Lyonsinsurance.com

Health Savings Accounts (HSAs) – Common Questions

WEBAn HRA and health FSA funds are generally forfeited upon a loss of plan eligibility, whereas the HSA funds will remain with the employee (beyond employment) …

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URL: https://www.lyonsinsurance.com/blog/health-savings-accounts-hsas-common-questions/

IMPORTANT: Change to New Jersey Employer Requirements …

WEBNew Jersey regulators recently announced a change to their employer reporting policies that will affect businesses in all states and of any size that offer …

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ERISA Documentation, Disclosures, & Reporting

WEBNovember 22, 2019. Most employee benefit arrangements, group health plans and non-group health plans, are employee welfare benefit plans covered by ERISA and required …

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Compliance Alert: W-2 Health Insurance Reporting Review

WEBIt is close to that time of year again when large employers need to remember to include the cost of health care coverage in employee W-2s. The ACA …

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IRS Announces 2021 Health FSA & Qualified Transportation Limits

WEBThe limit on annual employee contributions toward health FSAs for 2021 is $2,750, with the ability to carryover up to $550. The limit on monthly contributions toward …

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W-2 Health Cost of Coverage Reporting

WEBExceptions Certain benefits are specifically excluded from the reporting requirement. Benefits not required to be included in the W-2 reporting are: Health …

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OSHA Reporting Rule Becomes Effective January 1, 2024.

WEBOn July 17, the United States Department of Labor published a final rule requiring some employers in designated high-hazard sectors to electronically transmit …

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Issue Brief: PCORI Fee Reminder – Updated Form 720

WEBThe IRS released a new Form 720 with updated dates and fees on Line 133 for reporting the PCORI fees. You can find the form, with a revision date of June 2022, …

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A Closer Look: Schedules A & C

WEBSchedules A & C are attached to Form 5500 and used to report insurance and service provider information, respectively. In this issue brief, we will briefly discuss …

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Local Business Insurance Broker Lyons Companies

WEBAbout Us. Lyons Companies is one of the region’s largest independent and privately held risk management and insurance brokerage firms. We invest in the expertise and …

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2023 Health FSA & Qualified Transportation Limits

WEBThe 2023 annual contribution limit of $3,050 for health FSAs applies to employee contributions. The same limit applies for general-purpose and limited-purpose …

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Overview of Medicare Secondary Payer Requirements

WEBGeneral Requirements. The MSP rules prohibit a group health plan from “taking into account” the Medicare entitlement of a current employee or of a current …

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National Emergency and Outbreak Period Ending Sooner

WEBMarch 31, 2023. In January of this year, the White House announced that it intended to end the pandemic-related National Emergency and the separate Public Health Emergency …

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Issue Brief: Medicare Part D Creditable Coverage Notice

WEBThe notice is required to be provided to Medicare Part D eligible individuals at the following times: Prior to commencement of the annual enrollment period for Part D …

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Record Retention Requirements & Considerations

WEBERISA Record-Retention Rules. ERISA §107 requires plan records to be available for examination for not less than six (6) years after the filing date of the Form …

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Compliance Considerations for moving from Fully-Insured to Self …

WEBCompliance Considerations for moving from Fully-Insured to Self-Funded. December 12, 2022. Employers may choose self-funded group health plan coverage to …

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Machine Readable Files (MRFs)

WEBBackground . Under the “Transparency in Coverage” Final Rule (TiC), issued in 2020 by the U.S. Department of Health & Human Services, U.S. Department …

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COBRA – Merger & Acquisition (M&A) Considerations

WEBFor employers subject to COBRA continuation rules (employers with 20 or more employees), the IRS has provided detailed regulations regarding the handling of …

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