Each year, once the dust of open enrollment settles, employers always ask, “What could we have done better?” The usual answer: employee communication. HR is in a unique position to talk about open enrollment because of their relation to employees and their extensive benefits knowledge. With this in mind, consider having HR distribute open enrollment … Continue reading Spread the Word: Open Enrollment is Around the Corner
The Department of Labor’s Office of Compliance Initiatives launched a website to “provide workers with a centralized base of information regarding worker protections.” The site, worker.gov, is easy to understand and features prominent links to help you quickly find the answers you need. Consider promoting this site to employees as an additional resource for labor … Continue reading Did You Know?
If you think your employees are prepared for retirement, think again. Less than 40 percent of American workers feel like their savings are on track for retirement. In fact, 25 percent have no retirement savings at all, according to the Report on the Economic Well-Being of U.S. Households. An Education Problem Experts point to low … Continue reading Don’t Shortchange Your Employees’ Financial Literacy
Both the IRS and Department of Labor (DOL) have issued new compliance guidance for association health plans (AHPs). On June 21, 2018, the DOL published a final rule that expands the ability of employers to join together to form AHPs. According to the DOL, these changes will expand access to affordable, high-quality health insurance coverage … Continue reading IRS and DOL Issue Guidance on Association Health Plans
The Tax Cuts and Jobs Act, which was signed into law last December, reduces the ACA’s individual shared responsibility (or individual mandate) penalty to zero, effective beginning in 2019. As a result, beginning in 2019, individuals will no longer be penalized for failing to obtain acceptable health insurance coverage. Despite the repeal of the individual … Continue reading Did You Know?
Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2018—the … Continue reading Medicare Part D Notices Are Due Before Oct. 15