PRACTICAL PPACA: Steps for the Second Quarter of 2014, ie NOW!
April 29, 2014
It sounds like an oxymoron, whatever your political leaning. A lot of complexity and a lot of compliance. Superior Benefit Plans is here to help:
Next Steps to take now:
Do you qualify for a delay? Employer shared Responsibility Final Regulations delayed tax penalities for some employers: do you qualify?
Do you employ 50 FTE? Dust off those measurement tools!
Are you ready to report? Do you have systems go to report? Even if you qualify for delay until 2016 (reporting in 2017), Form 6056 has a Certification of Eligibility for Transition Relief and is effective for reporting year 2015 (ie in 2016) and employers must still comply with the reporting requirements.
Are your documents in compliance? Remember that pesky Notice of Marketplace? Are you giving this to new hires? Is your Cobra Election Notice current?
Examine your stance toward Cobra and Mini-Cobra especially where severance extension of cobra is concerned. An individual who elects Cobra disqualifies themselves from the Marketplace and/or individual coverage until next year’s Marketplace Open Enrollment. One possible exception for the Marketplace only? If the former employee qualifies for a subsidy based on income.
Minimum Loss Ratio Rebates: Getting one this year? Dust off rules about ERISA compliant distribution! June is here.
Strategic Considerations: Is your company 100+ but have you taken an insurance company deal that keeps you in the 51-99 product line? Examine this strategy before 2016. Is your company between 51 and 100 employees and you are going to experience small group rules governing 2-100? You need to consider alternatives!
Sound like you need a plan? Superior Benefit Plans is the broker who gets hands on for our clients compliance. Call us today.
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