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Tag Archive for: employee benefits

1094/1095 PCORI Compliance: What You Need to Know

June 5, 2022/in ACA Compliance, News

Businesses that provide health benefits for their employee workforce must submit the right forms proving that they offered the required benefits. Now that 1094/1095 filing is complete, it’s time to prepare for federally mandated annual PCORI fees. Are you prepared? Let’s discuss 1094, 1095, and PCORI compliance. 

How Can Applicable Large Employers Stay Compliant?

Applicable Large Employers (ALEs), employers with 50 or more full-time employees, must offer Affordable Care Act (ACA) compliant health benefits to at least 95% of their workforce. Failure to do so can result in hefty fines and penalties from the Internal Revenue Service (IRS). 

The IRS can issue ALEs Penalty A or Penalty B fines for ea

ch employee that is not offered correct or compliant benefit plans. Employers can avoid unnecessary fines and penalties by offering ACA Compliant Minimum Essential Coverage (MEC). MEC benefit plans allow employers to provide affordable benefits to their employees without compromising their bottom line. 

In order to verify employers are, in fact, offering ACA compliant benefits, the IRS requires employers to fill out form 1094 and 1095. 

Employers must complete Form 1094, which is used to determine their liability for payment under the employers’ shared responsibility provision. Form 1095, however, is used as a summary of healthcare information the ALE offers employees. 

What Can SBMA Do For You?

One of the many services we provide at SBMA Benefits is 1094 and 1095 Form processing. We simplify the complexity of providing employee benefits while simultaneously ensuring ACA compliance. 

What’s included in our 1094/1095 processing?

  • Electronic filing of 1094 and 1095 forms annually 
  • PDF soft copies of 1095 for employee distribution 
  • 1095 error corrections refiling (if applicable) 
  • Mail distribution

What Happens After I Submit Forms 1094 and 1095?

After submitting Forms 1094 and 1095 by their due date, March 31st, employers must pay fees to the Patient-Centered Research Institute (PCORI) by July 31st. This year, however, the due date has been extended to August 2nd since the previously mentioned due date lands on a Saturday. 

What is PCORI and Why Do I Have to Pay Their Fees?

PCORI was created to improve the quality, quantity, timeliness, and trustworthiness of health information for patients. 

According to the PCORI, its mission is to “help people make informed healthcare decisions, and improve healthcare delivery and outcomes, by producing and promoting high-integrity, evidence-based information that comes from research guided by patients, caregivers, and the broader healthcare community.”

Employers are responsible for paying PCORI trust fund fees annually. The amount employers owe depends on the number of people enrolled in their offered benefits program. 

The fee is calculated based on the average number of individuals covered in a benefits plan- including spouses, dependents, retirees, and COBRA participants. Currently, PCORI fees are $2.79 per enrollee. In 2021, PCORI fees cost $2.66 per enrollee. 

The fee was slated to end in 2019, but was extended via Trump’s Further Consolidated Appropriations Act of 2020. For now, PCORI fees are extended through 2029. 

For more information on Forms 1094 and 1095, read our article: What you need to know about 1094/1095 Filing. 

https://www.sbmabenefits.com/wp-content/uploads/2022/06/iStock-1313069986.jpg 1415 2119 maddie https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png maddie2022-06-05 07:00:402022-05-06 13:41:371094/1095 PCORI Compliance: What You Need to Know

How Does SBMA Support Employee Benefits Administration?

May 17, 2022/in Employee Retention, News, Voluntary Benefits

Employee benefits administration can be a pain for any HR department. At SBMA, we aim to simplify the process by giving you access to everything you need in one place. Our enrollment portal houses everything you need for:

  • Onboarding 
  • Offboarding 
  • Enrollment 
  • Portal assistance 

Our employee benefits professionals have the knowledge and expertise that can save your company time and money. We aim to offer comprehensive benefit management, not only with our portal, but also as it pertains to ACA compliance, providing low-cost options, and offering fast and reliable service.

