Employee Benefits
Esprit Benefits explores your current benefit strategy to gain the knowledge needed in order to recommend any needed changes.
Tax Mitigation
Like no other time in the past, managing an employee health benefit plan is riddled with numerous reporting and compliance challenges.
Compliance
In addition to products and procedures to mitigate your tax liability, there needs to be an efficient compliance and reporting system.
Employee Benefits
Esprit Benefits explores your current benefit strategy to gain the knowledge needed in order to recommend any needed changes. A few of the aspects of our strategy are:
- Types of Products (Medical VS Voluntary)
- Premiums and Contribution Levels
- Employer and Employee Expectations
- Enrollment Conditions
- Employee Communication and Cost Management
Tax Mitigation
Like no other time in the past, managing an employee health benefit plan is riddled with numerous reporting and compliance challenges. In addition to the “standard” government regulations (HIPAA, ERISA, COBRA, etc.) for plans, the Patient Protection and Affordable Care Act passed in 2010 has added another level of reporting and taxation complexities to employers’ benefit plans. Here are a few questions you need to ask to start thinking “tax strategy”
- Are you aware of the types of plans that must be offered to remain compliant? And the different restrictions that accompany such plans, I.E. participation requirements, premiums levels etc.
- Are you aware of the thousands of dollars in tax penalties that you could be liable for if you don’t file the correct ACA forms?
Compliance
In addition to having certain products and procedures to mitigate your tax liability, there needs to be an efficient compliance and reporting system
- HIPPA Privacy Practices
- Medicare Part D – Creditable and Non-Creditable Notices
- Plan document review and necessary wraps
- Enrollment counts for the PCORI fee
