The cost of noncompliance for an employer has continued to grow as the federal and state agencies continue to issue new guidance and aggressively pursue enforcement. In the rapidly changing world of healthcare the one acronym that has changed the landscape dramatically is the PPACA aka Patient Protection and Affordable Care Act aka Obamacare.
The PPACA completely changed the rules of the game for employer sponsored healthcare especially in how it limits the utility of the tax favored spending arragements found in the acronyms; HRA, HSA, FSA & EPP. Many answers as to how these types of spending accounts were altered can be found in the IRS issued Notices 2013-54 and DOL issued technical release 2013-03. The "new guidance" provided by both agencies is almost identical in rulings and explain how the market reform and provisions set out in PPACA apply to Health Reimbursement Arrangements (HRA), Healthcare Savings Accounts (HSA), Flexible Spending Accounts (FSA) and Employer Payment Plan (EPP).
Given the significant changes it would be wise for all companies that provide employee benefits to make sure their plan offerings & benefit strategies will be in compliance.
Since 1988, Total Team Solutions has been helping our clients by not only removing the burden of compliance with many of the governments acronyms but in providing Cost Effective payroll administration, employee benefits, and human resource services. If you'd like to reduce your costs and remove some headaches, please give us a call at 203-459-1777 ext 311 or email me at email@example.com