The convenience of SBMA’s employee benefits administration support allows your Human Resources department to work on their daily tasks and responsibilities without the headache of a difficult benefits administrator. Our one-stop-shop portal helps reduce the paperwork your HR department has to deal with and therefore, improves your bottom line.

Employer Resources

 

Our website is equipped with plenty of employer resources that give easy and secure access to your records and the ability to make plan changes at your fingertips (i.e. (enrollment portal, adding dependents, employee termination, and more). Adjusting benefit plans couldn’t be any easier with SBMA. Additionally, every task includes video tutorials, walkthroughs, and instructions.

 

Watch the videos below to see just how easy navigating our portal is. 

Enrollment Portal Walkthrough

 

Adding Dependents Walkthrough 

Termination Walkthrough 

Partnering with us takes the burden off of your HR department and places it on us, your benefits administrator. Ready to get started? Reach out to us today. 

In this effort to streamline and simplify our client’s benefits experience, we’ve partnered with Transamerica. Transamerica’s partnership with SBMA brings you quality, affordable health insurance that fits into your budget and removes the hassle of excess submissions to insurance carriers. Take a look at the full explanation of how this partnership impacts your benefits administration here.

 

https://www.sbmabenefits.com/wp-content/uploads/2022/05/iStock-638882946.jpg 1414 2121 maddie https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png maddie2022-05-17 07:00:312022-05-06 11:10:14How Does SBMA Support Employee Benefits Administration?

Pros and Cons of COBRA vs. Private Health Insurance

April 24, 2022/in COBRA, News

When seeking out health insurance coverage past when it is partially covered by your previous employer, how do you choose between picking COBRA or Private Health Insurance? Both have pros and cons. The right choice, however, depends on your unique circumstances.

Let’s discuss COBRA vs. Private Health Insurance.

Read more
https://www.sbmabenefits.com/wp-content/uploads/2022/04/Untitled-design-1-copy.png 924 1640 Beatriz Carias https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Beatriz Carias2022-04-24 14:07:082022-04-07 14:15:03Pros and Cons of COBRA vs. Private Health Insurance

Difference Between Hospital Indemnity and Accident Insurance?

October 26, 2021/in MEC, Voluntary Benefits, Worksite Benefits

Navigating insurance policies can be challenging for anyone. There isn’t a way to predict the future, so how can you know what you will need? There are so many options available, how can you decide?
Voluntary benefits can help supplement insurance policies that may not cover all of your employees’ needs. There are many options when it comes to voluntary benefits with a few differences. What’s the difference between hospital indemnity policies and accident insurance? Here’s a breakdown.

Read more
https://www.sbmabenefits.com/wp-content/uploads/2020/09/pexels-oles-kanebckuu-127873-1-scaled.jpg 1920 2560 Beatriz Carias https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Beatriz Carias2021-10-26 14:42:242021-12-03 11:34:23Difference Between Hospital Indemnity and Accident Insurance?

How Can You Add Value to Your Existing Benefits Plans?

March 14, 2021/in ACA Compliance, MEC, Voluntary Benefits, Worksite Benefits

Benefit plans serve as a great way to provide value to employees beyond their salary. Because benefits are becoming increasingly important, it’s important that you give your employees the option to tailor their benefits to their needs. At SBMA, we believe in meeting your employee’s medical needs with additional benefit options. We offer our clients the option to choose various voluntary/worksite, ancillary, and virtual health benefit options. 

Read more
https://www.sbmabenefits.com/wp-content/uploads/2021/02/Copy-of-Copy-of-Template-4_6_-white-outline-logo-colored-image-gray-overlay-40-7.png 1080 1080 Jackie Berens https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Jackie Berens2021-03-14 08:44:002021-11-30 15:57:37How Can You Add Value to Your Existing Benefits Plans?

How Do Benefits Improve Employee Morale?

