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Health FSA Limit Will Increase for 2015
Posted on: November 10, 2014Categories: HR & ComplianceThe Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA) offered under a cafeteria plan. This limit first became effective for plan years beginning on or after Jan. 1, 2013. The ACA set the health FSA contribution limit at $2,500. For years after 2013, the dollar limit is indexed for cost-of-living adjustments. 2014: For taxable years beginning in 2014, the dollar limit on employee salary reduction contribu ...
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Five Points 28th Annual Chili Cook-Off
Posted on: November 7, 2014Categories: News & EventsGrab your family and your spoons and head to the Five Points 28th Annual Chili Cook-off tomorrow November 8th in Columbia, SC! The event will be held from 12:00-7:00pm in Five Points at Greene and Pavillion Streets and it’s FREE! Teams will battle to see who has the best chili and there will be different restaurants attending as well such as Pawley’s Front Porch, King Arthur cookies, and Cold Stone Creamery. Chili will be read ...
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Online Enrollment in Federal SHOP Exchanges Available in 2015
Posted on: November 6, 2014Categories: HR & ComplianceBeginning in 2014, the Affordable Care Act (ACA) established the Small Business Health Options Program (SHOP) Exchange—an online competitive marketplace that small employers can use to provide health insurance options for their employees. On Oct. 8, 2014, the Department of Health and Human Services (HHS) announced that online enrollment will be available in the SHOP Exchanges operated by HHS (federally-facilitated SHOPs, or FF-SHOPs) beginning Nov. 15, 2014. As a result, for the 2015 plan yea ...
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Tips for Healthy Joints
Posted on: November 5, 2014Categories: LiveWell 24/7A joint is the connection between two bones. They are found all throughout your body and allow movements such as bending at the knee and elbow, bending your back, moving your hips and more. It is important to take care of your joints by guarding them from injury. Keep your joints t healthy by following these simple tips: Maintain a Healthy Weight- Keeping your weight in a healthy range is best for your joints. Gaining excess weight will ...
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2015 Indexed Figures for Qualified Retirement Plans
Posted on: November 4, 2014Categories: HR & ComplianceQualified Retirement Plans must take various dollar limits into consideration. Some of these are indexed and can therefore change on occasion. The IRS has announced benefit plan limits for 2015. Below are the figures for 2015 along with the previous 2014 limits for comparison. LIMITS 2015 2014 401(k) Plan Elective Deferral Limit (Calendar Year) $18,000 $17,500 401(k) Plan Catch-up Contribution Limits $6,000 $5,500 Maximum Annual Contribution Limits (Money Purchase, Profit Shari ...
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Halloween on the River
Posted on: October 31, 2014Categories: News & EventsHappy Halloween! If you are looking forward to doing something before the trick-or-treating begins tonight then stop by Halloween on the River! Stone River is hosting this event at their location at 121 Alexander Street, West Columbia, SC 29169. Admission is free and you can drop in anytime between 5:30 to 7:30. There will be candy, games, face tattoo painting and a bouncy house! Also Stone River is located along the beautiful Columbia Riverwalk ...
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Halloween Safety
Posted on: October 31, 2014Categories: News & EventsHalloween is a scary time, but the fear should be all in fun. Help prevent a trick-or-treat tragedy by sticking to some basic safety guidelines when handing out treats to the neighborhood children: Stick to handing out individually wrapped candy and treats. Many parents are wary of home-baked or unwrapped items. Make sure treats that contain common allergens, such as peanuts, are clearly marked. Turn on your outdoor light both as a si ...
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Cadillac Tax (Part 2)
Posted on: October 30, 2014Categories: HR & ComplianceThe spread of plan level results is quite wide and varies by plan. For the lowest quarter of plans, 25th percentile, the projected 2018 Cadillac tax is 1.2% of plan costs. For plans at the top 10 percent, 90th percentile, it jumps to 12.3%. It will be hard for health system plans to adjust benefit design to avoid that big of a tax hit. There is a range of projected plan costs for two coverage tiers. At the plan level, of those expected to incur the tax, 95% expect it for the employee only cover ...
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Halloween Safety
Posted on: October 29, 2014Categories: News & EventsHalloween is a scary time, but the fear should be all in fun. Help prevent a trick-or-treat tragedy by sticking to some basic safety guidelines when handing out treats to the neighborhood children. Stick to handing out individually wrapped candy and treats. Many parents are wary of home-baked or unwrapped items. Make sure treats that contain common allergens, such as peanuts, are clearly marked. Turn on your outdoor light both as a signal that you ar ...
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Cadillac Tax (Part 1)
Posted on: October 28, 2014Categories: HR & ComplianceHigh-cost health plan taxes, often referred to as Cadillac plan taxes, are expected to impact plans provided by healthcare organizations for their own employees as much as 39% by 2020. Beginning in 2018, the Patient Protection and Affordable Care Act (ACA) requires employer to pay 40% on the value of high cost health plans. This tax on Cadillac plans is calculated as 40% of the portion of the plan that exceeds standards set by the ACA, therefore the implications are significant. Also to be c ...
