New HRA Guidlines For Small Businesses

The Senate recently passed the 21st Century Cures Act ("Act"). The House had passed it the week before.  The President is expected to sign it in the next few days. 

This Act contains provisions for "Qualified Small Business Health Reimbursement Arrangements" ("HRA"). This new HRA would allow eligible small employers to offer a health reimbursement arrangement funded solely by the employer that would reimburse employees for qualified medical expenses including health insurance premiums.  

Upcoming Webinar Reviewing New Overtime Rules for "White Collar" Employees

Please join Larry Grudzien legal consultant to Better Business Planning for a free webinar on Novemebr 17th. at 1:00 pm (Central Time).

This webinar will focus on reviewing the coming changes, and how to address potential issues before the rule becomes effective.

PCORI Fee to Increase

In Notice 2016-64, IRS increased the patient-centered outcomes research Institute (PCORI) fee for a health plan or policy years ending on or after October 1, 2016

OSHA Regulatory Update

While significant focus has been paid to the new amendments and the obligations of covered employers to come into compliance with the electronic reporting requirements, there have been several developments at OSHA that are much less talked about and that apply to all employers. Specifically, OSHA has articulated new expectations and requirements with regard to employer policies that relate to reporting workplace injuries and illnesses.

2017 BCBS Pharmacy Changes

As many of you know, Blue Cross Blue Shield, as well as other insurance carriers, are in the process of cutting down on costs to try and deal with the effects of the affordable care act.  One way BCBS is doing this is by changing their pharmacy coverage starting January 1st.

Compliance 101: Section 125 POP Plan

Today we will be looking at what a Section 125 Premium Only Plan, commonly referred to as a POP Plan, is and why as a business owner you need it. 

A POP Plan is a pre-tax salary reduction plan that allows employees to pay for group insurance premiums out of their paycheck tax free.  If your business offers a group plan that employees contribute to, you are required by law to have the POP Plan document.  You must distribute this document and a Summary Plan 

 Description to your employees. You must also keep a record that employees have agreed to let you reduce their payroll to pay their portion of the premium.

With the Department of Labor starting to crack down on group plans, stating they will audit every plan within the next five years, it is critical to have this document and distribute it if you offer a group plan.  Over the last year, when the DOL has gone in to audit group plans almost one third of plan sponsors have had to play over $10,000 in fines.  The DOL has said this is in large part to groups not having a POP Plan on file or not distributing it to employees. 

If you have any questions on how to make sure your group plan is compliant with DOL regulations or any questions concerning the POP Plan contact us at 630-773-2228 and you can speak with one of our legal experts. Stay tuned for more information about compliance rules and regulation concerning your group plans as we will be sending out more articles in the coming weeks.

How the Blocking of the Aetna and Humana Merger Affects Your Group Insurance Plan

The federal government announced a few days ago that it decided to act against Aetna trying to acquire rival insurance carrier Humana.  This news comes only weeks after the government also blocked a merger between Anthem and Cigna.  Aetna is now threatening to decrease its presence in the Affordable Care Act (ACA) exchange to no more than 10 states.