4 tips for workplace gift giving

The holidays should be a time of bliss and celebration. However, this often isn’t the case when the stress of deciding if coworkers will make it on your holiday shopping list sets in.

So, as you make that list, check it twice, and consider these key points before you find yourself in an uncomfortable workplace gift exchange.

The company gift-giving policy

Almost every large company has one, and it isn’t just excluded to company clients and outside business partners. It also applies to gifts given between employees. While many companies allow for gifts to be given below a certain dollar amount, make sure to look for this policy or contact Human Resources before purchasing any gifts or organizing a gift-exchange.

Reasons for giving

While all gifts should be exchanged in the spirit of the holidays, some people may have ulterior motives. If you have recently begun negotiations for a raise or promotion, you will want to steer clear of buying your manager anything that seems to be trying to influence their decision. Typically, the flow of gifts should always be downward, not upward within a company.

Office culture

This is especially important if you are new to the company. Did people start talking about the annual gift exchange before Thanksgiving? Or have you already received an invite to the holiday team lunch?

Among a survey of U.S. workers, 45 percent say they give their office peers a gift during the holiday season, and 56 percent spend more than $20 doing so.

It’s important to use your best judgment to determine the office norm and if you need to, ask a co-worker to confirm your suspicions.

Be inclusive

If your company does allow for gifts to be exchanged, make sure everyone on the team is included. A great way to do this is by offering an opt-in vs opt-out gift exchange. This way everyone is invited, but not everyone has to choose to participate. This is mindful of employees who may be experiencing a financial hardship that won’t allow for unnecessary purchases this holiday season.

With all things considered, remember that gift giving at work is a company specific characteristic and the best place to look to find answers to your questions may be internal. Who knows, the coworker sitting three cubicles down playing Christmas music in October and the coworker next to him whose personality closely resembles the Grinch, may actually be in agreement on a policy like this one.

 

You can read the original article here.

Source:
Taylor K. (20 November 2017). "4 tips for workplace gift giving" [Web blog post]. Retrieved from address http://workwell.unum.com/2017/11/4-tips-for-workplace-gift-giving/


Taking your time during enrollment pays off

Open enrollment season is fast approaching. Before you cringe at the thought of choosing benefits, give thought to the process. Open enrollment is like eating at a buffet restaurant; you get to pick and choose from various items until you’re satisfied.

Like picking unhealthy foods that leave you feeling unfulfilled, taking little time to analyze what you need during open enrollment season can expose you to unintended risk. If you’re contemplating what benefit options to select this year, here’s how taking your time pays off in the long run.

Know Your Benefit Options

Depending on your employer, you likely have many benefit options to select. Unum, for example, offers eight different options with additional variations in many of those options. Many know about health or dental coverage but may not know why they may need Accident, Critical Illness or Hospital Indemnity insurance. If you don’t know why you may need certain coverage, ask your Human Resources department for assistance.

Additionally, don’t let the options overwhelm you to the point of inaction or lack of thought. Instead, be thoughtful in your choices. “Take your time. There’s a lot of information to review and factors to consider as you make benefits decisions. If you rush through it, you may miss some important coverage, or end up over-insured,” says MC Guenther, Director, Employee and Corporate Communications.

Employers typically allow several weeks for Open Enrollment season, so make sure to take your time and become informed on your choices.

The Benefit of Picking the Right Benefits

Picking the best fit for your benefit needs doesn’t simply come down to cost. Yes, cost is important, but there are other advantages to selecting the right benefit, such as:

• Staying in good overall health. Health insurance obviously has an impact on this but so does dental insurance, and to a lesser extent vision insurance.

• You have the appropriate coverage in time of need. Disability insurance, for example, is something you never hope to use but is very beneficial when you need it.

• You save money. You may find by comparing two benefit options that one plan offers savings not found in the other, while also providing the same coverage.

Ultimately, taking your time and doing your due diligence will help you be better informed of the options and pick the best benefits package for you and your family.

