Granite Insurance Brokers

Are you fully aware of what’s happening within the insurance industry and how these changes will impact you, your organization and your employees? ESPECIALLY for your upcoming renewal?  Keep an eye out for your 2015-2016 pre-renewal guide.  It has all of the details about what you need to do to prepare for renewal. 

A common question I often received from my clients is, "What is the difference between IRS Forms 1094-C and 1095-C and does my company need to complete them?" I wanted to share some useful information with you that will help clarify which form to use and if you are required to complete them. IRS Forms are filed by employers that are required to offer health insurance coverage to their employees under the Affordable Care Act, also known as Obamacare. The main difference between them is that the 1095-C provides information about health insurance and is sent to both employees and the IRS, while the 1094-C acts as a cover sheet about the 1095-C and is sent only to the IRS. Think of them as the W-2 and W-3 for health insurance. 

This month there are many new and important news updates for July 2015 that are worth checking out! You will find that the ACA premium tax credits are available in both federal and state-based exchanged. The Supreme Court has striked down state laws prohibiting same-sex marriage, ruling that same sex couples may exercise the right to marry in all states. Also you will find final regulations for SBC requirements and 2015 draft forms available to help employers prepare for ACA information reporting. 

Last Thursday, President Barack Obama announced that the Affordable Care Act is "here to stay." The U.S. Supreme Court ruled that the Affordable Care Act's premium tax credits are available to eligible individuals who enroll in qualified health plans through any Health Insurance Exchange (Marketplace), regardless of whether it is a state-based Exchange or a federally-facilitated Exchange. This is important because this means that federal subsidies - which help 6.4 million people pay for their Obamacare health plans - are legal under the Affordable Care Act. 

Summer is official here and the days are heating up! I recently came across a Cal/OSHA update about new heat illness prevention regulations that you may find applicable in your work place. These regulations are effective as of May 1, 2015. Employers who educate workers about the medical and behavioral risk factors as well as the symptoms of heat-related illness, and instill the importance of working safely by proper scheduling, providing adequate breaks, plenty of cool water, and preparing an emergency plan should heat-related illness occur, will be most successful in preventing illness and injuries

There’s many important news updates for June 2015 that I think are worth a quick read.  You’ll find that in 2016 HSA contribution limits and minimum deductibles have changed, OSHA updates and links to the updated FMLA model forms.

Summer is almost here, which means internship season is fast approaching and with so many interns eager for work, it can be tempting to allow such individuals to 'volunteer' at your place of business or to pay less than the minimum wage. In fact, you may be surprised to learn that internships are most often considered 'employment' subject to the federal minimum wage and overtime rules. The U.S. Department of Labor (DOL) uses certain criteria in determining whether an internship may be compensable employment under federal law, keep reading to be sure you are staying in compliance this summer!

It’s time to talk COBRA. Some of the most common questions that we receive at Granite are questions about COBRA administration.  What do I need to do, how, and when?