Category Archives: Blog

• SPD, SBC, and Employer CHIP Notice Penalties Hiked

  by Staff

  February 7th, 2019 / No Comments

  

  The U.S. Department of Labor (DOL) has increased the penalties employers face for failing to furnish a Summary Plan Description (SPD), Summary of Benefits and Coverage (SBC), and Employer Children’s Health Insurance Program (CHIP) Notice as follows:

  • SPD: Failure to furnish an SPD to the DOL upon request may now result in a penalty of up to $156 per day (not to exceed $1,566 per request).
  • SBC: Failure to provide group health plan participants and beneficiaries with an SBC may now result in a penalty of up to $1,156 per participant or beneficiary.
  • Employer CHIP Notice: Failure to provide an Employer CHIP Notice to employees in states that offer group health plan premium assistance through a state Children’s Health Insurance Program may now result in a penalty of up to $117 per day per employee.

  Visit the Benefits Notices by Company Size section of your online HR library for information on how to comply with these notice requirements.

  To access your HR library, please visit www.HR360.com/login.

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• A Great Honor!

  by Staff

  January 16th, 2019 / No Comments

  

   

  Team Nash Insurance has been recognized for their hard work and expertise in helping consumers enroll in and manage qualified health coverage through the Health Insurance Marketplace. 

  This nationwide recognition from the Centers for Medicare & Medicaid Services (CMS) as a member of the 2019 Marketplace Circle of Champions highlights our success in enrolling 20 or more consumers during this Open Enrollment Period. 

  “Consumers turn to agents and brokers for trusted advice and guidance in selecting plans, enrolling in coverage, and managing their health insurance policies throughout the year,” said Randy Pate, Director of Center for Consumer Information & Insurance Oversight (CCIIO) operation within CMS, which oversees the Marketplace. “We thank Team Nash Insurance for their hard work and exceptional service in helping Americans get coverage.”

  The Marketplace Circle of Champions program recognizes the hard work, expertise and service of Marketplace-registered agents and brokers. Agents and brokers who assist 20 or more consumers qualify for the Marketplace Circle of Champions. 

  Eligible consumers can enroll in Marketplace coverage during this year’s Open Enrollment Period, which runs November 1 – December 15, 2018. Consumers with questions about their coverage or who would like help enrolling, can contact us at https://www.nashinsurance.com/contact/

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• Creditable Coverage Disclosures Due to CMS by March 1 for Calendar-Year Plans

  by Staff

  January 8th, 2019 / No Comments

  Employers that offer prescription drug coverage to Medicare-eligible individuals via a calendar-year plan generally must complete an online disclosure to the Centers for Medicare and Medicaid Services (CMS) by March 1.

  This disclosure must report whether the coverage offered is “creditable,” meaning it is expected to pay, on average, as much as the standard Medicare prescription drug coverage. Employers that offer creditable coverage via a non-calendar-year plan must also comply with the disclosure requirement within 60 days of the beginning of the plan year.

  Click here to complete an online disclosure. For more information on the disclosure requirement, click here. 

  To access your HR library, please visit www.HR360.com/login.

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• ACA Remains in Effect After Court Rules Law Unconstitutional

  by Staff

  December 18th, 2018 / No Comments

  ACA Remains in Effect After Court Rules Law Unconstitutional

  A federal district court in Texas has ruled the entirety of the Affordable Care Act (ACA) unconstitutional. However, the decision is expected to be swiftly appealed. In the meantime, pending further legal developments, the ACA remains in effect.

  To access your HR Library, please visit www.HR360.com/login.

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• Team Nash Insurance Receives National Recognition

  by Staff

  November 19th, 2018 / No Comments

  

  [Salt Lake City, Utah] – Team Nash Insurance has been recognized for their hard work and expertise in helping consumers enroll in and manage qualified health coverage through the Health Insurance Marketplace.

  This nationwide recognition from the Centers for Medicare & Medicaid Services (CMS) as a member of the 2019 Marketplace Circle of Champions highlights Team Nash Insurance’s success in enrolling 20 or more consumers during this Open Enrollment Period.