Know How Your Benefits Work

As mentioned previously, knowing how a chosen benefit works is key to proper coverage. However, many don’t have a full understanding of how their plan works. In fact, the International Foundation of Employee Benefits reports that only 19 percent of organizations believe their employees have a high-level understanding of their benefits. If you don’t have a full understanding of how a benefit works, ask your Human Resources area – they are there to help you.

Let’s take a look at one example in how a lump sum benefit works. You can find lump sum benefits in things like Accident, Critical Illness or Hospital Indemnity coverage options.

The lump sum benefit provides the entire coverage in one payment. Guenther explains how this works, “If you are diagnosed with a covered illness and have a $20,000 critical illness policy, for instance, you’ll receive all $20,000 at once. This lets you decide when and how to spend the money with no strings attached.”

This differs from a fixed sum option found in some benefits that only offer payment to cover the actual expense. There are other differences in benefit options, of course, so it pays to understand the differences to pick the best benefits package for your family.

Overlooked Benefit Options

Most individuals know the importance of taking advantage of health, dental or life insurance benefits. Those only scratch the surface of available benefits. You also have other things to keep in mind like disability, vision or wellness programs – and it doesn’t end there.

“Some benefit vendors may offer some free value-added services to their benefits. These could include an employee assistance program, free financial planning and education tools, or emergency travel assistance,” says Guenther, adding that a wide array of options may be available for little to no cost.

Your needs will vary from others in your organization, but it pays to take advantage of all the benefits made available to you as you never know how they may help you in a time of need. As Guenther adds, “Think of your benefits as pieces of a puzzle. Together, they form a strong safety net against the financial impacts of illness or injury.” Make sure to patiently put your puzzle together to set yourself in the best situation possible.

Open Enrollment season can be overwhelming, but with a bit of work and using the resources made available to you, it’s possible to form a great benefits package for your family.

 

You can read the original article here.

Source:
Schmoll J. (6 November 2017). "Taking your time during enrollment pays off" [Web blog post]. Retrieved from address http://workwell.unum.com/2017/11/taking-your-time-during-enrollment-pays-off/?utm_sq=flhc3tx9gh&utm_source=Twitter&utm_medium=social&utm_campaign=workwelltweets&utm_content=Benefiting+you


Latest IRS ACA Round Up (Including 2018 Cost-of-Living Adjustments)

Recently, the Internal Revenue Service (IRS) issued the instructions for Forms 1094/1095 for the 2017 tax year, announced PCORI fees for 2017-18, and announced cost-of-living adjustments for 2018. The IRS provided additional guidance on leave-based donation programs' tax treatment and released an information letter on COBRA and Medicare. Here’s a recap of these actions for your reference.IRS Announces Cost-of-Living Adjustments for 2018

The IRS released Revenue Procedures 2017-58 and Notice 2017-64 to announce cost-of-living adjustments for 2018. For example, the dollar limit on voluntary employee salary reductions for contributions to health flexible spending accounts (FSAs) is $2,650, for taxable years beginning with 2018.

Request UBA’s 2018 desk reference card with an at-a glance summary of the various limits.

IRS Announces PCORI Fee for 2017-18

The IRS announced the Patient-Centered Outcomes Research Institute (PCORI) fee for 2017-18. The fee is $1.00 per covered life in the first year the fee is in effect. The fee is $2.00 per covered life in the second year. In the third through seventh years, the fee is $2.00, adjusted for medical inflation, per covered life.

For plan years that end on or after October 1, 2016, and before October 1, 2017, the indexed fee is $2.26. For plan years that end on or after October 1, 2017, and before October 1, 2018, the indexed fee is $2.39.

For more information, view UBA’s FAQ on the PCORI Fee.

IRS Provides Additional Guidance on Leave-Based Donation Programs' Tax Treatment

Last month, the IRS provided guidance for employers who adopt leave-based donation programs to provide charitable relief for victims of Hurricane and Tropical Storm Irma. This month, the IRS issued Notice 2017-62 which extends the guidance to employers' programs adopted for the relief of victims of Hurricane and Tropical Storm Maria.

