Core Values of our EB-Advisors

In our continued effort to provide the Carolinas with premier employee benefit solutions, Employee Benefit Advisors of the Carolinas LLC has updated its Core Values to reflect the changing needs of its clients within an ever-changing insurance marketplace.

Core Values of our EB-Advisors:

1) Our behaviors are Open, Trusting, Professional and Safe

2) We deliver more than expected

3) We deliver what we say we will or we revise the expectation

4) All our processes add Value

5) Company value is increased every year

6) All our employees will have a stake in our business success

7) There is life outside work for our people

8) We own our competitive advantages

9) We are a positive force in the communities we are a part of.

New guidelines for employer reporting released

The IRS released the long awaited employer reporting guidelines for Forms 1094 and 1095.

These forms must be completed and submitted to the IRS February 2016 for the plan year January 2015.

Employers need to be developing systems to be able to track the needed data to complete these reports asap.

Most payroll vendors will be unable to complete the reports because they are not tracking benefits eligibility data.

There are a few new Cloud resident single data base solutions that are able to track this data and actually complete the reports as long as the HRIS and benefits modules are elected.

We can refer you to several best in class resources for this if you are interested.

Details of the IRS requirements are available by clicking on the link below.

www.irs.gov/pub/irs-pdf/p5196.pdf

(Just highlight and click)

Update on Purchasing Individual Insurance Via Employer Funded Tax Deductible Accounts

This week we received some long awaited clarification about whether or not an employer can provide funds to an employee through a tax deductible account such as an HRA or Section 125 plan to purchase individual insurance on or off the exchanges.

The final say on this is that because the underlying HRA and Section 125 plans do not comply with the requirement to have no “limits” on preventive health care required under the law, these plans will be out of compliance and subject the employer to the painful $100 per employee per day penalty written as part of the law.

HRA plans can still be used in conjunction with group health plans and maintain their tax favored status.

PPACA Update for Individual and Small Policy Owners

BCBS NC will be allowing individual health policy owners and small group policy owners the ability to retain their pre-PPACA plan of benefits until 2017. This will be allowed even if the plan design is not compliant with requirements of the new law.

Suzy Johnson recognized by the Charlotte Business Journal as 2014 Women in Business Achievement Award Winner.

This year Suzy Johnson has been chosen as one of the 25 distinguished female business leaders to be recognized for their achievements in business and their impact on the Charlotte community. Ms. Johnson and her fellow honorees will be receiving their awards at the 18th annual Women in Business Achievement Awards luncheon to be held at the Charlotte Convention Center on June 3.