Healthcare

Monday, 30 July 2018

IRS issues more transitional relief for small business credit

Written by Thomson Reuters

Earlier this year, the IRS issued Notice 2018-27, providing transitional relief for certain eligible small employers seeking to claim the Small Business Health Care tax credit. Although the relief is limited in nature, it’s worth exploring if you’ve qualified for the credit recently. Credit background The Small Business Health Care tax credit has been available since 2010, with significant changes taking effect for years after 2014. It’s generally available for two consecutive years to employers that: Have fewer than 25 employees, Pay average annual wages of less than $50,000 (indexed for inflation), and Contribute a uniform percentage of at least 50% of the premium costs for employee coverage obtained through a Health Insurance Marketplace (often referred to as an “Exchange”) associated with a Small Business Health Options Program (SHOP)...

Published in Healthcare
Monday, 30 July 2018

Searching for a way out of the maze of high drug costs

Written by Thomson Reuters

Employers and consumers alike have been lost in a maze of high and rising prescription drug prices for decades. Earlier this year, the Trump administration announced a multipronged “blueprint” it hopes will lead to some relief. Meanwhile, many employers continue to look to outside entities for help controlling costs. Let’s look at where things stand and whether there’s any cause for optimism...

Published in Healthcare

Question: Our company offers a high-deductible health plan and allows employees in that plan to make pretax contributions to a Health Savings Account (HSA). Some of our employees are approaching age 65 and will soon become eligible for age-based Medicare Part A. Are they required to stop contributing to an HSA when they reach age 65? Answer: Not necessarily...

Published in Healthcare
Monday, 02 July 2018

IRS proposes expanded mandatory electronic filing of info returns

Written by Thomson Reuters

Earlier this year, the IRS released proposed regulations that would significantly expand mandatory electronic filing of most information returns. Let’s look at some details. Background and proposal Filers required to file 250 or more information returns during a single calendar year must file electronically but, under current regulations, the 250-return threshold applies separately to each type of information return. For example, if an employer files 200 Forms W-2 and 100 Forms 1095-C during 2018, the employer isn’t required to file either form electronically because, considered separately, neither form crosses the 250-return threshold...

Published in Healthcare
Monday, 02 July 2018

Wellness programs: A broader perspective is taking root

Written by Thomson Reuters

It seems intuitive that the healthier your employees are, the more productive they’ll be — which should lower your health benefit plan costs. That’s the premise of employer-sponsored wellness programs. The Affordable Care Act gave its blessings to such initiatives by sanctioning the use of financial incentives to maximize employee participation. Unfortunately, traditional wellness programs often come up short when the numbers are crunched...

Published in Healthcare
Tuesday, 12 June 2018

5 Signs Your Healthcare Practice Has Outgrown QuickBooks

Written by The Rehmann Team

You’ve put in a lot time and effort to nurture a growing healthcare practice and while QuickBooks worked well at the start, it’s time for something better. QuickBooks isn’t sophisticated enough to manage complicated healthcare operations and it could already be creating new problems. You may not have noticed it right away, but there are several signs that QuickBooks isn’t meeting your needs and could be hampering growth. Here are the top 5 ways to tell you’ve outgrown QuickBooks and what you should do now before things get worse...

Published in Healthcare
Tuesday, 29 May 2018

Can a company’s owners participate in its HRA?

Written by Thomson Reuters

Question: Our company would like to establish a Health Reimbursement Account (HRA) when we switch to higher deductible health coverage. Will our owners be able to participate in that HRA? Answer: The answer depends on several factors, including how your company is organized and the amount of the company owned by each working owner. Tax-free benefits under an HRA can be provided only to: Current and former employees (including retirees), and their spouses, Covered tax dependents, and Children who haven’t attained age 27 by the end of the tax year...

Published in Healthcare
Tuesday, 29 May 2018

HHS happenings: 2019 parameters and noncompliant policy extension

Written by Thomson Reuters

The Department of Health and Human Services (HHS), via the Centers for Medicare and Medicaid Services (CMS), released some important final regulations earlier this year. Most address benefit and payment parameters for 2019, which modify insurance market rules under the Affordable Care Act (ACA). But the regs also pertain to certain insurance policies that, otherwise, may have been canceled. Parameter highlights Here are the highlights of interest for group health plans regarding benefit and payment parameters: Increased annual cost-sharing limits...

Published in Healthcare
Tuesday, 29 May 2018

Healthcare cost trends improve, but hold off on the victory lap

Written by Thomson Reuters

Recent trends in healthcare costs offer a glimmer of hope that employers and employees may find some relief from high benefits expenses soon. But hold off on that victory lap: It’s also clear that employers can’t ease up on their ongoing efforts to keep rising prices in check through innovative, well-maintained plan designs. Report results Here’s the encouraging news. The recent Health Sector Trend Report, produced by Altarum’s Center for Value in Healthcare, found that last year: Healthcare price growth (including services and pharmaceuticals) averaged 1...

Published in Healthcare

When you don’t use the right tool for the job, the results are often problematic. A new healthcare practice can certainly get off to a good start with entry-level accounting software, like QuickBooks, but these benefits don’t last for long. As your facility grows and changes, which it certainly will, the type and volume of data generated by your practice also grows. At this point, QuickBooks becomes less useful and your financial team will resort to workarounds, manual data-entry and other patchwork processes...

Published in Healthcare
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