These leave-based donation programs allow employees to forgo vacation, sick, or personal leave in exchange for cash payments that the employer will make to charitable organizations described under Internal Revenue Code Section 170(c).

The employer's cash payments will not constitute gross income or wages of the employees if paid before January 1, 2019, to the Section 170(c) charitable organizations for the relief of victims of Hurricane or Tropical Storm Maria. Employers do not need to include these payments in Box 1, 3, or 5 of an employee's Form W-2.

IRS Releases Information Letter on COBRA and Medicare

The IRS released Information Letter 2017-0022 that explains that a covered employee's spouse can receive COBRA continuation coverage for up to 36 months if the employee became entitled to Medicare benefits before employment termination. In this case, the spouse's maximum COBRA continuation period ends the later of: 36 months after the employee's Medicare entitlement, or 18 months (or 29 months if there is a disability extension) after the employment termination.

 

You can read the original article here.

Source:

Capilla D. (16 November 2017). "Latest IRS ACA Round Up (Including 2018 Cost-of-Living Adjustments)" [Web blog post]. Retrieved from address http://blog.ubabenefits.com/latest-irs-aca-round-up-including-2018-cost-of-living-adjustments


Data transparency, debt consolidation and ID protection lead open enrollment wish list

In the thick of open enrollment season, savvy employers and benefit advisers have eased the onslaught of information with complex benefit jargon by spreading out employee sign-up before the mad fall rush. Employee Benefit Adviser spoke with Jeffrey Faber, HUB International Midwest’s chief operating officer, to discuss how employers are urging employees to save with data transparency tools, use interactive services to learn about new benefits and to sign up for identity protection.

EBA: How is open enrollment going for you and your clients?

Faber: We’re in the middle of open enrollment season and we are trying to lock down the last-minute decisions our clients have. Predominantly our business is a renewal business.

Our large groups have made their decisions already but our smaller groups are just finding out what their renewals are from the major medical carriers. We have our hands full trying to make sense of it all. But open enrollment is the focus. This is absolutely our busiest time of year. From mid-August to Halloween, and even mid-November, it seems to be getting longer and longer every year with all the nuances our clients require.

EBA: How does this enrollment season differ from previous years? Is there confusion over the ACA’s status? Is there a greater emphasis on voluntary benefits?

Faber: On the repeal of Obamacare, a lot of those decisions have been made too late for our employers to really have to pivot and they are unaffected largely by the executive orders and the talk from Congress. Of course, there's the specter that Congress will act and make a decision in the next couple of weeks, but that impact would probably be a 2019 event instead of a 2018 event.

On the voluntary benefits side, our clients are asking for financial and holistic tools to meet the employees where they live in regard to student loans, tuition assistance and debt consolidation services. ID theft has been a big conversation point in the last three or four months and has been heightened by the Equifax breach, but it started three years ago with the Target breach. A lot of employers want to understand their role in their employee’s lives,

And for voluntary benefits, most of our customers are moving to the consumer-driven model with higher deductibles, so accident insurance, critical injury insurance, and hospitalization – those are all nice bolt-on benefits for the medical benefits they have. It almost allows the employee to self-insure their own health. And HSAs and HRAs are still popular. We see a large uptick year over year over year.

EBA: Any other trends for this year’s open enrollment?

Faber: A few years ago, we joked that overall enrollment was the HR Super Bowl. It happened once a year, it was a three hour event with a bunch of commercials and no one really talked about it a week or two later.

Our clients have asked, what can we do the other 11 months a year? We have seen an increase in requests for interactive PDFs, on-demand video, and interactive guides directing folks to microsites or apps on their phone. We introduce these in April, May or June and if the employee needs this, they don't have to go back into their memory bank and access it, they can get it online. It is that year round learning that engages the customer.

EBA: Is this because employees are bombarded with information during open enrollment?

Faber: Yes and no. There is a lot of information that is required and that is distributed this time of year and there are a lot of decision points that they have to make for themselves and the benefit of their families. We put in place decision helping tools like Jellyvision’s ALEX and some other proprietary tools, that can help employees better make decisions.

