concern of the Affordable Care Act— Obamacare. As it appears Obamacare is particular to collapse of its own weight, the damage done by the Democrats and President Obama, and abetted by the Supreme Court, will be difficult to repair unless the next President and a Republican congress lead the effort to bring much-needed totally free market reforms to the health care market.

Congress must act. Our chosen representatives in the House and Senate should:

We require to reform our psychological health programs and organizations in this country. Families, without the ability to obtain the info had to help those who are ailing, are frequently not provided the tools to assist their enjoyed ones. There are guaranteeing reforms being established in Congress that needs to receive bi-partisan support.

To reduce the number of people needing access to programs like Medicaid and Children’s Health Insurance Program we will have to set up programs that grow the economy and bring capital and tasks back to America. The best social program has constantly been a task– and looking after our economy will go a long way to decreasing our reliance on public health programs.

To reform healthcare in America, we need a President who has the leadership abilities, will and courage to engage the American people and encourage Congress to do what is best for the nation. These straightforward reforms, together with many others I have actually proposed throughout my project, will make sure that together we will Make America Great Again.

Entirely repeal Obamacare. Our elected agents must remove the specific mandate. No person must be needed to purchase insurance coverage unless she or he wishes to.
Modify existing law that hinders the sale of medical insurance across state lines. As long as the strategy bought adhere to state requirements, any supplier should be able to offer insurance in any state. By enabling full competitors in this market, insurance expenses will decrease and consumer complete satisfaction will increase.
Businesses are allowed to take these deductions so why wouldn’t Congress permit individuals the same exemptions? We should examine fundamental choices for Medicaid and work with states to make sure that those who desire healthcare coverage can have it.

Enable people to use Health Savings Accounts (HSAs). Contributions into HSAs must be tax-free and ought to be enabled to collect. These accounts would end up being part of the estate of the individual and might be handed down to beneficiaries without fear of any capital punishment. These plans should be especially attractive to young individuals who are healthy and can manage high-deductible insurance strategies. These funds can be used by any member of a household without penalty. The versatility and security offered by HSAs will be of great benefit to all who participate.

Require rate transparency from all doctor, especially medical professionals and healthcare companies like centers and healthcare facilities. People should be able to shop to find the finest rates for procedures, tests or any other medical-related procedure.

Almost every state currently offers advantages beyond what is required in the present Medicaid structure. The state federal governments know their individuals best and can handle the administration of Medicaid far much better without federal overhead.

Remove barriers to entry into complimentary markets for drug service providers that offer safe, reputable and cheaper items. Congress will require the courage to step away from the special interests and do exactly what is right for America.

The reforms detailed above will reduce healthcare expenses for all Americans. They are just a place to begin. There are other reforms that may be considered if they serve to reduce expenses, remove uncertainty and offer financial security for all Americans. And we must also do something about it in other policy locations to lower health care expenses and concerns. Implementing immigration laws, getting rid of scams and waste and stimulating our economy will ease the economic pressures felt by every American. It is the moral obligation of a country’s government to do exactly what is best for the individuals and exactly what is in the interest of protecting the future of the nation.

Offering health care to prohibited immigrants costs us some $11 billion every year. We could eliminate healthcare expense pressures on state and regional governments if we were to merely impose the present immigration laws and limit the unchecked giving of visas to this nation.

Benefits Compliance Consultants is a leader in healthcare compliance for your large or small business.

With our exclusive ERISAlliance Network, Benefits Compliance Consultants, Inc. has established relationships with leading ERISA and employee benefits experts so that you can have complete confidence that all of your ERISA compliance needs will be taken care of accurately and cost effectively while giving you unsurpassed personal service and attention as your benefits consultant.

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by BC2

Proposed Regs Would Require Electronic Filing Of Form For Annual Health Insurer Fee

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Preamble to Prop Reg12/08/2016, Prop Reg § 57.3, Prop Reg § 57.10

IRS has issued proposed regs that would require covered entities engaged in the business of providing health insurance for U.S. health risks and reporting more than $25 million in net premiums written to electronically file Form 8963, “Report of Health Insurance Provider Information” for purposes of the annual health insurer fee.