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Update on HRA Plans
Posted on: October 27, 2014Categories: HR & ComplianceWith many recent changes in health insurance plan design and compliance requirements under the ACA, HRAs continue to be a valuable plan design tool for employers. We have seen a growth in HRAs in 2014 for groups of all sizes, including options designed to reimburse deductible expenses, coinsurance expenses, retiree expenses, and out-of-pocket medical, dental, or vision expenses. A priority this year has been to examine all new and existing plans to ensure that HRAs meet the qualifications fo ...
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Governor’s Cup Road Race- Nov. 8th
Posted on: October 24, 2014Categories: News & EventsIf you are looking to participate in an upcoming race sign up for the Lexington Medical Center Governor's Cup Road Race! It is one of the oldest road races in the southeast and this year the race will take place on November 8th. You and your family can have the choice to participate in the half-marathon, 8K, 3-mile walk or kid's cup races. If you register before November 1st, the cost is $70 for the Half Marathon, $35 for the 8K, $25 for the ...
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Flexible Spending Accounts (Part 2)
Posted on: October 23, 2014Categories: HR & ComplianceHow Do Health FSAs Work? At the beginning of the year, you elect the total amount you want to have withdrawn from your paychecks to put into your FSA, and your employer will deposit the money into the account in equal allotments throughout the year. The IRS has outlined rules guiding eligibility, contributions and reimbursements. FSA Eligibility FSAs are employer-sponsored benefit plans, and the employer can choose what other type of group health plan coverage to offer with the FSA. FSAs ca ...
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What You Should Know About Ebola
Posted on: October 22, 2014Categories: LiveWell 24/7Ebola virus disease, also called Ebola hemorrhagic fever, is a severe, often fatal illness in humans. According to the World Health Organization (WHO), Ebola first appeared in 1976 in two simultaneous outbreaks; one occurred in a village near the Ebola River in the Democratic Republic of Congo, and the other was in a remote area of Sudan. Long confined to sub-Saharan Africa, the most serious outbreak of Ebola to date emerged in West Africa in 2014. Symptoms and Transmission Though highly infe ...
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Flexible Spending Accounts (Part 1)
Posted on: October 21, 2014Categories: HR & ComplianceWhat Are Health FSAs? An FSA is an employer-sponsored savings account for health care expenses. You are not taxed on the money put into the FSA, and you can then use the account to pay for qualified out-of-pocket health care costs, such as your deductible and copays, but not your premium. However, you cannot stockpile money in the account from year to year, and you will lose leftover money in the account at the end of the plan year unless your employer offers an option that allows for either a ...
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Health Plan Identifier (HPID) Requirement & Impact on HRA/FSA Plans
Posted on: October 20, 2014Categories: HR & ComplianceNew rules require health plans to obtain a unique Health Plan Identifier (HPID), which eventually must be used by plans, providers, insurers, and others in all standard transactions. The HPID requirement is an effort to standardize health care transactions in order to reduce the cost and increase the quality of heath care. The requirements for full compliance differ depending on the size and structure of the plan. Although the deadline for large health plans to obtain the HPID is fast appr ...
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Boo at the Zoo
Posted on: October 17, 2014Categories: HR & ComplianceRiverbanks Zoo and Garden kicks off their annual Boo at the Zoo tonight! This family friendly festival is a favorite for many people in the Columbia, South Carolina area. Children 12 and under are invited to wear their Halloween costumes for a spook-tacular time! Activities will include Frankenstein's Foam Zone, a DJ dance party, trick-or-treat trail with candy, nightly costume parade and moonlight magic with Ray. You can also go on a spooky ...
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Health Savings Accounts (Part 2)
Posted on: October 16, 2014Categories: HR & ComplianceHow Do HSAs Work? To have an HSA and make contributions to the account, you must meet several basic qualifications. Here’s what you need to know to start saving with an HSA. HSA Eligibility – In order to qualify for an HSA, you must be an adult who meets the following qualifications: Have coverage under an HSA-qualified, high deductible health plan (HDHP) Have no other health insurance plan (this exclusion does not apply to certain other types of insurance, such as dental, vision, dis ...
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Health Savings Accounts (Part 1)
Posted on: October 14, 2014Categories: HR & ComplianceWhat Are HSAs? Health savings accounts (HSAs) are a great way to save money and efficiently pay for medical expenses. HSAs are tax-advantaged savings accounts that accompany high deductible health plans (HDHPs). HSAs were created in 2003 to provide individuals who have HDHPs with a tax-preferred method of saving money for medical expenses. There are certain advantages to putting money into these accounts, including investment earnings and favorable tax treatment. The rationale behind the HSA/H ...
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Additional Permitted Section 125 Election Changes for Health Coverage
Posted on: October 13, 2014Categories: HR & ComplianceOn September 18th, the IRS released Notice 2014-55, helpful guidance that will provide relief for employees that have coverage through an employer's group health plan but want to terminate coverage and enroll through the Health Insurance Marketplace (federal or state options). Notice 2014-55 expands the list of approved qualifying events to include enrollment in the Marketplace during an open enrollment period or Special Election Period. This development will primarily assist employees in no ...
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