But I think it is more toward trying to be a circuit breaker in an employee's head when they are accessing healthcare. That makes them stop and check, “Is this in network, do I have to get pre-authorization? How do I check for a lower cost across the street from a benefit provider?”

These things come out of the workshops this time of year, but if you are not hitting employees where they live at the time of use, you are missing those opportunities for significant cost savings. And not on just on the employer side but the employee side especially with high-deductible plans.

EBA: Is data transparency a big push for this open enrollment season?

Faber: Yes, especially when you consider that standalone imaging facilities are three to eight times less expensive than an in-house hospital facility. Employees need to understand that they will pay 100% of that cost until they meet that deductible in that consumer-driven plan, so there is every effort being made to make sure the employee is checking those transparency tools.

At open enrolment time, we make every effort to employees in the room to ID the nearest urgent care and ER facility, to write those down on a note card and put it in the visor of their car. So, they know at the moment of crisis to know where those places are and make decisions ahead of time.

EBA: Accountants say that from January to April 15, they don't see their families. Is it the same for you during open enrollment?

Faber: (Laughs) I grew up in an accounting family and I can attest to that. It is all hands on deck but our goal is to help clients get their decisions out of the way in Q1 and Q2. We try to help them with decisions that don't require immediacy and don’t have to be made right away, like life and disability insurance, and voluntary and wellness benefits. You can make a lot of those decisions in April, May and June.

 

 

Source:
Albinus P. (30 October 2017). "Data transparency, debt consolidation and ID protection lead open enrollment wish list" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/data-transparency-debt-consolidation-and-id-protection-lead-open-enrollment-wish-list-says-hub-international-midwest-coo-jeffrey-faber?feed=00000152-1387-d1cc-a5fa-7fffaf8f0000

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5 ways to empower employees to make smart healthcare choices

As an employer, it's important to help your employees out when you can - especially when it comes to making smart healthcare choices. In this article from Employee Benefit Advisor, Anne Stowell lists five different ways to empower your employees.


As uncertainty in healthcare policy lingers, creating a benefits package with real value for both employers and employees can seem increasingly complex and difficult to achieve. Striving to provide the right care services — ones that are easy for employees to use, and designed to increase engagement in their care while being mindful of costs — is undoubtedly a tricky balancing act.

So how can employers engage to help employers offer benefits that have real and lasting value, while empowering employees to make smart care choices? Here are five tips:

1) Learn your clients’ hot buttons. Value is one of the most important factors employers consider when shopping for benefits. Rise Broadband, for example, the largest fixed wireless service provider in the U.S., has a large number of employees working in the field to service remote customers. Accessing healthcare when employees are on the road was a real challenge. Jennifer Iannapollo, the company’s director of HR, says their telehealth benefit provides employees with real value, and was the clear answer for this Colorado-based employer.

Bloomberg/file photo

2) Recognize empowerment comes with confidence. Employees won’t use what they aren’t sure of. Iannapollo also was careful to choose a telehealth platform that focused on quality. “Some people needed reassurance about who would be treating them and how they would know their medical history. We reassured them that their medical records and history are collected when they register and that the physicians are all board certified and average 20 years of experience. That provided them with peace of mind,” she says. Security practices and certifications can also add a level of comfort, and are something advisers should keep in mind in their recommendations for any product to employers.

3) Remind employees to take charge of their own healthcare destiny. A recent Teladoc survey of more than 300 employers found that a whopping 66% stated that lack of benefit awareness negatively affects employee engagement with health benefits. That’s where advisers have an opportunity to shine by emphasizing the need to communicate and educate employees not just during benefit season, but whenever/wherever their moment of need might be. “Surround sound” reminders are proven to help. One creative idea that Rise Broadband adopted was dashboard stickers that help field technicians’ keep available benefits top of mind.

4) Combat “vendor fatigue.” Employers are inundated by the staggering number of benefits options, not to mention trying to manage countless vendors that all have a piece of the benefits package puzzle. Advisers can help clear the confusion by working closely with their clients to help them source solutions that meet a broad array of needs for everything from sinus infections to behavioral health to getting second opinions.