Effective for calendar years beginning after Dec. 31, 2013, an annual fee is imposed on a covered entity– with some exceptions, any entity engaged in the business of providing health insurance with respect to U.S. health risks. The fee is a fixed amount allocated among all covered entities in proportion to their relative market share as determined by each entity’s net premiums written for the data year, which is the year immediately preceding the year in which the fee is paid. 1406 of the Health Care and Education Reconciliation Act of 2010 (HCERA, P.L. 111-152)– collectively, the Affordable Care Act).

The 2016 Consolidated Appropriations Act (P.L. 114-113, 12/18/2015) provided a one-year suspension of the annual fee on health insurance providers for 2017; the effective date of the annual fee was amended so that it applies to calendar years: (1) beginning after Dec. 31, 2013 and ending before Jan. 1, 2017; and (2) beginning after Dec. 31, 2017.

9010( b)( 3) requires IRS to calculate the amount of each covered entity’s fee on a calendar year basis. 9010( g)( 1) requires that each covered entity must report to IRS the covered entity’s net premiums written for health insurance for any U.S. health risk for the preceding calendar year by the prescribed date. The reporting requirement applies regardless of whether a covered entity will be liable for a fee.

The information is reported to IRS on Form 8963, which must be filed by April 15 of the year following the calendar year for which data is being reported. Neither the statute nor the regs currently specify whether Form 8963 must be submitted electronically or on paper. Covered entities currently have the option of filing the form in either manner.

9010( g)( 2) imposes a penalty on a covered entity for any failure to report the required information by the date prescribed by IRS (determined with regard to any extension of time for filing), unless such failure is due to reasonable cause. 9010( g)( 3) imposes an accuracy-related penalty for understating the covered entity’s net premiums written for health insurance for any U.S. health risk for any calendar year.

Reg. § 57.5 requires IRS to send each covered entity notice of a preliminary fee calculation for that fee year (the calendar year in which the fee must be paid, beginning with 2014). Notice 2013-76, 2013-51 IRB 769, provides that IRS will mail each covered entity its notice of preliminary fee calculation by June 15 of each fee year.

§ 57.6 requires that a covered entity correct any errors identified after receiving the preliminary fee calculation by filing a corrected Form 8963. The covered entity remains liable for any failure to report penalty if it failed to timely submit the original Form 8963. § 57.7( b), IRS must send each covered entity its final fee calculation no later than August 31.

The covered entity must pay the fee by September 30 of the fee year, as provided by Sec. The fee must be paid by electronic funds transfer. § 57.7( d), Reg.

Proposed regs. Prop Reg § 57.3( a)( 2) would provide that a covered entity (including a controlled group) reporting more than $25 million in net premiums written on a Form 8963 or corrected Form 8963 must electronically file these forms after Dec. 31, 2017.

This is because a covered entity (including a controlled group) reporting no more than $25 million in net premiums written isn’t liable for a fee and so the time constraints applicable to computation of the fee aren’t applicable with respect to these entities. (Reg.

The proposed regs would also provide that if a Form 8963 or corrected Form 8963 was required to be filed electronically, any subsequently filed Form 8963 filed for the same fee year would also have to be filed electronically, even if the subsequently filed Form 8963 reports $25 million or less in net premiums written.

In addition, the proposed regs provide that failure to electronically file will be treated as a failure to file for purposes of Reg. § 57.3( b). (Prop Reg § 57.3( a)( 2)( ii)).

IRS has determined that electronic reporting is appropriate because there is a short window of time for (1) IRS to compile and analyze the reported information and send out preliminary letters, (2) covered entities to respond with any corrections, (3) IRS to compile and analyze the amended reporting and issue final fee letters, and (4) covered entities to pay the fee.

Proposed effective/applicability date. The proposed regs are proposed to apply to any covered entity reporting more than $25 million in net premiums written on any Form 8963 filed after Dec. 31, 2017. (Prop Reg § 57.10( c)).

References: For the annual fee on health insurance providers, see FTC 2d/FIN ¶ 5641 et seq.