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HSA Withdrawals after Age 65
Posted on: February 5, 2015Categories: HR & ComplianceBefore age 65, the money in an HSA can only be used tax-free for qualified medical expenses. If you withdraw your HSA funds for anything else, the money will not only be taxed, but you will also pay a 20 percent penalty fee. After age 65, the rules regarding use of your HSA funds change in the following ways: Health insurance premiums - You can use your HSA funds tax- and penalty-free to pay premiums for employer-sponsored health coverage or for Medicare. Nonmedical retirement expenses – A ...
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What is Your Real Age?
Posted on: February 4, 2015Categories: LiveWell 24/7Realage® Test is a questionnaire that asks roughly 130 questions about your family history and lifestyle to determine your true biological age compared to your chronological age. The test adjusts your actual age according to your answers to the questions and it is simple, yet thorough, and easy to complete. When you have completed the test, it will tell you your biological age and present a personalized growth pla ...
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Effects of Medicare on HSA Eligibility
Posted on: February 3, 2015Categories: HR & ComplianceAt age 65, you become eligible for Medicare and may be automatically enrolled. Enrolling in Medicare ends your HSA eligibility in one of two ways: If Medicare is your only health insurance, you are no longer eligible to contribute to an HSA because Medicare is not an HDHP. If you have Medicare as secondary coverage in addition to an employer-sponsored HDHP, you will also lose HSA eligibility because you have “other coverage.” When you turn 65 and begin Medicare coverage, you lose HSA eli ...
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IRS Releases Figures for Determining Individual Mandate Penalty Cap in 2015
Posted on: February 2, 2015Categories: HR & ComplianceThe Affordable Care Act (ACA) requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty. This rule, which took effect in 2014, is often referred to as the individual mandate. The penalty amount that an individual must pay is capped at the annual national average bronze plan premium. On Jan. 16, 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-15 (Rev. Proc. 2015-15), which provides the 2015 monthly n ...
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Art & Draughts: Art, Drink & Be Happy
Posted on: January 30, 2015Categories: News & EventsWhat: Arts & Draughts: Art, Drink & Be Happy Where: Columbia Museum of Art 1515 Main St. Columbia, SC 29201 When: Friday, February 6th, 2015 7:00 pm to 11:00 pm Cost: $8/ $5 members Join or renew your membership to get in for Free Arts & Draughts is only a week away! This fun event will take place at the Columbia Museum of Art next Friday night. There will be beer tastings of Broad River Red Ale from the River Rat Brewery and food from Th ...
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Individual Insurance: Reporting Coverage and Paying Penalties (Part 2)
Posted on: January 29, 2015Categories: HR & ComplianceWho is exempt from the individual mandate? You may be exempt from the individual mandate penalty if you: Cannot afford coverage Have income below the federal income tax filing threshold Are not a citizen, are not considered a national or are not lawfully present in the United States Experience a gap in coverage for less than a continuous three-month period Qualify as a religious conscientious objector Are a member of a health care sharing ministry Are a member of certain American Indian ...
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10-minute Workouts
Posted on: January 28, 2015Categories: LiveWell 24/7If you lack motivation for a 5-mile run or an hour workout session in the gym, new research reveals good news for you. Recent studies show that short but intense bouts of exercise can deliver fitness benefits. What does this mean for you and your fading New Year’s resolution to get into better shape? If you don’t have the time for lengthy workouts, you can reap benefits from short spurts of exercise—the catch is that that s ...
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Individual Insurance: Reporting Coverage and Paying Penalties (Part 1)
Posted on: January 27, 2015Categories: HR & ComplianceA key provision of the Affordable Care Act (ACA) is the individual mandate, which requires most individuals to purchase health insurance coverage for themselves and their family members or pay a penalty. Starting in 2015, individuals will have to report on their federal tax return whether they had health insurance coverage for 2014 or were exempt from the individual mandate. Any penalties that an individual owes for not having health insurance coverage will generally be assessed and collected i ...
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How to Deduct Health-Insurance Premiums
Posted on: January 26, 2015Categories: HR & ComplianceHealthcare costs are increasing so its a good idea to be on the lookout for chances to claim tax breaks for medical expenses. Click this link to read more about insurance premiums you can potentially deduct on your 2014 return. http://www.marketwatch.com/story/how-to-deduct-health-insurance-premiums-2015-01-20?page=1 ...
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Long Run 15K-5K
Posted on: January 23, 2015Categories: News & EventsStart running to get in shape for the Long Run 15K and 5K race! There will also be a Kid's Fun Run! The races will take place on Saturday, February 7th in downtown Columbia. The race will be followed by a family friendly fun party at the First Citizens Courtyard on the corner of Main & Lady street. For more race day information and to sign up, visit http://www.mgclongrun.com ...
