Does your broker’s plan have you ready for the 2020 tax?
Have you taken actions to avoid paying the Cadillac Tax on your employee health insurance program? Starting in 2020, the Affordable Care Act (ACA) imposes a 40% excise tax on any employer-sponsored health care coverage that exceeds annual indexed dollar limits.
Health care inflation has increased with the arrival of the Affordable Care Act. Most employers are struggling with rising health care costs. Many mid-sized companies simply don’t have the data to begin evaluating cost drivers and devise solutions to counter these. Data is critical because not all solutions apply to companies of equal size.
Worksite wellness programs have grown in prevalence, yet their promises of gains from lower health insurance utilization and increased productivity are under realized for most. Employers of choice or highly desirable work environments, however, have identified the barriers to realizing these gains and are employing a strategy that encourages employees to secure rewards in health and wealth.
