Category: Employee Benefits

Anthem Withdrawing from Virginia Individual Market in 2018

By: Patrick Beale, CPA, CIC Vice President – Employee Benefits pgbeale@invincia.net Anthem announced on Friday, August 10th that they are withdrawing from the individual health insurance market for most geographical areas in Virginia in 2018. Anthem stated they plan to only offer individual health insurance in Washington and Scott counties… Read More»

IRS Confirms ACA Mandate Penalties Still Effective

By: Patrick Beale, CPA, CIC Vice President – Employee Benefits pgbeale@invincia.net The Internal Revenue Service (IRS) Office of Chief Counsel has recently issued several information letters regarding the Affordable Care Act’s (ACA) individual and employer mandate penalties. These letters clarify that: Employer shared responsibility penalties continue to apply for applicable… Read More»

Insurance Carrier Anxiety Grows Over Supreme Court Case King v. Burwell

By Patrick Beale, CPA, CIC If the “Shock and Awe” premium rate increases of 2014 weren’t bad enough, there could be even higher future premium increases if the Supreme Court decides to defund much of the existing federal subsidies provided under the Affordable Care Act. The American Academy of Actuaries… Read More»

Year-end Alert: W-2 Reporting of Health Care Coverage Cost

If you are an employer and have filed more than 250 W-2 Forms during 2014, then you are required to report the total cost of employer-sponsored health benefits on your employees’ Form W-2. This ACA requirement took place for large employers for the 2012 tax year, with small employers being… Read More»

Large vs. Small Group Classification: Why It Matters For Your 2014 Renewal

While the Employer Mandate (and related penalties) was effectively delayed until 2016 for Employers with 50-99 full-time employees, being classified as an employer with 50-99 employees vs. one with 1-49 employees could play a significant role in your company’s 2014 renewal. For those companies on the 50 employee “cusp”, the… Read More»