Have questions? See our FAQs below for answers to some of our customers’ most common inquiries. Please contact us if you need more information or if you don’t find the answer you’re looking for.
What fines could I be facing in the coming months as the result of the Affordable Care Act (ACA)?
The ACA introduced several mandates that affect business owners, depending on their number of employees. Larger employers face applicable fines for incorrect 1095C submission (per IRS Section 6055 & 6056 Compliance).
For companies of over 50 full time equivalent employees, there are two separate potential fines for failing to comply for the ACA regulations. There are both weak fines and strong fines, assessed at $2,000 or $3,000, respectively, per employee per year.
What does “full time equivalent” mean?
“Full time equivalent” is a calculation that is the product of the total number of employees and the ratio of average weekly hours per employee for all employees to the average weekly hours per employee on full-time schedules.
What strategies does Commercial Benefit Services, implement to create a successful and affordable employee benefit package?
At Commercial Benefit Services, our strategies are specific for each client. We take into account every nuance of your business to craft the most beneficial package for your employees.
As the industry changes in response to the ACA, we have created a number of strategies that could be applicable to your company. These involve the combination of coverages now available in the marketplace, which will address both the strong and weak fines (assessed at $2,000 or $3,000, respectively, per employee per year) for failing to comply for the ACA regulations.
We understand that your choices in benefit design are more far-reaching than just the immediate cost. With climbing costs of already-expensive health care, it is essential to eliminate the “year-by-year” mindset and create a long-term plan with a knowledgeable experienced advisor.
What additional forms related to my company’s health care must be submitted to the IRS by January 31?
In addition to the standard payroll forms (e.g., W-2, W-3, 1099, 1096), there are two forms that must be submitted to ensure your company’s compliance:
Form 1094-B (“Transmittal of Health Coverage Information Return”)
1095-C (“Employer Provided Health Insurance Offer & Coverage”)
How can I save time and money through one-stop shopping for all of my insurance coverages?
In many situations, health insurance is only one part of a complete employee benefit package. At Commercial Benefit Services, we shop all plans from all health insurance carriers in Texas – and provide additional products that round out an affordable portfolio that makes sense to both the employer and the employees.
How can I be sure that the insurance plan proposals I am offered are a thorough representation of what is available in the marketplace?
Our brokers go beyond just shopping the entire market. As an independent broker, we have access to every plan from every carrier in multiple licensing states.
We develop strategies for both the long and short term to ensure that we stay ahead of the curve. When you work with Commercial Benefit Services, you work with guaranteed industry-compliant benefits professionals who solidify our expertise through:
Subscriptions to numerous professional services that keeps us abreast of new products, both in and out of state.
An association with attorneys who specialize in the ACA legislation.
An affiliation with professional organizations such as National Association of Health Underwriters (NAHU) and Houston Association of Health Underwriters (HAHU) that provide ongoing seminars and weekly updates regarding changes to the law.
Attendance at additional industry seminars by ACA attorneys, IRS related attorneys, etc.
Maintenance of PPACA Certification for all agents.
Can you explain my benefits package to my Spanish-speaking employees?
Insurance and employee benefits can be confusing – add a language barrier, and it can be downright disconcerting to your workers. The linguistic and cultural barriers can make employee benefits ineffective if not explained effectively. A loss of efficiency in this regard, often resulting in high turnover, is a loss to your bottom line.
During our bilingual enrollment process, Spanish speakers who are well-versed in all insurance matters attend to your employees to discuss all the particulars, and the forms and applications are all in Spanish. This ensures that all your employees understand what you, their employer, are offering.
Can you handle our benefits packages for out-of-state locations?
We can conduct out-of-state enrollments by phone, or we can send a representative to your out-of-state location, if necessary.
What other ACA-mandated components should I be concerned with in the future?
Scheduled to take effect in 2018, The “Cadillac Tax” is an excise tax to be assessed on employers who offer the most expensive employer-sponsored health insurance plans – those with annual premiums exceeding $10,200 for an individual and $27,500 for families. Because this tax is charged to insurance companies, it is expected to be passed on to employers and, consequently, to employees.
The employee benefits decisions you make today are more far-reaching than just the immediate cost. We can advise you of the benefits that your employees will use the most, and we will steer you away from those that are typically underused but applicable in establishing the threshold.
What are private health insurance exchanges and how can they help my company?
Private health insurance exchanges are custom-built platforms where an employee can purchase benefits. This enables an employee to have many more benefit options while simultaneously creating an easy-to-manage system for the employer. We can help you understand these exchanges.