‘Pay or Play’ Requirements Delayed Until 2015

Employers subject to the ‘pay or play’ requirements under Health Care Reform–generally those with at least 50 full-time employees, including full-time equivalents–will not face penalties (also known as employer shared responsibility payments) for 2014.

According to formal guidance released by the IRS, the ‘pay or play’ provisions will be fully effective for 2015 and employers are encouraged to maintain or expand health coverage in 2014 in preparation for compliance. The delay is a result of transition relief being provided for 2014 with respect to certain employer and insurer reporting requirements which are necessary for the IRS to determine whether a penalty may be due.

The delay does not affect the application or effective dates of other Health Care Reform provisions, including the individual shared responsibility requirements scheduled to take effect on January 1, 2014.

Employers Must Use New Version of Form I-9 Beginning May 7, 2013

Employers needing additional time to switch to the new Form I-9 (released in March) have until May 7th to begin using the revised version. Federal law requires all U.S. employers to verify the identity and employment eligibility of employees hired to work in the United States by completing Form I-9.

Prior versions of the Form I-9 will no longer be accepted effective May 7th, 2013. Employers should not complete a new Form I-9 for current employees if a properly completed Form I-9 is already on file.

5 Tips for Keeping Stress at Work in Check

Stress in the workplace, whether triggered by significant workloads or pressing deadlines, can sidetrack employees and prevent them from doing their best. The following simple steps for managers and employees can help reduce the pressure and increase team performance and productivity:

• Avoid Setting Unrealistic Goals. Setting achievable goals with reasonable timelines helps your sense of accomplishment grow while your stress level declines.
• Step-Out Complicated Projects. Dividing a complex project into phases provides specific direction, helps maintain a calm environment, and motivates the team. Daily or weekly to-do lists can also help prioritize tasks.
• Make Time for Meetings and Completing Tasks. Blocking out the time necessary to complete a task on your calendar is just as important as scheduling time for meetings.
• Communicate Regularly. Recognizing employee achievements can increase confidence, as well as reduce stress related to workloads. Employees may also be able to help identify new ways that they can contribute.
• Schedule Time for Exercise. A regular exercise routine can help lower stress and recharge your batteries for the challenges ahead.

Plan sponsors are required to do annual discrimination testing to remain qualified. The testing is two part; “The Benefits Test” and “The Eligibility Test”. Failure to properly preform and report these annual test can result in a failing plan. Penalties can include benefits becoming taxable as income! If you are not sure if your plan is in compliance gives us a call we can help!

“Well designed health promotion and disease prevention interventions work only if people participate. The higher the level of participation, the greater the potential savings to a health plan. These savings are not only from direct health care cost, but also from improved productivity at work and fewer absences. But the battle is how does a health plan engage members in participating in wellness and health promotion programming?”

Ask us; we will tell you how to engage your employees!

The Small Business Health Care Tax Credit is designed to help small businesses who have no more than 25 fulltime employees, not counting owners or their family members, and the average annual wages of employees must be less than $50,000 per fulltime employee. This health care tax credit also mandates that the owner of the small business must pay a least 50% of the single coverage for their employee’s to qualify for this credit. This credit is targeted at small business with the express intent to encourage organizations to offer health insurance coverage for their employees. We recommend that you discuss this credit with your tax consultant to determine your eligibility and potential credit amount should your company qualify.

A new test is available called the NMR LipoProfile. This test can predict the development of type 2 diabetes in women as early as 13 years before blood glucose test put them in the category of diabetic. Study’s done at Harvard University linked women with the greatest concentration of small LDL and HDL particles four times as likely to develop type 2 diabetes. The test suggests this occurs because the tiny particles are more densely packed with cholesterol and triglycerides. To learn more visit lipoprofile.com.