Spencer’s Benefits NetNews – December 6, 2019

 

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IRS extends filing deadlines, penalty relief for health coverage reporting forms

In Notice 2019-63, the IRS automatically extends the due date for furnishing individuals with the 2019 Form 1095-B, Health Coverage, and the 2019 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to March 2, 2020 from January 31, 2020. Like the automatic extension granted for prior-year information returns, the IRS will not entertain any requests for further extensions of this new, blanket deadline.

        (Read Cheetah) »

OCR secures $2.175 million HIPAA settlement

In an agreement with the Office for Civil Rights (OCR) at the U.S Department of Health and Human Services (HHS), Sentara Hospitals (Sentara) have agreed to take corrective actions and pay $2.175 million to settle potential violations of the Health Insurance Portability and Accountability Act (HIPAA) Breach Notification and Privacy Rules. Sentara is comprised of 12 acute care hospitals with more than 300 sites of care throughout Virginia and North Carolina.

        (Read Cheetah) »

IRS provides additional temporary nondiscrimination relief for closed defined benefit plans

The IRS has provided additional temporary nondiscrimination relief for certain closed defined benefit plans concerning benefits, rights, or features. Closed defined benefit plans are plans that are closed to new entrants as of a specified date, but continue to provide ongoing accruals for existing participants. The temporary relief applies for plan years ending after November 13, 2019, and beginning before January 1, 2021.

        (Read Cheetah) »

Agencies propose new cost-sharing disclosures for group health plans, health insurance issuers

Through a combined effort, the Departments of Labor, Health and Human Services, and Treasury have announced a proposed rule setting out requirements for group health plans and health insurance issuers in the individual and group markets to disclose cost-sharing information upon request, to a participant, beneficiary, or enrollee (or his or her authorized representative), including an estimate of such individual’s cost-sharing liability for covered items or services furnished by a particular provider.

        (Read Cheetah) »

Innovative financial wellness strategies are growing, but most employers offer more traditional solutions, experts say

While a few employers are implementing cutting-edge financial wellness solutions for their employees, most employers continue to refine and enhance traditional financial wellness programs, according to speakers at a recent Employee Benefit Research Institute (EBRI) webinar, Employer Approaches to Financial Wellbeing Solutions. According to Lori Lucas, president and CEO at EBRI, “A lot of what employers are doing today centers around traditional solutions, like tuition reimbursement, financial planning educational seminars or webinars, or employee discount programs.” Programs like student loan debt assistance are not as prevalent, but interest in these innovative plans is growing, she noted.

        (Read Cheetah) »