Uncategorized Archives - Beckham Insurance Group

Files sitting on a table for ACA IRS reporting

IRS ACA Reporting & What You Need to Know

/in Uncategorized /by Beckham Insurance Group

The Affordable Care Act first went into effect in 2010. Five years later, the Employer Mandate—known officially as the Employer Shared Responsibility Provisions, or ESRPs—took effect. In essence, the Employer Mandate is a list of provisions that large employers must abide by regarding offering health insurance to their employees. If they fail to meet these guidelines, they can face hefty taxes and penalties from the IRS.

There are reporting guidelines outlined by the ACA, along with their associated penalties for noncompliance. To learn more, read on for your guide to IRS ACA reporting.

Your Complete Guide to HRA Eligible Expenses

/in Uncategorized /by Beckham Insurance Group

Health Reimbursement Accounts, or HRAs, are a great tool that people can use to reimburse themselves for expenses related to dental and healthcare. However, not all expenses are eligible for reimbursement.

Mother and daughter sitting in the park together

SECURE Act 2.0: Automatic Enrollment in Retirement Plans

/in Uncategorized /by Beckham Insurance Group

In March 2022 in a vote of 441 to 5, the House overwhelmingly approved SECURE Act 2.0, a new-and-improved version of the original SECURE bill passed into law in December of 2019.

Woman doing research on her laptop for ACA Pay or Play penalties.

ACA: Pay or Play Employer Shared Responsibility Penalties

/in Uncategorized /by Beckham Insurance Group

According to the Affordable Care Act (ACA), any applicable large employer is required to offer affordable, minimum value health care coverage options to all of their full-time employees and their dependents. In the case that these large employers fail to offer appropriate healthcare options to their qualifying staff, they face penalties under the employer shared responsibility or “pay or play” rules.

How to Read Your Medical Bills

/in Uncategorized /by Beckham Insurance Group

Medical bills can seem very complicated and overwhelming. They’re low on details and full of technical jargon so you never quite know what you’re looking at.

ACA Overview: Prohibition on Rescission of Coverage

/in Uncategorized /by Beckham Insurance Group

The Affordable Care Act (ACA) sets many rules and regulations in place to protect individuals covered under healthcare plans. One of the many ways it does this is by preventing insurance providers from stripping coverage from individuals after they’ve already received the coverage. This act, known as rescission, can cost individuals greatly if it’s not kept in check.

What Does Disability Insurance Cover?

/in Uncategorized /by Beckham Insurance Group

One of the most powerful fears modern people face is finding themselves unable to work and provide for their families. If a disability or debilitating illness prevents a person from working, they won’t be able to go to work as normal and continue bringing in their paychecks. To combat this, special aid systems like disability insurance have been put into place to help supplement a person’s income if they are no longer able to work.

2021 KFF Employer Health Benefits Survey

/in Uncategorized /by Beckham Insurance Group

The Kaiser Family Foundation (KFF) annual employer health benefits survey provides individuals and companies with a detailed insight into modern trends in employer health benefits. This survey of non-federal and public firms covers a wide range of health-related topics including premiums, self-funded contributions, cost-sharing provisions, offer rates, wellness programs, and employer practices.

Does South Carolina Tax Social Security Benefits?

/in Uncategorized /by Beckham Insurance Group

South Carolina is a very popular state amongst the retirement community for a great number of reasons. The state has quality healthcare options, scenic views, outdoor recreation, and mild weather. But one of the biggest draws South Carolina has is its low taxes–both on property and in the various deductions and exemptions. But what about taxes on social security benefits?

What Happens to Your Flexible Spending Account After Job Loss

/in Uncategorized /by Beckham Insurance Group

The cost of healthcare is constantly rising, so many individuals prepare for potential medical expenses by contributing to job-related FSA accounts. But what happens to the money you contribute to an FSA if you leave or lose your job? You definitely don’t want to lose the hundreds or even thousands of dollars you’ve contributed, so to better where that money goes when you no longer work for your employer, let’s take a closer look at FSAs, COBRA coverage, and ways you can use your FSA money before you lose it.