Recent guidance issued by the IRS (Notice 2013-54) and Dept. of Labor (Technical Release 2013-03) regarding annual limit provisions will impact some business owners across the nation. Already the mandated PPACA changes are causing a state of confusion and uncertainty. In what ways will this legislation impact AgriPlanNOW/BizPlanNOW Section 105 Plans?
As always, TASC is working hard to research what’s best for you. Meanwhile, the recent government shutdown, ongoing debt limit negotiations, and PPACA implementation issues—not to mention the myriad of conflicting interpretations—elicit our present course of action: make no hasty decisions. Even in the calmest of times, it makes the most business sense to gather all the facts before setting or changing a direction that affects the administration of AgriPlanNOW/BizPlanNOW Plans. This philosophy of analysis has never been more apt than in today’s windy climate.
At present we do know that Health Reimbursement Arrangement (HRA) plans covering fewer than two employees (i.e. one) will experience no change….no matter whether the Plan is paired with group or individual insurance, is for medical or dental & vision expenses, includes or does not include a maximum limit cap, and so on. Simply put, nearly all AgriPlanNOW/BizPlanNOW Plans are unaffected by this guidance.
We are investigating the potential impact on our customers with multiple-employee plans and accessing what changes need to be made. As we work out the details, we will analyze these Clients to better understand their health insurance coverage, medical expenses, and account history. Once we gather this information and have more clarity on regulations, requirements, and timing, we will work with these Clients to identify the appropriate plan design to best ensure their maximum tax benefits continue.
Stay tuned; continue to monitor this site for further updates.