Tax Free Premiums Company In Sandy
Section 125 Cafeteria Plan By Tax Free Premiums
Sec 125 pop Plan From Tax Free Premiums
The new IRS Notice 1455 creates two new Section 125 mid-year qualifying events designed to help people who have been offered employer-sponsored coverage that might be too expensive for them. The first event is for employees who have had their hours reduced, so that they are now expected to average less than 30 hours of service per week, but they are still offered coverage under the employer’s group health plan.
These individuals will be able to change their employer coverage election and enroll in another plan that provides minimum essential coverage (MEC). For this event, employers may rely on a representation from the employee that they have enrolled or intend to enroll in new coverage (the employee does not actually have to provide proof of enrollment in order to drop coverage).
The second new event is known as the “Revocation Due to Enrollment in a Qualified Health Plan” and applies when an employee has experienced a mid-year special enrollment period qualifying event, which allows them to enroll in a qualified health plan (QHP) available in the exchange. It also applies during the exchange’s annual open enrollment period.
This means if an employee was offered coverage by an employer at a time other than during the exchange’s open enrollment period and that coverage was unaffordable and/or not minimum value coverage, the employee could then revoke their election and drop the employer coverage to instead obtain coverage through the exchange. Previously, there was no qualifying event allowing a Section 125 plan to recognize the special enrollment periods in a QHP offered through the exchange. Nor could an employee enroll in a QHP during the exchange open enrollment period and drop coverage through an employer-sponsored plan if that employer sponsored a non-calendar year plan.
Federally Mandated Forms
Legal Team Specialzing in ERISA
The legal team we use specializes in ERISA, providing you with confidence you will always have the most legally compliant Premium Only Plan (POP plan) documents available.
We Help You Stay In Compliance
Many companies have a Section 125 POP plan document on file, but it is out of date. Our automated and real time updates make staying in compliance a breeze.
Tax Free Premiums
Tax Free Premiums offers an automated, convenient, low cost, and 100% compliant IRS Section 125 Premium Only Plans for you and your employees. A convenience you can afford. Effortlessly void expensive penalties with the peace of mind that your section 125 POP plan documents will always be in compliance. Our access to a legal team that is constantly involved with the latest legistlative changes enables you to get timely, automated updates to your Section 125 POP plan documents.
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Location: Sandy UT
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