bates insurance group is an independent insurance agency in edina minnesota logo

For All Your Insurance Needs...Think BIG!

952-944-5044

Toll Free: 800-728-8745

Insider Newsletter

Life brings changes, and whether you have a new employee, or a change in hours to qualify for benefits, or even perhaps a marriage or newborn in the family, these are all "qualifying events" for special enrollment for medical insurance.  Under the Affordable Care Act (ACA), there are rules when you may join or make changes to your coverage.  "Open enrollment" has been around forever for large employer groups, but for small employer groups, they were able to add eligible employees at any time in MN. Individuals that applied for coverage not having major health issues and were accepted,  were able to enroll at anytime, but ACA has changed that and now we are all subject to "open enrollment" windows. 

There's nothing like the angelic sounds of birds chirping, bees buzzing, or a gentle April breeze; yes, Spring is in the air! And, as the weather warms, so do thieves to the idea of stealing precious metals from your air conditioning unit. Business owners with multiple air conditioners are the typical target, but homeowner, beware as these claims are on the rise as well.

As most of you know, a website is a continual work in progress. First comes the initial idea to tell the world who you are and what makes you special, then comes all of the technical expertise necessary to make the site work properly and look professional. All of this and that doesn't even consider how to have the search sites like Google, Bing, and others find you. Once you have that all figured out, then you decide what you should update, add more services or products, include new folks, and much more. Like I said, it is a work in progress...

Baby boomers are turning 65 at a rate of about 10,000 per day. This should continue for the next 20 years, doubling the senior citizen population to over 89 million by 2050 (the silver tsunami). Along with this, the "age-dependency ratio"(folks age 65 or more as percentage of folks 20-64) is also expected to double over similar time frame - or 5 workers for every "silver" going down to 2.5 workers.

We've likely heard about the need for structural reform to social security...and one doesn't even need to acknowledge current problems to see there might be future problems if these forecasts above are accurate. Yet, today's article isn't about Social Security...it's about living arrangements.

The Affordable Care Act (ACA) has new reporting requirements in 2016, Codes 6055 and 6056, with IRS forms due 2/1/16 for the policyholder. Depending on the size of your employee group, some of this mandated reporting will be done by your insurer, and some must be done by you, the employer. If you are a small group, which is defined as employers with less than 50 full-time equivalent employees, and have a fully insured plan, your insurance company will report to the IRS and policyholder. If you are a large group (50+ full-time equivalent employees), then the employer must do the reporting, which can often be assisted by your payroll service. If you have a self-insured plan, the employer must do the reporting.