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Moving From a Standard Plan to an HDHP
Posted on: January 22, 2015Categories: HR & ComplianceThere is no such thing as a one-size-fits-all health plan. Everyone has different health insurance needs depending on their health care requirements along with those of their dependents. While some prefer standard deductible health insurance (often called a PPO health insurance plan), people are increasingly switching to a High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) as a better way to maximize their health care dollars. Standard Plans vs. HDHPs Standard plans and HDHPs ...
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Take Care of Your Eyes
Posted on: January 21, 2015Categories: LiveWell 24/7February is Low Vision Awareness Month, highlighting the importance of taking care of your eyes and catching problems before you lose vision. Aside from annual eye exams, you can protect your eyes on a daily basis with a few healthy choices. Eat right. Eating a healthy diet is as important for your eyes as it is for the rest of your body. A few foods that are especially good for eye health include vegetables such as spinach, kale and col ...
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January 2015 Health Care Reform
Posted on: January 21, 2015Categories: HR & ComplianceWith January 2015 upon us, the employer mandate is now in effect for employer groups with more than 100 lives. Another excise tax that can be imposed on any employer (regardless of the employer size) is the 4980D excise tax. This excise tax can be imposed upon any employer that offers a group health plan that fails to comply with a list of ACA mandated coverage requirements. Not only does this excise tax effect all employer groups, the tax itself is onerous. 4980D of the Internal Revenue Code le ...
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Patient Protections
Posted on: January 20, 2015Categories: HR & ComplianceAmong other reforms, the Affordable Care Act (ACA) imposes three requirements on group health plans and group or individual health insurance coverage that are referred to as “patient protections.” These patient protections relate to the choice of a health care professional and requirements relating to benefits for emergency services, and became effective for plan years beginning on or after Sept. 23, 2010. The ACA’s patient protections do not apply to grandfathered plans. Also, the rules ...
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January HR Brief
Posted on: January 19, 2015Categories: HR & ComplianceDID YOU KNOW? In December 2014, the U.S. Supreme Court ruled that companies that require workers to go through security screenings do not need to pay employees for the time they spend waiting in line. In a unanimous decision, the Supreme Court held that an employee’s time spent going through a security screening before leaving the workplace is not an integral and indispensable part of the employee’s principal activities. Therefore, this time is not compensable under the Fair Labor Standards ...
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SC State House Tours
Posted on: January 16, 2015Categories: News & EventsThe state house will be giving FREE tours every Saturday from 9:00 until 4:30! This is a great way to get out of the house, save money and learn at the same time! The tours are guided and free to the public without needing reservations. Tours will start at 9:30 and will occur every half hour with the last tour starting at 3:30pm. The gift shop will be open until 4:30 and there will be a break at 12:30 where no tour is scheduled, b ...
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FAQS on Affordable Care Act Implementation (Part IV)
Posted on: January 15, 2015Categories: HR & ComplianceExemption for Group Health Plans with Less than Two Current Employees Q1: Do the HIPAA statutory exemptions in effect since 1997 for group health plans with “less than two participants who are current employees” apply to the Affordable Care Act’s group market reforms? Yes. The preamble to the interim final regulations on grandfathered plans1 noted that statutory provisions in effect since 1997 exempting group health plans with “less than two participants who are current employees” f ...
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What is Your Neighborhood’s Walkability Score?
Posted on: January 14, 2015Categories: LiveWell 24/7What is walkability? It is the measure of how friendly an area is to walking which creates a more livable built environment. For example, someone who lives in an apartment in New York City probably has a walkability score than someone who lives in a rural setting away from a city. This is because the New Yorker has access to more amenities in walking distance than the rural person. Amenities include things like grocery stores, parks, restaurants, ...
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FAQS on Affordable Care Act Implementation (Part III)
Posted on: January 13, 2015Categories: HR & ComplianceGrandfathered Health Plans Q1: Our company sponsors a group health plan for our employees that has been in effect since March 23, 2010. We and the issuer of the policy under the plan are considering whether we could make various changes to the plan without losing grandfathered status. If we avoid making any of the six specific changes described in paragraph (g)(1) of the interim final regulations relating to grandfathered health plans, are there other changes to our existing plan/policy that w ...
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Proposed Regulations Issued on Summary of Benefits and Coverage
Posted on: January 12, 2015Categories: HR & ComplianceOn Dec. 22, 2014, the U.S. Departments of Health and Human Services, Labor and the Treasury (Departments) released proposed regulations regarding the summary of benefits and coverage (SBC) and uniform glossary. The proposed regulations would amend the final SBC regulations from Feb. 14, 2012 (2012 regulations), and would revise the SBC template, instructions guides and uniform glossary. According to the Departments, the proposed changes are designed to improve consumers’ access to important h ...
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