Posts by Island Group Plans
What’s New August 2021
PCORI Fees Due Aug. 2, 2021 The Affordable Care Act (ACA) requires health insurance issuers and self-insured plan sponsors to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). Issuers and plan sponsors are generally required to pay the PCORI…
Read MoreThe Impact of Biden’s Competition Executive Order on the Health Care Industry
The American economy is finally recovering after more than a year of stagnation due to the COVID-19 pandemic. President Joe Biden’s administration wants to continue this momentum and further stimulate the economy. To help in that effort, President Biden recently signed an executive order aimed at increasing competition among businesses. According to the White House,…
Read MoreWhat’s New July 2021
Supreme Court Rejects Challenge to Individual Mandate On June 17, 2021, the U.S. Supreme Court rejected a lawsuit challenging the constitutionality of the Affordable Care Act’s (ACA) individual mandate in a 7-2 ruling. This lawsuit was filed in 2018 by 18 states as a result of the 2017 tax reform law that eliminated the individual…
Read MoreBenefits Insights – HRAs
Health Reimbursement Arrangements Health reimbursement arrangements (HRAs) are plans designed to help employers and employees lower health care costs. Allowed under sections 105 and 106 of the Internal Revenue Code, HRAs enable employers to reimburse employees for out-of-pocket medical expenses not covered by insurance. HRAs are often combined with high-deductible health plan coverage. What are…
Read MoreBenefits Insights – Voluntary Benefits
Voluntary Benefits As health care costs continue to rise, so has the demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the…
Read MoreBenefits & Me – July 2021
Sharing Health Information With Family and Friends The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that sets rules for health care providers and health plans about who can look at and receive your health information, including those closest to you (e.g., your family members and friends). The HIPAA Privacy…
Read MoreSupreme Court Rejects Challenge To The ACA’s Individual Mandate
On June 17, 2021, the U.S. Supreme Court rejected a lawsuit challenging the constitutionality of the Affordable Care Act’s (ACA) individual mandate in a 7-2 ruling. This lawsuit was filed in 2018 by 18 states as a result of the 2017 tax reform law that eliminates the individual mandate penalty. In 2012, the U.S. Supreme…
Read MoreNew York Workers May Use Sick Leave For Vaccine Recovery
The New York State Department of Labor (NYDOL) has issued guidance clarifying that leave under the state’s paid sick leave law may be used by workers to recover from side effects of the COVID-19 vaccination. New York Leave Law The state’s paid sick leave law requires employers with five or more employees or a net…
Read MoreWhat’s New March 2021
Temporary COVID-19 Relief for Section 125 Plans On Feb. 18, 2021, the IRS released Notice 2021-15 to clarify special rules for Section 125 plans, health flexible spending arrangements (FSAs) and dependent care assistance programs (DCAPs). Special Rules for Health FSAs and DCAPs The Notice is intended to clarify the application of special rules for health…
Read MoreWhat’s New April 2021
American Rescue Plan Act’s Employment-related Provisions President Joe Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. The law generally provides financial relief for individuals, state and local governments, schools, businesses and for other purposes. In addition, the law contains the following measures of special interest to employers…
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