5) Educate employers that employee engagement is a winning strategy. Advisers agree with us that technology that provides real-time information for decision-making and access to quality healthcare for employees provides real value. Reed Smith, SVP/employee benefits practice leader, CoBiz Insurance, in Denver, believes that like other disruptive innovation (think Apple and Amazon) that has transformed consumer interactions, engaged telehealth, when deployed effectively, can result in a happier, healthier and more involved employee, which means a healthier bottom line for the employer.

 

Source:
Stowell A. (8 November 2017). "5 ways to empower employees to make smart healthcare choices" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/5-ways-to-empower-employees-to-make-smart-healthcare-choices

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Understanding your Letter 226-J

Letter 226-J is the initial letter issued to Applicable Large Employers (ALEs) to notify them that they may be liable for an Employer Shared Responsibility Payment (ESRP). The determination of whether an ALE may be liable for an ESRP and the amount of the proposed ESRP in Letter 226-J are based on information from Forms 1094-C and 1095-C filed by the ALE and the individual income tax returns filed by the ALE’s employees.

What you need to do

  • Read your letter and attachments carefully. These documents explain the ESRP process and how the information received affects the computation.
  • The letter fully explains the steps to take if you agree or disagree with the proposed ESRP computation.
  • Complete the response form (Form 14764) indicating your agreement or disagreement with the letter.
  • If you disagree with the proposed ESRP liability, you must provide a full explanation of your disagreement and/or indicate changes needed on Form 14765 (PTC Listing). Return all documents as instructed in the letter by the response date.
  • If you agree with the proposed ESRP liability, follow the instructions to sign the response form and return with full payment in the envelope provided.

You may want to

  • Review the information reported on Forms 1094-C and 1095-C for the applicable year to confirm that the information filed with the IRS was accurate because the IRS uses that information to compute the ESRP.
  • Keep a copy of the letter and any documents you submit.
  • Contact us using the information provided in the letter if you have any questions or need additional time to respond.
  • Send us a Form 2848 (Power of Attorney and Declaration of Representative) to allow someone to contact us on your behalf. Note that the Form 2848 must state specifically the year and that it is for the Section 4980H Shared Responsibility Payment.

Answers to Common Questions

Why did I receive this letter?
The IRS used the information you provided on Forms 1094/5-C and determined that you are potentially liable for an ESRP.

Where did the IRS get the information used to compute the ESRP?
The IRS used form 1094/5-C filed by the ALE and the individual income tax returns of your full-time employees to identify if they were allowed a premium tax credit.

Is this letter a bill?
No, the letter is the initial proposal of the ESRP

What do I need to do?
Review the letter and attachments carefully and complete the response form by the date provided.

What do I do if the information is wrong or I disagree?
Follow the instructions in the letter to provide corrected information for consideration by the IRS. The IRS will reply with an acknowledgement letter informing you of their final determination.

Do I have appeal rights?
Yes, the acknowledgement letter that you receive will spell out all your rights, including your right to appeal.

General Information

For more info visit ACA information center for Applicable Large Employers

Here’s an excerpt from the 226J letter, and a link to the official sample.

 

Source:

IRS (9 November 2017). "Understanding your Letter 226-J" [Web blog post]. Retrieved from address https://www.irs.gov/individuals/understanding-your-letter-226-j


How to Inspire and Energize Your Workforce Every Day

In this article from the SHRM blog, Desda Moss brings up some fascinating points on how to energize your workforce, as well as provides some great examples of books and behavior. Dive in with us below.


