This month’s Benefits Buzz discusses a new IRS rule that changes the premium tax credit’s affordability rules for family members and new IRS guidance that increases the health FSA limit for 2023 plan years.
Greg Karlik Joins Our Benefits Team
Greg Karlik has joined the benefits division at Allen Insurance and Financial to work with individual and group health insurance clients.
Following a three decades-long career in the television broadcasting industry, Karlik has spent the past three years as a licensed insurance professional in the individual health insurance market place, helping customers manage and better understand, what, for many, is a stressful decision-making process.
He is a graduate of the University of Vermont and the University of San Francisco, where he earned a Master of Business Administration.
Karlik and his family live in Northport. Outside of work, he enjoys spending time with his wife, their children and two dogs as well as gardening and exploring the Maine outdoors.
ACA Pay or Play Rules: Penalties Updated
This month’s Benefits Buzz discusses updated penalties under the ACA’s pay or play rules, as well as the health reforms that are included in the Inflation Reduction Act.
On Aug. 16, 2022, the IRS updated its FAQs on the Affordable Care Act’s (ACA) employer shared responsibility (pay or play) rules to include updated penalty amounts for 2023. The adjusted $2,000 penalty amount is $2,880 and the adjusted $3,000 penalty amount is $4,320.
Understanding an HRA
A health reimbursement arrangement (HRA) is an employer-funded account that is designed to reimburse employees for qualified medical expenses that are paid for out-of-pocket. Additional information is on this “Knox Your Benefits” PDF.
Understanding Accident Insurance
Whether you suffer a concussion falling off a ladder or dislocate your shoulder moving the couch, injuries can lead to costly medical care, loss of work time and various other related expenses. If you don’t want to be caught financially unprepared to handle an accident, consider accident insurance.
Regular medical insurance won’t cover all the expenses that result from an injury. At the very least, you will likely owe a deductible and copays. Accident insurance acts as a safety net to help you pay out-of-pocket medical and nonmedical costs resulting from an accident or injury. Accident insurance might cover the following occurrences:
- Injuries, such as fractures, burns, concussions, cuts, eye injuries,
broken teeth and paralysis - Medical services and treatments, such as ambulance rides,
emergency care, nonemergency care, hospital stays, physician
follow-ups, therapy services, surgery and medical testing - Family lodging and travel needs related to an accident and follow-up
careCall the Allen Insurance and Financial benefits division today for more information.
COBRA Subsidy Provisions of the American Rescue Plan Act
The American Rescue Plan Act, signed into law on March 11, 2021, contains a 100% subsidy for COBRA premiums during the period April 1 – Sept. 30, 2021. This Compliance Bulletin provides information about the subsidy, including eligibility, coverage, notice requirements and funding. Read more now.
March 2021 Benefits Buzz: Temporary COVID-19 Relief for Section 125 Plans
This month’s Benefits Buzz discusses the temporary COVID-19 relief for Section 125 plans and the withdrawal of proposed regulations regarding wellness program incentives. Our benefits division is happy to share this valuable resource. Click here for the PDF.
Health Insurance Terms You Need to Know
Benefit plans are sometimes confusing and employees might be struggling to understand what an employer offers them. This Know Your Benefits flyer lists common terms used in the health insurance industry and explains each in detail. Click for a PDF to download and share with your employees today!
How a Biden Administration Might Impact HR and the Workplace
While we don’t have a Magic 8 ball, with a new Executive Administration, all signs point to changes to how you approach your human resources. Our seasoned prognosticators have some insight for you.
Each presidential transition brings changes to the HR landscape. And the more prepared an HR team is, the easier it will be for them to succeed amid these changes. To that end, this article discusses potential changes employers can expect during a Biden presidency.
To read more, click the image at right to view the article (PDF) in a new window.
The Catch-Up Payment Provision for Overtime Exempt Employees
The Department of Labor final overtime rule became effective Jan. 1, 2020. Among other things, the final rule also allows employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10% of the salary level if these payments are made at least on an annual basis. To enable compliance with the nondiscretionary bonus option, the final rule allows employers to make a “catch-up” payment at the end of each 52-week period. Read more now.