The IRS has released finalized forms and instructions for 2015 to help employers prepare for compliance with the new information reporting provisions under the Affordable Care Act (ACA). Covered employers are required to report for the first time in early 2016 for calendar year 2015.
Who is Required to Report
As a reminder, Forms 1094-B and 1095-B (with related instructions) will be used by insurers, self-insuring employers, and other parties that provide minimum essential health coverage–regardless of size, except for large self-insuring employers–to report information on this coverage to the IRS and to covered individuals.
Large employers–generally those with 50 or more full-time employees, including full-time equivalents or FTEs–will use Forms 1094-C and 1095-C (with related instructions) to report information to the IRS and to their employees about their compliance with the employer shared responsibility provisions (“pay or play”) and the health care coverage they have offered.
Note: Employers subject to both reporting provisions–generally self-insured employers with 50 or more full-time employees, including FTEs–will satisfy their reporting obligations using Forms 1094-C and 1095-C. Form 1095-C includes separate sections for reporting under each provision.
For More Information
Additional details on the information reporting requirements for providers of minimum essential coverage, including self-insuring employers, are available in IRS Questions and Answers. More details about the information reporting requirements for large employers subject to “pay or play” are available in separate IRS Questions and Answers.
The U.S. Department of Labor recently released updated model forms for employers to use in connection with leave taken by their employees under the federal Family and Medical Leave Act (FMLA). The updated forms reflect a new expiration date ofMay 31, 2018. (Previously released versions contained month-to-month expiration dates.)
Under the FMLA, eligible employees are entitled to take unpaid, job-protected leave for specified family and medical reasons. The law also includes certain family military leave entitlements. Private employers who employ 50 or more employees for at least 20 workweeks in the current or preceding calendar year must comply with the FMLA. Employees must work at a location where the company employs 50 or more employees within 75 miles and meet certain other requirements with respect to time worked before they are entitled to take FMLA leave.
The following forms have been updated with the new expiration date:
WH-380-E Certification of Health Care Provider for Employee’s Serious Health Condition
WH-380-F Certification of Health Care Provider for Family Member’s Serious Health Condition
WH-381 Notice of Eligibility and Rights & Responsibilities
New guidance released by the U.S. Equal Employment Opportunity Commission (EEOC) highlights what employers should know about the agency’s enforcement efforts on behalf of lesbian, gay, bisexual, and transgender (LGBT) individuals under federal employment discrimination laws.
Background Title VII of the Civil Rights Act (Title VII) prohibits discrimination in employment on the basis of race, color, sex, religion, and national origin. This federal law applies generally to employers with 15 or more employees.
The law forbids discrimination when it comes to any aspect of employment, including hiring, firing, pay, job assignments, promotions, layoff, training, fringe benefits, and any other term or condition of employment. The law also makes it illegal to retaliate against a person because he or she complained about discrimination, filed a charge of discrimination, or participated in an employment discrimination investigation or lawsuit.
EEOC Guidance
The EEOC takes the position that discrimination against an individual because that person is transgender is a violation of Title VII’s prohibition of sex discrimination in employment. Therefore, the EEOC’s district, field, area, and local offices are expected to accept and investigate charges from individuals who believe they have been discriminated against because of transgender status (or because of gender identity or a gender transition).
In addition, the EEOC takes the position that lesbian, gay, and bisexual individuals may bring valid Title VII sex discrimination claims, as Title VII also protects such individuals against sex discrimination. The EEOC is expected to accept and investigate charges alleging sexual-orientation discrimination, such as claims of sexual harassment or allegations that an adverse action was taken because of a person’s failure to conform to sex-stereotypes.
The text of the guidance is available by clicking here. A brochure regarding the prevention of employment discrimination against LGBT workers is also available.
Our section on Discrimination has more information regarding employer obligations under federal nondiscrimination laws.
The United States rolled out a sweeping set of measures on Thursday to ease the half-century-old embargo against Cuba, opening up the country to expanded travel, trade and financial activities.
Defying hardline critics in Congress, President Barack Obama made good on a commitment he made a month ago to begin loosening some U.S. economic sanctions against the communist-ruled island as part of an effort to end decades of hostility.
