With Valentine’s Day just around the corner, romance should be in the air. Unfortunately, for many HR professionals, thoughts of love may take a back seat to thoughts of compliance. Don’t despair! To help set the mood for February, we’ve highlighted a few romantic movie quotes and related them to health reform. You might be surprised at the parallels!
The COBRA Blog
This week, our blog article is provided by our friend Jason Cogdill at ProBenefits.
IRS Notices Released This Week Address Individual Mandate & Subsidy Details
On Wednesday, the IRS released two important notices clarifying individual rights and responsibilities in 2014. Both are short, and I recommend reading when you have an opportunity (each is linked in this section). In Notice 2013-42, the IRS provides transition relief from the individual mandate for employees eligible for a group plan that operates on a non-calendar plan year. Prior to this transition relief, an employee in a non-calendar plan that waived coverage at 2013 enrollment could be subject to an individual tax penalty for not having minimum essential coverage during the period between 1/1/14 and the employer’s 2014 renewal. With this ruling, the individual will not be penalized for the lack of coverage prior to employer’s 2014 renewal. In the Notice, the IRS cites as its rationale the qualified transition relief available to employers offering non-calendar year plans as well as the ability of an employer to permit election changes during the exchange open enrollment period. Examples are listed in the notice.
We’ve all heard of ROI, but are you familiar with the new acronym – ROO? It stands for “Return on Outsourcing.” It may not be on your business radar, but it should be. Faced with fierce competition and a fickle economy, many companies are honing efficiencies to gain a competitive edge. In many cases, that means focusing on your strengths and outsourcing your weaknesses … and outsourcing COBRA administration.