Health Care Reform Support
In addition to providing valuable information, the Paychex Insurance Agency can help clients manage their specific health care reform requirements.
Learn About Health Care Reform
Paychex Insurance Agency provides clients with the information needed to:
- Uncover new requirements during health plan renewal.
- Learn more about plan non-discrimination and other health care reform provisions.
- Understand what could cause a health plan to lose its grandfathered status.
- Learn how to identify highly compensated employees (HCEs) and the value of the coverage to be taxed.
- Understand how to determine if a non-grandfathered plan violates the non-discrimination rules.
- See how a Simple Cafeteria Plan can be used to avoid the non-discrimination testing requirements.
- Stay up to date as laws are clarified, regulations are developed, and guidance becomes available.
Take Action on Health Care Reform
Paychex Insurance Agency helps clients:
- Select an insurance plan if you do not currently offer health coverage.
- Explain the changes to employees through educational resources.
- Obtain information needed to apply for the small business tax credit (for clients of Paychex Payroll.)
- Assess tax credit eligibility and file with our free Small Business Tax Credit Package for clients of Paychex Insurance Agency and Paychex Payroll.
- Report premium amounts paid (for clients of the Paychex Insurance Agency Insurance Payment Service.)
- Determine if your carrier(s) will allow dependents to remain on the policy until the plan renewal date.
- Enroll dependents not already on an employee's policy.
- Adjust deductions if there is a change in premium as a result of the expansion of young adult coverage.
- Help employees resolve health-care-related questions and problems, and reduce the administrative time spent researching them through Health Advocacy Services.
- Determine the value of all health coverage provided by the Paychex Insurance Agency for their W-2s.
- Notify participating employees of the over-the-counter FSA reimbursement changes well in advance of the effective date (for clients with FSA plans administered through Paychex, Inc.)
- Provide employees with resources to explain the maximum contribution limit for FSAs.
- Process wellness program financial rewards through Paychex Payroll (if applicable).
Paychex Insurance Agency Can Help
Paychex Insurance Agency is a full-service organization that has taken a leadership role in transforming how businesses like yours adapt to and benefit from the rapidly changing insurance industry. We're ready to offer information and assistance to help you navigate the recent Health Care Reform initiatives.
Health Care Reform Updates
With access to legislative and regulatory specialists in Washington, D.C. and expert, in-house sources of legal and compliance guidance, Paychex Insurance Agency is your source for Health Care Reform knowledge, tools, and resources.
Whether you're looking for a Business Owner Policy, Workers' Compensation insurance or group health and life insurance, Paychex Insurance Agency offers flexible, scalable insurance solutions for you, your business and your employees. To learn more about how we can meet your insurance needs, call 877-393-8868 or have an agent call you.
The Department of Health and Human Services and the Internal Revenue Service (IRS) continue to provide specifics and guidance on the Health Care Reform Act. Paychex will monitor these regulatory developments and provide updates as appropriate.
The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. It is provided for informational purposes only. If you require legal or accounting advice, or need other professional assistance, you should always consult your licensed attorney, accountant, or other federally licensed tax professional to discuss your particular facts, circumstances, and business needs.
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