The Treasury and Commerce Departments issued a package of new rules that will allow U.S. exports of telecommunications, agricultural and construction equipment, permit expanded travel to Cuba and authorize some kinds of banking relations.
It was the first tangible U.S. step to implement the changes Obama pledged on Dec. 17 when he and Cuban President Raul Castro announced plans to restore diplomatic relations between the Cold War foes.
“Today’s announcement takes us one step closer to replacing out-of-date policies that were not working and puts in place a policy that helps promote political and economic freedom for the Cuban people,” U.S. Treasury Secretary Jacob Lew said in a statement.
The new regulations will allow Americans to travel to Cuba for any of a dozen specific reasons, including family visits, education and religion, without first obtaining a special license from the U.S. government.
The revamped rules will also make it easier for U.S. companies to export mobile phone devices and software as well as provide Internet services in Cuba.
In addition, there will be a change in the definition of “cash in advance” payment required by Cuban buyers, which could help a variety of business interests, most notably U.S. agriculture, in gaining greater access to Cuban markets.
The rollout comes days after Cuba completed the release of 53 prisoners it had promised to free and a week before high-level U.S.-Cuba talks in Havana aimed at starting to normalize ties.
[The new rules also open up some opportunities in life, health and travel insurance. § 515.580 addresses the sale of global insurance policies covering individuals traveling to Cuba. Persons subject to U.S. jurisdiction are authorized to issue or provide coverage for global health, life, or travel insurance policies for individuals ordinarily resident in a country outside of Cuba who travel to or within Cuba. Persons subject to U.S. jurisdiction are authorized to service those policies and pay claims arising from events that occurred while the individual was traveling in, or to or from, Cuba.
Note 2 to § 515.560 authorizes the provision of health insurance, life insurance and travel insurance-related services to authorized travelers, as well as the receipt of emergency medical services and the making of payments for these services.]
While Obama is using executive powers to poke holes in trade barriers with Cuba, only Congress can lift the longstanding embargo. With Republicans controlling the Senate and the House, there is little chance of that happening any time soon.
(Click for the Treasury regulations and Commerce regulations. Or view them below.)
(Reporting by Krista Hughes and Anna Yukhananov, writing by Matt Spetalnick, Editing by Doina Chiacu)
In the last two months our agents and company executives participated in various events throughout the local Miami community to benefit amazing not-for-profit organizations.
BenTrust coordinated efforts in the successful collection and donation to the Smart Start 4 Kids – Back to School Drive.
BenTrust attended the Live Like Bella Foundation’s First Annual Bella’s Ball and pledged support to fund childhood cancer research. You can see more information on this cause and the story of Bella Rodriguez-Torres, a brave little girl who battled cancer and lost, by visiting the site www.livelikebella.org.
Our CMO, Vince Castro participated in the Dwayne Wade Fantasy camp for the Dwayne Wade Foundation.
When searching for ways to lower insurance premiums, you don’t have to look very far. By going over your policy and goals with your agent, you can find ways to save on your current policy. Here are three ways to get lower rates on your current policy.
Cut extra fees
Ask if you’re paying extra for such conveniences as monthly installment fees. If you pay your premium monthly, virtually every insurance carrier will charge you an installment fee of up to $5 a month.
By paying your premiums in full, or as much as possible over a couple of months, installment fees will be lower or removed completely (when paid in full). Setting up an electronic funds transfer (EFT) from your bank account can reduce or eliminate fees as well.
Some carriers also provide “paperless discounts,” easily obtained by agreeing to have all your policy documents sent electronically.
Improve your credit
Credit ratings are significant factors when calculating premiums. Some companies have become so strict with this they’ll sometimes refuse to write a policy for someone with poor credit, and existing policyholders may see premium increases at renewal or even policy cancellation notices for a worsened credit rating. The takeaway: improving your credit can help lower your rate.
Avoid making small claims
You don’t necessarily have to make a claim for minor damage. For example, if your rear-view mirror breaks, instead of filing a comprehensive claim, you could absorb the cost yourself. Most claims, regardless of size, will affect premiums for three to five years, and claims history plays a big role in premium calculations.
