We know that with the many changes that are going to be taking place under the Affordable Care Act (ACA) that things can become overwhelming and we are anxious to help you through it. A few items of which you should be aware:
1. The Federal Health Reform will be implementing several new fees, taxes and penalties in order to help fund the reform and also to ensure that everyone is insured. Attached is a notice named “Fees and Taxes under the ACA” that explains all of the fees, taxes and penalties that are associated with the Federal Health Reform and when they will be applied.
2. As part of the Federal Health Reform modifications to health FSA’s now permit employers to allow employees to carryover up to $500 of the unused amounts in the employees’ health FSA for expenses in the next year or employers can keep the existing option that allows employees a grace period after the end of the plan year. However, keep in mind that a health FSA cannot have both a carryover and a grace period. More information on the health FSAs modifications can be found here.
3. In order to meet the requirements set by the Fair Labor Standards Act (FLSA) Section 18B, you must provide a copy of the notice labeled “FLSA Notice for those WITH Health Plans” to all new employees. This notice should be included as part of your new hire packet.
If you have any questions concerning the Federal Health Reform please call us at 801-907-1129.