Tag Archive for: employee health

The IRS Has Extended Certain ACA Reporting Deadlines – Here’s What It Means For Your Business

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Every year, employers around the country must file Forms 1095-B and 1095-C with the IRS and send copies to their employees. Part of the Patient Protection and Affordable Care Act (PPACA), sometimes referred to as the ACA or Obamacare, employers with 50 or more full-time or full-time equivalent (FTE) employees and all self-insured employers must use these forms to report employee healthcare coverage information to the IRS.

Form 1095 Distribution Deadline Extended

Applicable Large Employers (ALEs) must provide full-time workers with minimum essential coverage. By filling out forms 1095-C and 1095-B employers prove they offer acceptable coverage as required under the ACA.

Previously, the deadline for providing employees with a copy of their 1095-C or 1095-B was January 31st. Last October, the IRS announced it would extend the deadline to March 2nd, 2021. While the IRS extended the date for providing employees with 1095 forms, eligible businesses must still file these forms with the IRS by February 28th for paper filing and March 31st for electronic filing.

The IRS also extended “good faith effort” transition relief to employers for 2020 reporting. This means that the IRS will not impose penalties on companies that show they made good-faith efforts to comply with the information reporting requirements. This only applies to employers that submit incorrect or incomplete information. It does not apply to employers that fail to submit the required information on time. It’s important to note that this relief is transitional, meaning the IRS does no intend to offer it in future years.

Are You Prepared?

Even with the extended deadlines, employers may want to start gathering the information needed to complete, distribute, and file their returns sooner than later. It can take time to gather the appropriate paperwork and information, and companies that do not meet the deadline will face penalties.

As COVID-19 continues to spread throughout much of the country, employers need to think carefully about how they will distribute 1095 forms this year. Although many companies are operating remotely, sending these forms via email is only allowed if employees consent in advance.

MEBO offers employee benefits to small businesses, ALEs, and large corporations. We work directly with our clients to evaluate their needs and develop a comprehensive benefits plan that fits their budget. Please contact us for information about our services or to schedule a consultation.

 

Health Benefits Could Give Employers a Competitive Edge

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Companies face tough competition when it comes to attracting quality employees. According to a leading job placement firm, Manpower Group, 69% of U.S. companies report talent shortages. This is the highest percentage in over a decade. In order to stay competitive, many companies have started offering a wider range of benefits. Although benefits like retirement savings plans and life insurance appeal to many, nothing matters quite as much as health insurance.

Health Insurance Provides Peace of Mind for Employees

As the costs of healthcare rises and employees worry about their health and the health of their loved ones, health insurance benefits become more important to workers. This year, it’s expected that many people that put off routine healthcare in 2020 will visit their doctor. Many more will seek out the COVID-19 vaccine as it becomes available. Employers that do not offer good health insurance benefits will likely find it difficult to attract and retain talented employees in the next few months.

In addition to health insurance benefits for employees, employers should consider offering health benefits to the family members of employees as well. Many workers worry about how they will pay for a major health event and offering health insurance to the spouse and children of employees can provide peace of mind. In fact, this might be the reason a candidate chooses one company over the next.

80% of respondents to a recent survey conducted by the American Institute of Certified Public Accountants reported they would choose a job with benefits over the identical job with 30% more salary but no benefits. This says a lot about what candidates look for when searching for a job. Based on these results, companies that offer an attractive employee benefit package could stand out above their competition, even if they offer a lower salary.

Final Thoughts

Employers have many things to consider in the upcoming months. As businesses attempt to regain their footing and navigate through difficult economic times, they’ll need talented staff to help grow their business. It’s crucial that leaders do all they can to ensure the best candidates don’t pass them by. Offering an attractive benefits package with health insurance benefits for employees and their family members could make all the difference in the world.

MEBO offers employee benefits, custom tailored to the unique needs of employers. We help businesses develop benefit plans that gets them noticed. Please contact us for more information or to schedule a consultation.

 

Employers Re-evaluate Their Employee Health Benefits in Light of the Pandemic

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COVID-19 impacted people around the world. For employers, COVID-19 created significant challenges and has changed the way that businesses function and thrive. As small businesses and large corporations attempt to find their footing in these trying times, the value of good employees becomes clear. Without hard-working employees, businesses stand very little chance of attracting and retaining new clients.