What does it take to inspire others? In The Inspiration Code: How the Best Leaders Energize People Every Day (Amacom, 2017), Kristi Hedges, a leadership communications expert and author who coaches CEOs and senior executives, draws from in-depth research to highlight the tools and practices used by inspirational leaders. Her guide provides a targeted approach to igniting inspiration, relying on a framework informed by hundreds of interviews, survey data and communications studies.
With a methodology Hedges calls "The Inspiration Path," the book takes complex leadership concepts and translates them into actionable steps.
Here are five surprising findings about inspirational leaders, according to Hedges:
  • Listening is the highest rated inspirational behavior. We're not inspired as much when someone talks at us as we are when someone listens to us. Time spent crafting beautiful messages matters less than what happens when leaders are quiet. To be an inspiring leader, you have to listen fully, with an open mind.
  • Small moments have the biggest impact. Most people recall their most inspired moments as times they were engaged in personal conversations where another person spoke authentically and focused on them. People can hold the words from an inspiring 10-minute conversation for their entire lives. Conversations create an inspirational trigger. For example, a conversation about purpose hits upon why we are at this moment in our lives and in our careers. These conversations transcend what we're doing in the here and now to reveal patterns that take us further, enhance our enjoyment, tap into our passion and spark in us the will to be in service to a larger cause.
  • Identifying and vocalizing another person's potential is life-changing.People who inspire us notice and grow our potential—honestly, specifically and graciously. We are often unaware of the unique talents and value we bring. Having someone take the time to tell us is a powerful reminder and can open our minds to what's possible.
  • People who inspire us are real, just like us. Contrary to common cultural myths that inspirational leaders are either charismatic iconoclasts or flawless, unflappable ideals, those who inspire us are actually relatable and down-to-earth. Truly inspirational leaders don't script their words, put on false airs or try to be perfect. They get through to us because they're authentic.  To be more inspirational, you need to let any well-honed professional persona go. We connect with people on emotional terms. We want to see what they actually care about.
  • Technology is killing inspiration.  Distraction and distance are enemies of inspiration. One study found that just the appearance of a cellphone on the table during a conversation—even if silenced—reduces empathy. If you want to be inspiring, you need to get away from distractions, electronic or otherwise, and show up fully.
Hedges contends that inspirational communicators don't possess any rare qualities, only the will to sharpen their listening skills, spark purpose in others and build connections that lead to an engaged workforce.
You can read the original article here.
Source:
Moss D. (20 October 2017). "How to Inspire and Energize Your Workforce Every Day" [Web Blog Post]. Retrieved from address https://blog.shrm.org/blog/how-to-inspire-and-energize-your-workforce-every-day

4 ways for advisers to protect and build business during fourth quarter

As the end of the year approaches, it's important for your business to thrive. In this article from Employee Benefit Advisors, Ron Goldstein addresses the fundamental ways to protect and build your business during your fourth quarter. Check it out below.


The fourth quarter is one of the busiest and most chaotic times for brokers. It is also the “make-or-break” period for protecting and building their respective books of business for the coming year.

It is wise for agents to move quickly during this busy season to help clients get a head start on health plan renewals, annual budgeting and more. Here are four tips for brokers to keep in mind:

1) Identify network disruptions. The time is now to proactively talk with clients about any network disruptions or problems they may have with their coverage. For instance, it is well-established that people want to see their own doctors, specialists, pharmacies and hospitals. But when they unexpectedly cannot — or when access requires expensive out-of-network and out-of-pocket costs — substantial upset will occur. The result can be a significant business threat for brokers. It is best, then, to identify any network “pain points” before the busy season is in full swing. This provides brokers with the needed time to work with clients to resolve any issues while also helping to assure that they are avoided and averted in the future.

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2) Understand plan disrupters and alternatives. This may seem obvious, but it is a vital point worth driving home. Whether a plan is bronze, platinum or somewhere in between, there are often adjustments made from one year to the next. Agents need to be intimately familiar with any changes, whether significant or minor, that might disrupt a client’s existing coverage. This can include network modifications, premiums, copays and so forth. So, clearly understand any variations and be prepared to discuss alternative options based on a business owner’s needs and expectations.

3) Address client budgets. Remember to talk with employers about any budgetary changes to their business. Depending on the discussion, this can be the optimal time to kick-start a conversation about alternative defined-contribution options. For instance, perhaps there are opportunities to raise the fixed-dollar amount for employees and/or to explore value-added benefits such as dental, vision, life insurance and other ancillary offerings. On the flip side, you can consider basing your client’s contribution on a different plan option that may provide costs savings if they’re looking to try and reduce their healthcare expenditure. Either way, addressing budgets early on helps brokers ensure they are tailoring plans that best meet client needs.