As well, once you’ve paid the deductible, you may end up paying more in higher premiums than by covering it yourself.
Go For the Win-Win
By working with your current insurance professional, you can avoid the disruption and frustration of looking around and reduce your premiums – a win-win.
Fixed-income annuities – which provide you with guaranteed income by turning a portion of your savings into an income stream for a set period of time (or even life) – come in numerous varieties, with many optional riders. How do you choose?
Your first choice is immediate vs. deferred. Immediate annuities are ideal for investors who want a predictable income stream that starts immediately. Deferred annuities are ideal for investors who want a predictable income stream that starts in the future – anywhere from one to 40 years away.
BenTrust can find annuity options specifically tailored to you.
Both types of annuities offer guaranteed lifetime income with the security of regular payments, regardless of market fluctuations. They may also protect against interest-rate fluctuations and inflation, and some may offer protection for beneficiaries. But these are all optional features that must be selected and will change your monthly income stream.
Consider the following option quoted for a 43-year-old female who wants to invest in a $200,000 annuity starting in July 2014. She chose a 2 percent annual inflation adjustment. Her monthly income would vary from $539 to $546, for life, depending on which option she chooses.
Balance your present life with your future retirement with an annuity from BenTrust.com
The choices are many and interesting. One, for example, provides an income of $546 per month for her lifetime with $0 in death benefits. Another provides a monthly income of $539 for life with a death benefit that consists of a cash refund (consisting of a lump-sum payment made up of her original investment less income payments to date).
Is it worth a call to your financial advisor? See what your options can be with an annuity from BenTrust Insurance Company. Call us today at 305-444-8350 or fill out this contact form for more info.
How to Protect Yourself From Maxed Out Liability Limits
You probably know it’s important for homeowners to carry umbrella liability insurance, but were you aware businesses need it, too? In fact, practically every business faces situations where it would be beneficial.
What it covers: Even if you carry other commercial policies, each policy has coverage exclusions and liability limits. Umbrella policies, typically available with $1 to $5 million in extra liability coverage, can help pay expenses resulting from exclusions or maxed-out liability limits. In the event of claims or lawsuits, it covers costs such as legal fees, court-awarded settlements, out-of-court settlements, and incidental expenses. These costs can add up quickly, meaning other commercial policies may not be sufficient.
BenTrust is a leader in home owners insurance services. Call us today to find out how we can help with finding the best rates!
Umbrella policies may pay expenses from personal property claims or bodily injury claims that other commercial policies (property, workers compensation, or commercial auto insurance) won’t. And it serves as supplementary coverage if liability limits of other commercial policies are maxed out. For example, a liability claim made against your general commercial policy is awarded a $5 million settlement. Your general policy’s liability limit is $2 million.
The general policy would pay $2 million, and your business would be responsible for the remaining $3 million. You could be stuck paying the difference yourself, or your umbrella coverage would kick in and pay the $3 million. Which would you prefer? If you’re a business owner without umbrella insurance, you’re missing crucial protection that could keep your business from closing. Your agent will help you find the umbrella coverage that’s best for your individual situation.
Home Based Businesses Need Special Insurance
People are working at home more than ever now. However, few realize they need special insurance for their home-based business. After all, they have homeowners insurance…they’re covered through that, aren’t they?
Unfortunately not. But if you didn’t know this, you’re not alone: According to the Independent Insurance Agents and Brokers of America (IIABA) 60 percent of home-based businesses lack sufficient business insurance coverage.
There are three types of insurance designed specifically for home-based businesses:
Homeowners insurance policy riders
Adding a rider to your homeowners insurance is the most economical, with an average cost of under $15 a year to obtain about $2,500 in additional coverage. This isn’t a lot, but it will often make a big difference to smaller companies; this option is usually only available to businesses with $5,000 or less in gross annual business and not much equipment.
In-home business policy This policy is more appropriate for someone with several employees and a lot of business traffic in and out of their home. It provides more coverage for a variety of incidents, on average $10,000 or more, and costs about $200 a year on average. This policy also includes general liability coverage from $300,000 to $1 million, and limited coverage for loss of valuable documents or information, off-site business property coverage, and use of commercial equipment.
