Premium tax credit notices for employees who purchase health insurance through an exchange could soon be headed your way. The way you handle them could make all difference.
“An employee only is eligible to receive a premium tax credit to purchase coverage on an exchange if the employee is not eligible for coverage through their employer or that coverage is considered unaffordable,” reminds an update from Wolters Kluwer in its Health Reform Talk blog.
When employees receive a premium tax credit—allowed under the Affordable Care Act as a way to help consumers offset the cost of coverage—the exchange will notify their employer. Exchanges will send a notice every time an employee claims a credit, regardless of whether an employee is ineligible for because they have affordable coverage. Thus, employers have 90 days to appeal any claims they believe are in error.
However, Ali Master, a national director at Ernst & Young, said recently that employers could receive “thousands of notices” and should implement proper procedures for dealing with the influx, WK reports. She suggests:
Up more than 9% from last year, Fidelity Investments reports that its average 401(k) balance is $88,600 at the end of the first quarter 2014—driven largely by auto enrollment.
Overall, 26% of employers automatically enroll employees in their retirement plan, according to Fidelity, while noting that employers may want to add auto escalation as well. A high percentage of employers default employees at 3%, Fidelity finds; however, an ideal deferral amount is closer to 10% to 15%, financial experts say.
Good news for wellness: Employees reach for healthy breakfast options on weekdays, according to a business report from NBC News.
The report cites data from delivery service GrubHub, which finds the types of food delivered to workplace locations.
Coffee, tea and oatmeal top the list of most-ordered foods during the workweek, along with egg whites, fruit salad, smoothies and yogurt. “People seem to be really focusing on their health and keeping themselves healthy at work on the weekdays,” Allie Mack, GrubHub spokeswoman, tells the network.
However, it seems employees’ healthy choices don’t extend into the weekend, as GrubHub also finds that waffles, pancakes and eggs Benedict are popular orders for home deliveries on Saturdays and Sundays.
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