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It's Complicated: Coordinating Medicare, Employer ... - SHRM

It's Complicated: Coordinating Medicare, Employer Health Plans

For Boomers turning 65, family status and veterans benefits affect Medicare decisions

#Stephen Miller, CEBS

By Stephen Miller, CEBS Apr 15, 2011

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updated 11/17/2011

Reaching age 65 is an important turning point for many Baby Boomers--whether they are retiring from work or not. If they remain employed, however, Baby Boomers...

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Date: 2018-03-24 10:40:31

Drug-Coverage Disclosures Are Due by March 1 - SHRM

Each year, employers that provide prescription drug coverage to workers, dependents or retirees age 65 or older--individuals who are eligible for Medicare Part D--must disclose to the federal Centers for Medicare and Medicaid Services (CMS) whether their drug plan is " creditable " (at least as good as Medicare Part D's prescription drug benefit) or "noncreditable" (not as good).

Plan sponsors...

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Date: 2018-03-24 08:39:14

Creditable Coverage Disclosures Are Due to CMS by March 1

Each year, group health plan sponsors that provide prescription drug coverage to individuals eligible for Medicare Part D must disclose to the CMS whether that coverage is "creditable" or "non-creditable." The disclosure obligation applies to all plan sponsors that provide prescription drug coverage, even those that do not offer prescription drug coverage to retirees. Calendar year plans must...

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Date: 2018-03-24 08:37:22

FICA's Bite: Wages Subject to Social Security Tax to ...

The maximum amount of earnings subject to the Social Security tax (taxable maximum) increasedto $113,700 from $110,100 as of January 2013, the U.S. Social Security Administration (SSA) announced on Oct. 16, 2012.

Social Security and Medicare payroll withholding are collected together as the Federal Insurance Contributions Act (FICA) tax.

By January 1, U.S. employers should have adjusted their...

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Date: 2018-03-24 19:11:41

Reminder: Medicare Part D Notices Are Due March 1 (to CMS ...

March 1 Disclosure to CMS

As part of the disclosure requirements under Medicare Part D, employer-sponsored group health plans that offer prescription drug coverage to Part D-eligible individuals are required to submit an electronic disclosure notice to the CMS on an annual basis, reporting whether that coverage is creditable or non-creditable.

A plan sponsor must submit a new disclosure to CMS no...

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Date: 2018-03-24 08:35:33

2017 Payroll Taxes Will Hit Higher Incomes - SHRM Online

The maximum amount of earnings subject to the Social Security payroll tax will climb 7.3 percent...

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Date: 2018-03-24 19:19:45

Demystifying the Medicare Secondary Payer Rules - SHRM

Despite being decades old, the Medicare secondary payer rules still cause consternation among group health plan administrators. When does Medicare pay for services, and when does a group health plan foot the bill? The answer depends on two key factors: the size of the group health plan and why the individual is eligible for Medicare.

It's important to understand the difference between Medicare...

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Date: 2018-03-24 19:38:33

Related topics : medicare group health coverage / medicare advantage payments to health plans / medicare advantage health plans / health plans medicare / medicare secondary payer rules for employers

IRS Issues Guidance on Reporting Health Coverage Cost on ...

IRS Issues Updated W-2 Reporting FAQs and Chart

On Feb. 15, 2012, the Internal Revenue Service (IRS) released updated frequently asked questions (FAQs) on reporting the cost of employer-provided health care coverage on employees' Form W-2s. The updated FAQs reflect the additional interim guidance set forth in Notice 2012-9 (see below).

In addition, the IRS released a new chart that details the...

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Date: 2018-03-24 19:45:15

Related topics : supplemental health care insurance costs / supplemental health care insurance plans / supplemental insurance plans cost / supplemental health insurance costs / dental vision plan supplemental insurance

Employer Obligations for the Additional Medicare Tax

Employers are required to begin withholding Additional Medicare Tax in the pay period in which the employer pays wages in excess of $200,000 to an employee.

Employers that do not deduct and withhold the Additional Medicare Tax are liable for the amount of tax required to be deducted and withheld, i.e., tax applied to wages over $200,000, unless the tax they failed to withhold is paid by the...

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Date: 2018-03-24 13:13:40

Related topics : medicare withholding tax / medicare tax withheld deductible / who pays medicare tax / deduct medicare tax / medicare tax payments