The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of the employer shared responsibility rules. Employer Shared Responsibility Rules Under the ACA’s employer shared responsibility rules, applicable large employers are required to offer affordable, minimum value health coverage to their full-time employees (and dependent children) or pay a penalty. These employer shared responsibility requirements are also known as the “employer mandate” or “pay or play” rules. An applicable large employers ...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of the employer shared responsibility rules. Employer Shared Responsibility Rules Under the ACA’s employer shared responsibility rules, applicable large employers are required to offer affordable, minimum value health coverage to their full-time employees (and dependent children) or pay a penalty. These employer shared responsibility requirements are also known as the “employer mandate” or “pay or play” rules. An applicable large employers ...

PLANADVISER has named HANYS Benefit Services as one of its 2019 Top 100 Retirement Plan Advisers . PLANADVISER’s Top 100 Retirement Plan Advisers is an annual list of the retirement plan advisers and adviser teams at the top of their respective peer groups in terms of assets under advisement or number of retirement plan clients—including sponsors of defined contribution, defined benefit and nonqualified plans. “HBS is honored to be again recognized by PLANADVISER,” said James J. Kelley, president, HBS. “We are also grateful to our clients for continuously placing their trust in us. We strive to build real relationships with our clients, creating a shared fiduciary responsibility with the companies we advise.” HBS is categorized by PLANADVISER as a large team, having met this year’s eligibility standards of $3.5 billion or more retirement plan assets under advisement or 200 or more plans. HBS was previously named to PLANADVISER’s list in 2017 and 2016. HBS has been providing retirement...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of requirements for Summary of Benefits and Coverage and Health Insurance Portability and Accountability Act certification documents. Summary of Benefits and Coverage Health plans and health insurance issuers must provide an SBC to applicants and enrollees to help them understand their coverage and make coverage decisions. Plans and issuers must provide the SBC to participants and beneficiaries who enroll or re-enroll during an open enrollm...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of requirements for Summary of Benefits and Coverage and Health Insurance Portability and Accountability Act certification documents. Summary of Benefits and Coverage Health plans and health insurance issuers must provide an SBC to applicants and enrollees to help them understand their coverage and make coverage decisions. Plans and issuers must provide the SBC to participants and beneficiaries who enroll or re-enroll during an open enrollm...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of cost-sharing limits applicable to non-grandfathered plans. Cost-sharing Limits Effective for plan years beginning on or after Jan. 1, 2014, non-grandfathered health plans are subject to limits on cost sharing for essential health benefits. The ACA’s overall annual limit on cost sharing (also known as an out-of-pocket maximum) applies for all non-grandfathered group health plans, whether insured or self-insured. Under the ACA, a health pl...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of cost-sharing limits applicable to non-grandfathered plans. Cost-sharing Limits Effective for plan years beginning on or after Jan. 1, 2014, non-grandfathered health plans are subject to limits on cost sharing for essential health benefits. The ACA’s overall annual limit on cost sharing (also known as an out-of-pocket maximum) applies for all non-grandfathered group health plans, whether insured or self-insured. Under the ACA, a health pl...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of plan design changes for grandfathered plans and an update on FSA contributions. Plan design changes — grandfathered plan status A grandfathered plan is one that was already in existence when the ACA was enacted on March 23, 2010. A plan may maintain its grandfathered status as long as no prohibited changes are made. Once a plan relinquishes grandfathered status it cannot be regained and the plan must comply with additional ACA requiremen...

The Affordable Care Act has made significant changes to group health plans since it was enacted in 2010. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and employer shared responsibility penalties. Changes to some ACA requirements, such as increased dollar limits, take effect in 2019 for employers sponsoring group health plans. To prepare for 2019, employers should review upcoming requirements and develop a compliance strategy. This article provides an overview of plan design changes for grandfathered plans and an update on FSA contributions. Plan design changes — grandfathered plan status A grandfathered plan is one that was already in existence when the ACA was enacted on March 23, 2010. A plan may maintain its grandfathered status as long as no prohibited changes are made. Once a plan relinquishes grandfathered status it cannot be regained and the plan must comply with additional ACA requiremen...

The year 2018 ended as it began, with significant market volatility. Some market analysts believe the combination of algorithmic trading and the elimination of the uptick rule may be contributing factors. Ironically, some volatility is a necessary evil for investors who view a stake in equities as essential to reaching their longterm goals. Read the  Q4 Market Recap  to learn more about the individual periods of market volatility throughout 2018 and the root cause behind them. If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (800) 388-1963 or e-mail us at hbs@hanys.org.