As workers face the challenges of remote work, stress levels rise to an all-time high. Even employees that have already returned to the office face mounting stress as they attempt to balance work and life. This is especially true for workers with small children or elderly family members at home. It’s crucial that employers provide adequate employee support and employee health benefits during this time.

After the pandemic, it will likely take a long time for employees to recover from the economic, emotional, and mental health effects of COVID-19. Taking a comprehensive approach to employee benefits can help put employees at ease and provide a sense of security.

Communication is Key

According to the October 2020 Leading Indicator Systems (LIS) Workforce Listening Study, two-thirds of all workers believe the worst is yet to come. When compared to the May 2020 LIS Workforce Study, 45% more workers are extremely worried about being able to take care of their family. The study also found that 75% of workers find it difficult to work under current conditions.

It’s more important than ever that employers show their employees they care about their wellness and support them. In addition to communicating regularly with employees and using surveys or other methods to evaluate employee emotional health and wellbeing, employers should communicate how they plan to support employees and their families throughout the year.

It’s important that employers reduce stigma around mental health and encourage employees to seek help when needed. Options like telehealth allow patients to connect with mental health providers via video conferencing software. This provides a convenient option and reduces stress around visiting a crowded office building. It’s also important that employers take some time to focus on mindfulness and gratitude in the workplace. This can help cultivate happiness and increase employee satisfaction.

Employers should discuss the importance of preventative care and physical well-being. These discussions should include tips on how employees can get the most out of their employee health benefits. If employers haven’t implemented or revised their employee health benefit plan, now is the time to do so. Employers that do not offer competitive employee health benefits will likely find it difficult to retain employees this year.

Orange County Employee Benefits Partner

MEBO offers customized employee benefit plans to meet the changing needs of employers and their staff. We work directly with our clients to evaluate their needs and develop a comprehensive plan. Please contact us for information about our services.

 

 

 

Investing in Employee Wellness

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The success of an organization relies on its employees. When employees suffer from mental and physical ailments, it can impact the entire organization. In addition to affecting productivity, when employees miss work due to illness, it puts additional strain on other employees and management. Unfortunately, employee stress can increase the chance of illness and absenteeism. With so much at stake, it’s crucial that organizations put more focus on employee health and wellness.

Although many people consider employee wellness a Human Resources issue, it impacts the entire business. How employees feel both mentally and physically builds the foundation for the growth, stability, and sustainability of an organization.

Implementing an effective employee wellness program could be especially beneficial now, as companies around the U.S. attempt to thrive in a struggling economy.

What Is An Employee Wellness Program?

Employee wellness programs include a set of initiatives implemented within an organization to promote employee health and wellness. Although there isn’t an official definition or plan for implementation, most organization focus their efforts on physical, emotional, financial, social, and occupational wellness. Taking a well-rounded approach to wellness can help organizations improve employee health and quality of life.

Lower Healthcare Costs

When employers invest in employee wellness, they provide numerous benefits to employees and themselves. Maintaining a healthy, active lifestyle reduces the risk of chronic diseases and major health problems. Numerous studies have found that businesses pay less per person per year for wellness program participants.

Increased Productivity in the Workplace

In addition to lower healthcare costs, employees that participate in employee wellness programs become more productive, saving employers on productivity costs. Physical activity and health are linked to improved memory and focus.

The Centers for Disease Control & Prevention (CDC) estimates that productivity losses related to personal and family health problems cost U.S. employers around $1,685 per employee per year, or $225.8 billion annually. In fact, the indirect costs of poor health may exceed the direct medical costs incurred.

Final Thoughts

Investing in employee health and wellness benefits both employees and employers. In addition to reducing healthcare costs, improving health, and boosting productivity, wellness programs build comradery and inspire healthy habits that can last a lifetime. Perhaps this is why around 80% of larger companies and over 50% of smaller companies offer these important programs.

MEBO offers customized employee benefit plans to organizations both large and small. Please contact us for details.