4) Move off a Dec. 1 renewal period: Moving off of this date may help provide clients with a better open enrollment and underwriting experience. Many renewals get stacked up right before this deadline, putting more pressure on agent customer service. At the same time, it can be easy to get bogged down and rushed with multiple clients requiring quoting, enrollment, plan administration and more to meet looming deadlines. Beginning the renewal process earlier in the quarter provides brokers and their clients with plenty of time to work together to address and select the right plan offerings. Additionally, it may make sense to also explore a larger array of options and pricing advantageous to brokers and clients alike.

While the end of 2017 is ahead, the beginning to a successful 2018 is right now for brokers, agents and benefits professionals. Those who anticipate client needs early-on and take pre-emptive efforts now will be better positioned to lock-in and expand business for the coming year.

 

You can read the original article here.

Source:

Goldstein R. (20 October 2017). "4 ways for advisers to protect and build business during fourth quarter" [Web Blog Post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/4-ways-for-employee-benefit-brokers-to-protect-and-build-business-during-fourth-quarter


IRS Releases Draft Forms and Instructions for 2017 ACA Reporting

Here are the latest updates in ACA Reporting, including the released IRS draft forms and instructions.


Read the original article here.

Source:

Capilla D. (5 October 2017). "IRS Releases Draft Forms and Instructions for 2017 ACA Reporting" [Web Blog Post]. Retrieved from address http://blog.ubabenefits.com/irs-releases-draft-forms-and-instructions-for-2017-aca-reporting-1

 

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees.

Reporting is required by employers with 50 or more full-time (or full-time equivalent) employees, insurers, or sponsors of self-funded health plans, on health coverage that is offered in order for the Internal Revenue Service (IRS) to verify that:

  • Individuals have the required minimum essential coverage,
  • Individuals who request premium tax credits are entitled to them, and
  • ALEs are meeting their shared responsibility (play or pay) obligations.

2017 Draft Forms and Instructions

Draft instructions for both the 1094-B and 1095-B and the 1094-C and 1095-C were released, as were the draft forms for 1094-B1095-B1094-C, and 1095-C. There are no substantive changes in the forms or instructions between 2016 and 2017, beyond the further removal of now-expired forms of transition relief.

In past years the IRS provided relief to employers who make a good faith effort to comply with the information reporting requirements and determined that they will not be subject to penalties for failure to correctly or completely file. This did not apply to employers that fail to timely file or furnish a statement. For 2017, the IRS has unofficially indicated that the “good faith compliance efforts” relating to reporting requirements will not be extended. Employers should be ready to fully meet the reporting requirements in early 2018 with a high degree of accuracy. There is however relief for de minimis errors on Line 15 of the 1095-C.

The IRS also confirmed there is no code for the Form 1095-C, Line 16 to indicate an individual waived an offer of coverage. The IRS also kept the “plan start month” box as an optional item for 2017 reporting.

Employers must remember to provide all printed forms in landscape, not portrait.

When? Which Employers?

Reporting will be due early in 2018, based on coverage in 2017.

For calendar year 2017, Forms 1094-C, 1095-C, 1094-B, and 1095-B must be filed by February 28, 2018, or April 2, 2018, if filing electronically. Statements to employees must be furnished by January 31, 2018. In late 2016, a filing deadline was provided for forms due in early 2017, however it is unknown if that extension will be provided for forms due in early 2018. Until employers are told otherwise, they should plan on meeting the current deadlines.

All reporting will be for the 2017 calendar year, even for non-calendar year plans. The reporting requirements are in Sections 6055 and 6056 of the ACA.

 

For an at-a-glance chart of all reporting requirements, as well as information on penalties for failure to file, 6055 requirements and instructions for certain boxes/lines on 1095C, request UBA’s ACA Advisor, “IRS Releases Draft Forms and Instructions for 2017 ACA Reporting“.

