Blog

    ACA COMPLIANCE - Affordability Percentages Will Increase for 2019

    Posted by Soules Insurance on Tue, Jun 5, 2018

    On May 21, 2018, the Internal Revenue Service (IRS) issued Revenue Procedure 2018-34 to index the contribution percentages in 2019 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). 

    For plan years beginning in 2019, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not exceed:

    • 9.86 percent of the employee’s household income for the year, for purposes of both the pay or play rules and premium tax credit eligibility and
    • 8.3 percent of the employee’s household income for the year, for purposes of an individual mandate exemption (adjusted under separate guidance).
    Read More

    Tags: Health Insurance, Employers, Obamacare, ACA, Employees, ACA Compliance, Affordability Percentages, Percentage Increase

    How medical marijuana complicates workplace policies for employers

    Posted by Soules Insurance on Fri, Jul 14, 2017

    For some, it may seem shocking that we’re to the point of discussing the impact of marijuana use in the workplace. For others, it's a no-brainer: a potential cure for some significant issues.

    Many are quick to joke about legalized pot, but for employers and risk managers, the notion of legalized medical or recreational marijuana is no laughing matter.

    Read More

    Tags: Employers, Medical Marijuana, Employer Policies, Workplace Policies

    Level-funding Growing in Popularity Among Employers

    Posted by Soules Insurance on Fri, Apr 7, 2017


    More employers are opting to self-insure their employee benefits in order to gain more flexibility and control in plan design and financing.  A well-designed self-insured plan enables companies to reap the benefits of their cost containment efforts and wellness activities, rather than having to pay a monthly premium to a commercial insurer based on an arbitrary set of rating restrictions.

    Level-funding is a self-insurance hybrid program which further enables companies to benefit from the regular and predictable cost of a fully insured plan, while only paying for the healthcare costs actually incurred by employees. This approach can potentially provide a 30 to 40 percent annual refund on health benefit costs.

    Read More

    Tags: Employers, Healthcare, Level-funding, Self-Insure, Healthcare Costs

    Overtime Rule Blocked by Federal Court

    Posted by Soules Insurance on Mon, Nov 28, 2016


    On Nov. 22, 2016, a federal judge in Texas issued a preliminary injunction, halting the enforcement of the Department of Labor’s (DOL) new overtime rule until further notice. The rule, which was set to take effect on Dec. 1, 2016, would have increased the salary threshold for the “white collar overtime exemptions" to $47,476 per year.

    The judge’s ruling gives employers across the country a reprieve from having to raise salaries for exempt employees to the new threshold or pay them overtime.

    However, an appeal of the ruling is possible. The DOL said in a statement that it was reviewing the court's order and considering any next steps.

    Read More

    Tags: Business, Overtime Rule, Federal Court, Employers