With Marketplace Open Enrollment here, it is important to consider the health care plan options available to small business owners and their employees. Consider the following three options:
Shopping for health insurance through the federal marketplace for the 2015 calendar year begins on November 15, 2014 and ends on February 15, 2015. Whether you are buying for yourself, your family or your employees, here are a few things you should know.
Open Enrollment for Individuals
Find more marketplace tips and troubleshooting on Healthcare.gov.
It's flu season - have you gotten your flu shot yet? This vaccine and several others are free to health plan enrollees under new Affordable Care Act regulations for preventive services.
The Affordable Care Act designated certain preventive services, including vaccinations, for adults and children available at no cost to the employee. Any deductible or copay designated on the medical plan must be waived when a covered preventive service is performed and billed as preventive care.
Some preventive services are subject to age and frequency limitations, so it is important to check with your health carrier in advance to determine eligibility.
Free preventive services available to adults include:
FICA – Federal Insurance Contributions Act
Includes: Social Security and Medicare taxes. These federal taxes are meant to provide benefits for retirees, disabled, or surviving children of workers who have died.
Half of the tax is paid by employees, and the other half is paid by the employers.
Seasonal employees who will work fewer than 120 days in a calendar year - are not included in the calculation of Full Time Equivalent (FTE) employees. The number of FTEs determines whether an employer is considered a "large" (50+ FTEs) or "small" (<50 FTEs) employer.
Cafeteria plans allow employees to receive certain benefits on a pre-tax basis, in accordance with IRS Section 125. Qualified benefits for cafeteria plans include:
The IRS issued new regulations for cafeteria plans on September 18, 2014.
If an employee quits and is then rehired or is on a leave of absence for an extended period of time, how does that affect an employer's "Play-or-Pay" status*?
If the rehired employee did not work for at least 13 consecutive weeks** before returning to work, then the employer should treat him as a new employee. If the employee's break was less than four weeks, the employer should not consider him a new employee.
What is the Cadillac Tax?
The "Cadillac Tax" is a 40% excise tax on the value of high-cost employer-sponsored health plans, beginning in 2018.
Plans that spend more than $10,200 per employee or $27,500 per family will be subject to the tax.* Plans for retirees, employees in high-risk jobs or in areas with higher health costs will have a higher cost threshold. The tax only affects the amount of the plan that is over the threshold.
According to the Department of State (DOS), the purpose of a security clearance is “to determine that a person is able and willing to safeguard classified national security information, based on his or her loyalty, character, trustworthiness, and reliability.”
A security clearance gives a person access to a database of privileged information within their clearance level. There are three clearance levels, top secret being the highest, followed by Secret, and then Confidential.
Do you own several companies under the same parent company? If so, you may be considered an Applicable Large Employer (ALE) and could be subject to the Employer Mandate or "Play or Pay" rules.
The IRS defines three types of controlled groups - parent-subsidy, brother-sister, and combined group - as a single employer.
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