March 7, 2021/in Employee Engagement, Employee Retention, Healthy Living, MEC, Personal, Voluntary Benefits, Worksite Benefits

Sixty percent of employees rated benefits as a very important contributor to job satisfaction. With that many employees placing value on employee benefits, it’s important that you, as an employer, ensure your benefits are set up and attract and retain the best employees. According to Career Builder, only 49% of employees are satisfied with their current benefits, which means you have the opportunity to make your benefits even better to appeal to 51% of your employees!

Read more
https://www.sbmabenefits.com/wp-content/uploads/2021/02/Copy-of-Template-2_-colored-image.png 1080 1080 Jackie Berens https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Jackie Berens2021-03-07 16:33:002021-12-03 11:36:41How Do Benefits Improve Employee Morale?

Telehealth is Convenient, Reliable, and Here To Stay!

February 21, 2021/in Telehealth

The global pandemic has caused telehealth services to thrive. According to CNBC, about 10 million Medicare beneficiaries used telehealth services between March and August. Compared to the average 13,000 weekly appointments pre-pandemic, that number is exciting for telehealth advancement.

Read more
https://www.sbmabenefits.com/wp-content/uploads/2021/01/Copy-of-Copy-of-Template-4_6_-white-outline-logo-colored-image-gray-overlay-40-3.png 1080 1080 Jackie Berens https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Jackie Berens2021-02-21 09:38:002021-11-30 15:55:20Telehealth is Convenient, Reliable, and Here To Stay!

How Voluntary and Worksite Benefits Can Help Employee Retention

February 7, 2021/in Employee Retention, Voluntary Benefits, Worksite Benefits

Attracting and retaining the best employees is likely of the utmost importance to you and your business. There are many ways to show your employees you care. One of the most effective ways is through offering voluntary benefits as part of your health insurance plans.

Read more
https://www.sbmabenefits.com/wp-content/uploads/2021/01/Copy-of-Copy-of-Template-2_-colored-image-1.png 1080 1080 Jackie Berens https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Jackie Berens2021-02-07 08:53:002021-11-30 15:53:11How Voluntary and Worksite Benefits Can Help Employee Retention

Voluntary Benefits – Why Should You Offer Them?

January 24, 2021/in ACA Compliance, COVID-19, Employee Engagement, Employee Retention, Healthy Living, Personal, Voluntary Benefits, Worksite Benefits

Voluntary benefits, also known as worksite benefits, are an effective way to attract and retain the top employees with little to no effect on your bottom-line. These benefits are a great way to fill the void of coverage that traditional benefits don’t cover. What most employees and employers don’t realize is the effect that voluntary benefits offer to both parties.

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https://www.sbmabenefits.com/wp-content/uploads/2021/01/Untitled-design-2021-01-06T162830.483.png 1080 1080 Jackie Berens https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Jackie Berens2021-01-24 16:19:002021-12-03 11:36:05Voluntary Benefits – Why Should You Offer Them?

Why Invest in Health Insurance for Your Employees?

January 10, 2021/in ACA Compliance, Employee Engagement, Employee Retention, Voluntary Benefits, Worksite Benefits

Investing in health insurance for your employees is essential to ensuring a happy and healthy workforce. Navigating employee benefits that your employees actually want, can be a challenge. Not to mention the various requirements necessary for employers with 50 or more employees. So, why should you invest in health insurance for employees?

Read more
https://www.sbmabenefits.com/wp-content/uploads/2020/12/Untitled-design-96.png 1080 1080 Jackie Berens https://www.sbmabenefits.com/wp-content/uploads/2021/12/SBMA_Website-Logo_250x150.png Jackie Berens2021-01-10 08:24:002021-11-30 15:50:39Why Invest in Health Insurance for Your Employees?
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  • 1094/1095 PCORI Compliance: What You Need to Know1094/1095 PCORI Compliance: What You Need to KnowJune 5, 2022 - 7:00 am
  • business owners need to stay updated on aca updates in 2022What Business Owners Should Know About ACA Benefits in 2022March 27, 2022 - 10:39 am
  • employees who miss open enrollment may be subject to a year without insurance unless they experience a qualifying eventWhat Happens if Your Employee Misses Open Enrollment?February 20, 2022 - 3:23 pm

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