Take Note: The IRS Has Changed Contribution Limits for 2022

Posted By bahim on Apr 5, 2022

As you probably know, contributing to a retirement plan and certain other types of accounts can not only help you prepare for the future; these contributions are tax deductible and can lower your overall income tax liability for the year. That’s why it can be so important to keep up with contribution limits, which can change from year to year. Contribute the maximum, and you’re planning for the future while saving as much as possible...

Insurance Agents Must Now Report Commissions to Group Health Clients

Posted By bahim on Mar 14, 2022

According to a new law, Section 202 of the Consolidated Appropriations Act, effective January 1, 2022, all insurance agents who market or sell employee benefit plans must notify clients of their commissions earned from monthly premiums. This amount is expressed as a percentage for the premiums paid, and disclosure is similar to that required of real estate agents.  Employers who wish to provide employees with a group benefits...

Why You Must Ensure that Your Healthcare Subsidy is Calculated Correctly

Posted By bahim on Mar 14, 2022

Subsidies offered through Covered California, to assist individuals and families, have helped millions to afford their healthcare premiums over the years. However, these subsidies could have a potential downside if you aren’t careful: If the amount is not calculated correctly, you could be “overpaid” for the year. The consequence will be that you are required to repay the difference between what you received and what you should have...

What Business Owners Need to Know About ERISA Wraps

Posted By bahim on Feb 16, 2022

Business owners are well aware of the numerous positive reasons for providing an employer-sponsored benefits plan. But because those plans are subject to the Employee Retirement Security Income Act (ERISA), things can get complicated. Most organizations are subject to ERISA. Churches and government employers are exempt, but almost everyone else must comply. Check with a business planning attorney if you’re unsure of your status with...

How to Get a Free, At-Home Covid Test

Posted By bahim on Feb 9, 2022

As part of government initiatives to increase covid testing rates across the country, at-home covid tests are now available to anyone who wants one, for free. But how do you obtain the test? First, you don’t need a prescription or order from your doctor. You can purchase covid tests online, or from your local pharmacy, and then apply for reimbursement from your health insurance carrier. Or, your health insurance provider might allow...

Take Note of These ACA Compliance Deadlines

Posted By bahim on Jan 13, 2022

Now that tax season has arrived, it is time to file your income tax return and notify the IRS of your health insurance status. Requirements for proof of insurance vary according to the size of the company for whom you work. The proof of coverage will be provided to you in one of two ways: Form 1095-A if you obtained coverage using Covered California. Form 1095-B if you did not use the marketplace but obtained health insurance directly...