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Posts Tagged ‘Affordable Care Act’

Wal-Mart cuts health benefits for some part-timers

Friday, October 17th, 2014

Yahoo Finance reports:

“Wal-Mart Stores Inc. plans to eliminate health insurance coverage for some of its part-time U.S. employees in a move aimed at controlling rising health care costs of the nation’s largest private employer.

Wal-Mart told The Associated Press that starting Jan. 1, it will no longer offer health insurance to employees who work less than an average of 30 hours a week. The move affects 30,000 employees, or about 5 percent of Wal-Mart’s total part-time workforce, but comes after the company already had scaled back the number of part-time workers who were eligible for health insurance coverage since 2011.

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U.S. Cannot Subsidize Health Plans in States With No Marketplace, a Judge Rules

Friday, October 3rd, 2014

The New York Times reports:

“A federal district judge in Oklahoma dealt a blow to the Affordable Care Act on Tuesday, ruling that the federal government could not subsidize health insurance in three dozen states that refused to establish their own marketplaces. This appears to increase the likelihood that the Supreme Court will ultimately resolve the issue.

Federal appeals courts in Washington and in Richmond, Va., split on this question in July.

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Employers not interested in PPACA exchanges

Friday, October 3rd, 2014

Benefits Pro reports:

“Nearly one in four employers say they may move their employees toprivate exchanges within the next few years, but virtually none of them are considering public exchanges under the Patient Protection and Affordable Care Act, new analysis from consulting firm Towers Watson finds.

The firm’s Health Care Changes Ahead survey of 349 HR professionals at mid- and-large-sized companies found that 24 percent of those surveyed believe a private exchange will be a viable alternative for providing employee health benefits by 2016.

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CBO: Cost of Obamacare Subsidy Will Increase 8-Fold in 10 Years

Friday, October 3rd, 2014

Fox News reports:

“The cost of the Obamacare subsidy that the U.S. Treasury will pay on behalf of people who earn under 400 percent of the federal poverty level and who buy a government-approved health-care plan on a government-run health-insurance exchange will increase by approximately 8-fold in its first ten years of operation, according to the latest budget estimate from the Congressional Budget Office.

Medicaid spending will double in the first ten years of full implementation of Obamacare, according to the CBO estimates.

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Employer Shared Responsibility Payments and Reporting Requirements Under the Affordable Care Act: Code Sections 6055 and 6056

Friday, October 3rd, 2014

The National Law Review reports:

“There are two types of employer shared responsibility payments, also known as pay or play penalties, under the Affordable Care Act (ACA).  The first penalty under Internal Revenue Code (Code) Section 4980H(a) is the penalty for failure to offer health coverage.  Effective for plan years beginning on or after January 1, 2015, a $2,000 annual penalty applies to a large employer that fails to offer at least 70 percent of its full-time employees (FTEs) health coverage.  For plan years beginning on or after January 1, 2016, the $2,000 penalty applies to an employer that fails to offer health coverage to at least 95 percent of its FTEs.  The $2,000 penalty is assessed on a monthly basis, but applies to all of an employer’s FTEs, minus 30 FTEs (or minus 80 FTEs for 2015).

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IRS Gears up for Impact of Health Care Reform on Tax Season

Friday, October 3rd, 2014

Accounting Today reports:

“Internal Revenue Service commissioner John Koskinen told a congressional subcommittee about the IRS’s progress on the Affordable Care Act and the impact that tax subsidies will have next tax season.

In a hearing before the House Ways and Means Health Subcommittee on Wednesday, Koskinen talked about how the IRS would be processing the premium tax credit, which helps subsidize the cost of health insurance coverage for eligible taxpayers.

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It’s Time to Kick Employer-Sponsored Healthcare to the Curb

Wednesday, September 10th, 2014

Business Cheat Sheet reports:

“A great number of people in the United States have grown accustomed to having their employer pay for, or at least subsidize their healthcare costs. That usually takes the form of employer-provided health insurance plans, which have become a staple of most compensation packages for full-time employees that are working in positions that require even menial amounts of skill — and shutting out, for the most part, unskilled or low-wage workers. On the surface, it is a bit odd that we rely on our employers to pay for our health insurance. Yet, it’s become the norm, and one of the many reasons the U.S. healthcare system, as a whole, is so complicated and for lack of a better term, screwed up.

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Cubs cut grounds crew hours to avoid paying health insurance

Wednesday, September 3rd, 2014

Yahoo Sports reports:

“The Chicago Cubs denied an assertion by the Chicago Sun-Times on Friday that the tarp debacle earlier in the week against the San Francisco Giants happened because the club short-staffs the grounds crew at Wrigley Field in order to avoid paying health insurance.

A surprising storm at Wrigley on Tuesday night caused a long delay because chief Roger Baird’s working crew couldn’t get the tarp — which had become saturated with water as it was unfurled — to cover the infield quickly enough. With field conditions unplayable even 4 1/2 hours after the rain stopped, umpires called the game in favor of the Cubs, who were leading in the bottom of the fifth inning. In a surprising but just turn of events, Major League Baseball upheld a protest by the Giants, and the teams resumed the suspended game Thursday. The Cubs won 2-1, but not before being thoroughly embarrassed.

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