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The Maine Small Business Health Insurance Premium Relief …
WebThis past spring, Governor Mills announced a proposal to lower the cost of health insurance for small businesses as part of the Maine Jobs and Recovery Plan.. Supported by $39 million in federal funding from the Federal American Rescue Plan Act, the program provides small businesses with short-term financial relief to help recover from …
Actived: 1 days ago
Health Insurance Relief Available for Small Businesses in Maine
WebLast fall, Maine implemented a new program to provide relief to lower the cost of health insurance for small businesses and their employees. The Maine Small Business Health Insurance Premium Relief Program took effect November 2021 and will be available through April 2023, depending on the availability of funding. While businesses continue to be …
Health Insurance Relief Extended for Maine Small Businesses
WebThe Maine Small Business Health Insurance Premium Relief Program took effect in November 2021. The program was created to lower the cost of health insurance for small businesses and their employees. It was recently announced that the program will be extended through July 31, 2023. Here are some important details you need to know …
Federal Requirements for Fully Insured and Self-Funded Plans
WebA plan sponsor’s requirements under federal law will vary depending on factors such as group health plan design, size, grandfathered status, and whether the plan is fully insured or self-funded. The lists below highlight the main federal requirements that apply when a plan is fully insured and when a plan is self-funded.
What You Need To Know About Medicare Secondary Payer …
WebA1. Medicare-eligible individuals age 65 or over whose employer group health plan is based on the current employment of the individual or spouse, by an employer that employs 20 or more employees, are protected by the Medicare Secondary Payer rules unless the active employee elects Medicare. Health insurance plans for retirees, or spouses of
Guide to Understanding Wellness Programs and their Legal …
WebIf dependents (such as spouses or dependent children) may participate in the wellness program, the reward must not exceed 30 percent (or 50 percent) of the cost of the coverage in which an employee and any dependents are enrolled. 3. The program must be reasonably designed to promote health and prevent disease.
Support and Resources for Our Community – Acadia Benefits
WebOn behalf of our entire Acadia Benefits team, we extend our heartfelt sympathies to those affected by the recent tragedy in Lewiston. It has been a difficult week and we have shared in the collective grief, shock, and …
Benchmarking Your Benefits – Acadia Benefits
WebOver 10,000 employers nationwide. Acadia Benefits is the only firm in Maine that can access this database, which our team regularly uses to provide benchmark assessments for our customers that helps compare their employee benefits program against competitors. The 2023 UBA Employee Benefits Benchmarking Trends Report is now available and includes:
What Employers Need to Know about Health Coverage in …
WebPRESENTERS. Lorie Maring is a partner in the Atlanta office of Fisher Phillips and a member of the Employee Benefits Practice Group. She has extensive experience in all areas of employee benefits, including health and welfare programs, qualified and non-qualified retirement plans
Our Services – Acadia Benefits
WebAcadia Benefits’ services include: Managing the plan renewal process. Comprehensive compliance review and support. Employee claims support. Employee communications tools including: Virtual employee benefit fair technology. Live group virtual presentations. Pre-recorded open enrollment presentations. Onsite support for employee/open enrollment
State Guide to Small Employer Definition
WebThe PACE Act generally defines a small employer as an employer who employed an average of 1 to 50 employees on business days during the preceding calendar year. However, states have the option of extending the definition of small employer to include employers with up to 100 employees. Following is a summary of the small employer …
Update on Tri-Agency Final Rules on Health Reimbursement …
WebOn June 20, 2019, the Department of the Treasury (Treasury), Department of Labor (DOL), and Department of Health and Human Services (HHS) (collectively, the Departments) published their final rules regarding health reimbursement arrangements (HRAs) and other account-based group health plans. The DOL also issued a news release, frequently …
Health Reimbursement Arrangements Comparison Chart
WebThe chart that follows is designed to help employers understand the differences between a “traditional” HRA, limited purpose HRA, retiree only HRA, Qualified Small Employer HRA, and the two new types of HRAs: the individual coverage HRA and the excepted benefit HRA. It has been updated to include the applicable 2021 limitations that have
Controlled Groups and Affiliated Service Groups: How They …
WebTo discourage employers from breaking into small entities to avoid the penalty, the ACA provides that, for purposes of the employee threshold, the controlled group and affiliated service group aggregation rules will apply to health plans. Essentially, this means that the employees of a business with common owners or that perform services for
Frequently Asked Questions about Grandfathered Health Plans
WebAs employers determine their plan designs for the coming year, those with grandfathered status need to decide if maintaining grandfathered status is their best option. The following are some frequently asked questions and answers about grandfathering a group health plan. Q1: May plans maintain grandfathered status after 2016? A1: Yes, they may.
Section 105(h) Nondiscrimination Testing
WebUnder Internal Revenue Code Section 105(h), a self-insured medical reimbursement plan must pass two nondiscrimination tests. Failure to pass either test means that the favorable tax treatment for highly compensated individuals who participate in the plan will be lost. The Section 105(h) rules only affect whether reimbursement (including
Large Group Insured Plans and the ACA
WebProvisions Effective 2015. Requirement. Applies to Large Group Insured Plans. Effective Date. Penalties apply if don’t offer coverage to employees who average 30 or more hours/week. Yes. Plan year beginning on or after 1/1/2015+. Penalties apply if don’t offer affordable, minimum value (60%) coverage to employees who average 30 or more
Guide to Section 105(h) Nondiscrimination Testing
WebUnder Internal Revenue Code Section 105(h), a self-insured medical reimbursement plan must pass two nondiscrimination tests. Failure to pass either test means that the favorable tax treatment for highly compensated individuals who participate in the plan will be lost. The Section 105(h) rules only affect whether reimbursement (including
Employer Considerations When Offering Health Coverage …
WebAn employer must furnish fringe benefits under the SCA or DBRAs to employees who decline an employer’s offer of employer health coverage. Under the SCA and DBRAs, the employer may choose how it satisfies its fringe benefit obligations pursuant to the applicable wage determination. The employer may choose the fringe benefits to provide and is
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