  “Consumers turn to agents and brokers for trusted advice and guidance in selecting plans, enrolling in coverage, and managing their health insurance policies throughout the year,” said Randy Pate, Director of Center for Consumer Information & Insurance Oversight (CCIIO) operation within CMS, which oversees the Marketplace. “We thank [Agent/Broker Name]for their hard work and exceptional service in helping Americans get coverage.”

  The Marketplace Circle of Champions program recognizes the hard work, expertise and service of Marketplace-registered agents and brokers. Agents and brokers who assist 20 or more consumers qualify for the Marketplace Circle of Champions.

  Eligible consumers can enroll in Marketplace coverage during this year’s Open Enrollment Period, which runs November 1 – December 15, 2018. Consumers with questions about their coverage or who would like help enrolling, can contact Celia Nash  here: Link

   

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• Retirement Plan Contribution Limits Increased for 2019

  by Staff

  November 8th, 2018 / No Comments

  401(k) Contribution Limit Increased to $19,000

  The IRS has announced that the amounts employees can contribute to 401(k)s and IRAs will increase in 2019. In particular:

  • The employee contribution limit for 401(k) plans will be $19,000, up from $18,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,000.
  • The employee contribution limit for IRAs will be $6,000, up from $5,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $1,000.
  • The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will be $13,000, up from $12,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $3,000.

  Click here for more information.

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• Administration Proposes Allowing All Employers to Offer HRAs to Reimburse Individual Health Insurance Policy Premiums

  by Staff

  October 29th, 2018 / No Comments

  

  If Finalized, Proposal Would Become Effective for 2020 Plan Year

  A new proposed rule would permit all employers to offer health reimbursement arrangements (HRAs) to reimburse employees’ individual health insurance policy premiums if certain conditions are met. Currently, many employers are prohibited from offering such HRAs. If finalized, the proposal would be effective for plan years beginning on or after January 1, 2020.

  In general, the proposal would permit HRAs to reimburse premiums for individual health insurance policies only if:

  • All individuals covered by the HRA verified that they are, or will be, enrolled in individual health insurance coverage;
  • No class of employees is offered a choice between a traditional group health plan and the HRA;
  • The HRA is offered on the same terms to all employees within a class;
  • Participants can opt out of the HRA annually; and
  • Employers provide eligible participants with a written notice describing certain features of the HRA.

  Click here for more information on the proposal.

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• Earnings Subject to Social Security Tax to Increase in 2019

  by Staff

  October 22nd, 2018 / No Comments

  Taxable Earnings to Increase to $132,900

  The Social Security Administration has announced that, effective January 1, 2019, the maximum amount of earnings subject to the Social Security tax will increase to $132,900, up from $128,400 in 2018. As a reminder, both employers and employees pay a 6.2% Social Security tax on an employee’s earnings, up to the maximum amount of earnings subject to the tax each year.

  Click here for more information.

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• Updated Consumer Report Notice Required Sept. 21

  by Staff

  October 1st, 2018 / No Comments

  Notice Available for Download

  Beginning September 21, 2018, an updated Summary of Consumer Rights notice must be provided when required under the federal Fair Credit Reporting Act (FCRA). As a reminder, the FCRA requires employers to provide an applicant or employee with this notice before rejecting a job application, terminating an employee, or taking any other adverse employment action based on information in a consumer report.

  Click here to view more information and download the updated notice.

  To access your HR library, please visit www.HR360.com/login

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• Reminder: Medicare Part D Notices Due by October 15

  by Staff

  September 13th, 2018 / No Comments

  Notices Due to Medicare-Eligible Individuals

  Employers who sponsor group health plans that offer prescription drug coverage to Medicare-eligible individuals are reminded that they must provide a Medicare Part D Creditable or Non-Creditable Coverage Notice to those individuals by October 15. This notice serves to inform Medicare-eligible individuals whether the prescription drug coverage offered is “creditable,” meaning it is expected to pay, on average, as much as the standard Medicare prescription drug coverage.

  For more information on this notice requirement, including links to downloadable model notices, click here.

  To access your HR library, please visit www.HR360.com/login.

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