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Wednesday, 29 November 2017 17:11

How Tax Reform Impacts your Benefits

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Republicans have promised to get a tax bill on President Trump’s desk by the end of the year. In response, the House and Senate have created separate versions of the Tax Cuts and Jobs Act (TCJA) in the last several weeks, leaving little time for them to be debated. 
 
These bills represent the largest proposed tax code overhaul in 30 years, and it would affect nearly every American family and business. The House passed their bill on 11/16/17, and the Senate passed their bill out of committee on 11/28/17. The full Senate is expected to vote as soon as this week.
 
The TCJA also would affect what benefits you can offer your employees, repealing some provisions effective 1/1/2018, even though you may have already enrolled employees for those very programs. Please note all of these provisions are changing rapidly and this blog post may already be out of date by the time you read it!
The end of the year is quickly approaching which means several plans, such as Flexible Spending Accounts (FSA) and Health Reimbursement Arrangements (HRA), are ending for the 2017 year*. Depending on the details of those contracts (and whether they contain a rollover, carryover or grace period provision), employees have until 12/31/17 to use any remaining funds in their FSA or to submit claims for reimbursement under the HRA. 
Friday, 10 November 2017 16:39

How Will Association Health Plans Impact Employers?

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In early October, President Trump signed an Executive Order instructing the Department of Labor to propose regulations to expand access to Association Health Plans (AHPs). This expansion would give small employers and the self-employed more health insurance options through bona fide trade and association groups based on profession and interest groups.
 
It’s important to understand what AHPs are, and the potential impact this expansion could have on our current health insurance market. 
Congress missed the September 30 deadline to continue funding the Children’s Health Insurance Program (CHIP). This means federal funding for this program will expire by the end of October. This could cause strain on state level budgets nationwide, because once CHIP funds run out, states will struggle to continue this important program. 
Tuesday, 31 October 2017 06:56

How do Your Benefits Stack Up?

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The Kaiser Family Foundation has released their 2017 Annual National Employer Benefits Survey.  This survey compares employer-sponsored health benefits for private and nonfederal employers with three or more workers.  
 
Do you know how your current plans stack up to the competition?  Fall River uses this Kaiser survey and other local data to offer complimentary benchmarking consultations to ensure your specific benefits and contributions are attracting/retaining the top talent in your field. To sign up for a benchmarking session, existing clients can contact their Client Manager, and others can click here to get started.  
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