Jeff Black’s Post

Some employers express interest in encouraging Medicare-eligible employees to leave the group health plan to reduce benefit costs. However, it’s crucial for HR teams to know the rules: if a company has 20+ employees, they cannot force or incentivize employees aged 65 and older (or their spouses) to move to Medicare. 🚩 What can employers do? Offer comparison services that provide employees with unbiased information to make informed decisions about their healthcare options. This approach supports employee rights, keeps companies compliant, and builds trust within the organization. 🩺💡 #HRCompliance #EmployeeBenefits #MedicareEligibility #EmployeeRights #HRInsights #HealthcareGuidance #WorkplaceWellness #Medicare

**Understanding Para 71 of Ind AS 19: Employee Benefits** Para 71 of Ind AS 19 emphasizes that if "employee service in later years results in a significantly higher benefit compared to earlier years", an entity should recognize the benefit on a straight-line basis. This approach ensures a fair and systematic allocation of employee benefits over their service period. **Examples:**  Example 1:Straight Line Basis as per para 71 of Ind As 19: A post-employment medical plan reimburses 10 percent of an employee's post-employment medical costs if the employee leaves after more than ten and less than twenty years of service and 50 per cent of those cost if the employee leaves after twenty or more years of service. Solution: Here as per para 71 For Employees leave after 20 or more years benefit attributed to each year will be 2.5% of the present value of the expected medical cost (50%/20 Years) vs Example 2: "Not" results in a significantly higher benefit compared to earlier years" A post-employment medical plan reimburses 40 percent of an employee's post-employment medical costs if the employee leaves after more than ten and less than twenty years of service and 50 per cent of those cost if the employee leaves after twenty or more years of service. Solution: If "employee service in later years "not" results in a significantly higher benefit compared to earlier years" For Employees leave after 20 or more years benefit attributed to each year will be 4% (40%/10Years) to each of first 10 Years and 1% (10%/10years) to each of second ten years **Auditor's Caution:**   Auditors should review the benefit allocation methodology to confirm it aligns with Ind AS 19, especially if benefits escalate over time. Ensuring compliance with this guidance helps prevent financial misstatements and promotes transparent reporting. #IndAS19 #EmployeeBenefits #FinancialReporting #AuditInsights #EmployeeWelfare

The End of the Year is Near: Health Plan Preparation for 2025 Hi folks, As the end of the year approaches, so does the inevitable onslaught of prep-for-next-year stuff in the health and benefits sector. Believe it or not, there are relatively few new regulations. But that doesn’t mean here at Equinox we won’t have anything to do! We will still be focusing on existing regulations that always need reviewing, as noted in the article, “details are still being ironed out (or for which there are proposed changes).” It then lists the 21 items on the Self-funded Health Plan Checklist as well as various changes to 2025 policy limits. If your HR department is not up for an intense review of each, there’s good news: Equinox Benefits Consulting is. No need to stress it. Give me a call. #ACA # HIPPA #Flexiblespending https://lnkd.in/eP62B3nK

Increased healthcare costs have resulted in the erosion of small business coverage. All conversations regarding healthcare and employee benefits must include small businesses. https://lnkd.in/eN4UYAHg #smallbusiness #employeebenefits #healthcare

Our 2024 Health & Benefits Summit is underway! With a room full of eager professionals and expert panelists, we’re equipping employers with tactical insights to prepare for 2025 and navigate an ever-changing landscape successfully. Interested in the topics discussed and key takeaways? Send me a message and I’d be happy to share. #employeebenefits #gallagher

Fun Fact: Employees who understand their benefits tend to be happier and enjoy a sense of greater stability at work. 😊 In a recent survey conducted by HR Dive, 90% of employees were at least somewhat satisfied with their experience choosing a health plan during open enrollment. These numbers wouldn’t be possible without benefit teams that not only communicate well but also leverage HR technology to improve the open enrollment process. Read more at the link below: https://zurl.co/lQ9N #employeebenefits #benefitsadvisor #corporatebenefits

The IRS has expanded preventive care definitions! 🙌 Discover how this update—covering everything from contraceptives to insulin—could impact your 2025 benefits plans. Get the key facts to help you plan ahead! 👇 #EmployeeBenefits #HealthCarePolicy #BenefitsPlanning #HR

The IRS has just released the new ACA affordability threshold for 2025. Employers need to ensure their lowest-cost, self-only plans remain affordable for full-time employees. Feel free to reach out for further insights and strategies to keep your health plans affordable! #ACA #AffordableCareAct #EmployeeBenefits #HealthCare #HRCompliance #2025Planning #OneDigital #ComplianceConsulting

The Department of Labor on April 29 issued a final rule rescinding Trump-era regulations that expanded the number and types of employers that could band together to create association health plans to cover their employees. The 2018 regulations, which have been in legal limbo since 2019, also allowed these association health plans avoid many consumer-protection elements of the Affordable Care Act, which critics said would open the door to participating employers offering insufficient coverage. Here's why the DOL decided to put an end to these rules and how the landscape changes. https://lnkd.in/gxkkbVFZ

The IRS has expanded preventive care definitions! 🙌 Discover how this update—covering everything from contraceptives to insulin—could impact your 2025 benefits plans. Get the key facts to help you plan ahead! 👇 #EmployeeBenefits #HealthCarePolicy #BenefitsPlanning #HR