 

Read the original article here.

Source:

Capilla D. (5 October 2017). "IRS Releases Draft Forms and Instructions for 2017 ACA Reporting" [Web Blog Post]. Retrieved from address http://blog.ubabenefits.com/irs-releases-draft-forms-and-instructions-for-2017-aca-reporting-1


HRL - Employees - Happy

Who’s using what in P&C insurance

With the emergence of 21st century technology, there are bountiful risks for the cyber lives of millions. In this article written by PROPERTYCASUALTY360, learn how different companies grow to combat the threat of employer risk.

You can read the original article here.


Guidewire Software, Inc. has entered into a definitive agreement to acquire Cyence, a software company that applies data science and risk analytics to enable P&C insurers to grow by underwriting “21st century risks” that have gone underinsured or uninsured. These emerging risks include cyber, reputation, and new forms of business interruption risk. “As traditional actuarial approaches struggle to address the unique characteristics of emerging risks like cyber, Cyence’s next-generation approach will enable insurers to broaden the scope and value of the products their policyholders need,” , Guidewire Software CEO and Co-Founder Marcus Ryu said in a press release.

In other news from Guidewire: MetLife Auto & Home has begun deploying Guidewire’s InsurancePlatform™ in a new cloud environment for customers using its MetLife Auto & Home MyDirect portal. MetLife Auto & Home is the first P&C insurer in the United States to offer a 100-percent digital experience from quoting to claim service. Rollout of the platform is expected to continue over the next several quarters.

Hearsay Systems recently announced a strategic alliance with Microsoft to help financial services firms empower advisors to be both high-tech and high-touch at scale in the digital age. The companies will focus on addressing the specific challenges faced by financial institutions, including the need for compliant advisor-client engagement technology that will enable advisors to better manage client relationships and grow business. The alliance will bring together the data-driven relationship insights from Microsoft Dynamics 365 with the financial industry-specific workflows, data and compliance capabilities from Hearsay, allowing advisors to more effectively acquire, convert and deepen client relationships.

Allianz Global Corporate & Specialty® (AGCS) has teamed up with Silicon Valley-based software company Zeguro, whose mission is to simplify and streamline cyber security and risk management  in small to medium-sized businesses (SMBs). Through its easy-to-use platform, Zeguro will serve as a virtual Chief Information Security Officer (CISO) to those who purchase Allianz’s cyber insurance coverage to further manage their cyber exposure and decrease the overall risk of financial loss following a cyberattack.

Accenture and Duck Creek Technologies recently teamed up to create several new digital and emerging technology solutions for P&C insurers that are designed to improve efficiency and value. The companies have integrated Accenture’s IoT and analytics technologies with Duck Creek’s core platform and launched a blockchain proof-of-concept for medical bill auditing. “These new tools are the product of our focus on providing a new generation of digital solutions to our insurance clients working in collaboration with our joint venture partners,” Cindy DeArmond, managing director and P&C Core Platforms Lead for Accenture in North America, said in a press release.

Louisiana-based Aparicio Walker & Seeling, Inc. (AWS Insurance) is live on TechCanary’s insurance platform replacing its outdated legacy agency management system.  TechCanary’s breadth and depth of insurance functionality built in Salesforce and flexibility to easily customize it further were key to the decision.

Speedpay, Inc., a Western Union company, and Nordis Technologies recently announced an alliance to offer cloud-based customer communications management services to Speedpay clients. This strategic agreement provides current and future Speedpay clients with the opportunity to add Expresso®, an easy-to-use, self-service application to organize, automate and execute print and electronic communications. Nordis also delivers print/mail and email production services, thus enabling a seamless end-to-end communications solution.

 

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Source:

PropertyCasualty360 (9 October 2017). "Who’s using what in P&C insurance" [Web Blog Post]. Retrieved from address http://www.propertycasualty360.com/2017/10/09/whos-using-what-in-pc-insurance-oct-9-2017?t=agency-technology?ref=channel-news