In most cases, you also will be covered for lost income and continuous overhead expenses (such as Internet service, website hosting, and phone service) if your business closes temporarily.
Business owners policy Also known as a “BOP,” this is what most small- to medium-sized businesses need, and it is a great choice for home-based businesses that have items manufactured or produced elsewhere but run the business from home. It’s also good for those who make products at home to sell elsewhere or online. It includes all the coverage options seen in an in-home business policy, but on a larger scale.
Peace of mind Paying for additional insurance policies may seem like more bills added to the pile, especially when you’re starting out and want to minimize your expenses. However, it’s one of the most important things business owners can do.
The consequences to a home-based business of not having the right commercial coverage can be dire. Losses will have to be paid out of your own pocket. If you can’t cover them, you could face lawsuits and may be forced to release assets such as your home, savings, business, or more.
Worst case scenario: You may have to return to being an employee to pay off the judgment through your wages. Until a judgment is paid, your assets will continue to be seized, likely meaning you’ll have to shut your doors for good.
Of all the worries you have as a small home-based business, having the right insurance coverage will minimize at least one; effectively, having the right insurance provides peace of mind.
Look at it as an investment equal to the protection you may get from working for someone else.
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What happens if you get caught driving without insurance? Find out the legal and practical consequences.
Many dangers exist when driving without car insurance. Researching, purchasing and maintaining valid car insurance is one of the primary responsibilities of owning or leasing a vehicle. For one reason or another, however, many drivers neglect this important responsibility. In fact, a study by the Insurance Research Council (IRC) estimates that 1 out of every 6 drivers in the United States may be driving uninsured by the year 2010.
Get a Free Car Insurance Quote from BenTrust, call us today at 305-444-8350
People give various excuses for not maintaining a valid insurance policy on their vehicle. Some will say that they cannot afford car insurance, while others will say they forgot about it. Still others will argue that they simply do not need car insurance. Whatever the reason, there are legal and personal consequences for neglecting this responsibility. The following are some of those consequences:
Avoid legal action and get covered with an auto insurance policy from BenTrust.
Legal Fines
Driving without car insurance is illegal. If a driver is in an accident or pulled over by the police, one of the consequences of not having insurance will certainly include a fine of some sort. While the specific dollar amount of the fine will vary from state to state, all states require all driversto carry valid car insurance. State-specific monetary penalties can be found by contacting either the state’s Department of Motor Vehicles (DMV) or a local law enforcement office.
Legal Penalties
In addition to a monetary fine, many states take the penalties a step further by suspending the uninsured’s vehicle registration and/or driver’s license and impounding the uninsured’s vehicle. Some states will even arrest an uninsured motorist. Law enforcement considers driving without insurance to be a very serious offense and will levy punishment as such.
No Protection for You
If an uninsured motorist is involved in a vehicle collision and they are at fault, the uninsured is financially responsible for any repairs to or replacement of their personal vehicle. Besides uninsured motorists, drivers with the minimum insurance coverage are also financially responsible for their own vehicle. When it comes to car insurance, though, many people have an insurance policy that covers damages to their own vehicle as well as the other parties. This benefit is lost when a motorist doesn’t have car insurance.
No Protection for Others
This is one of the primary reasons why it is illegal to drive without car insurance. If one driver causes an accident, the other driver must be compensated for the loss of their vehicle (and in many cases, any pain, suffering, lost wages and medical bills associated with the accident). Without insurance, the driver at fault is monetarily responsible for covering all of these and more. Also, many auto insurance policies cover some amount of legal liabilities, too. Without it, the uninsured would be personally responsible for all their court costs in addition to paying for the other driver’s replacement vehicle, medical costs and whatever else they ask (or sue) for.
Driving without a valid car insurance policy is a serious offense, both legally and socially. Also, it can be a very expensive risk. Understandably, car insurance is not affordable for some people. However, the cost of being caught without it will greatly outweigh the annual cost of having it.
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