The July Newsletter provides updates on the following topics: Form 720 Reporting Reminder and Upcoming Webinars.
Form 720 Reporting Due July 31 - Does Your Business Need to File?
What does IRS Form 720 have to do with my Zane Plan?
Under the Affordable Care Act, the "Patient-Centered Outcomes Research Institute" was created to evaluate the relative effectiveness of various medical treatments and procedures. To gather the information needed, companies offering insured plans and self-insured health plans are required to pay a governmental research fee by completing IRS Form 720.
How do I determine if my company is required to complete IRS Form 720? How much is the fee?
Those with Zane plan years that ended in 2013 may need to file this year. If you offered a self-insured plan prior to joining Zane Benefits, you may also need to file in 2014.
Your online administrator account includes a reporting feature that summarizes all data for Form 720 automatically. To find this report on your online administrator account go to "Reports" > "IRS Reporting Tools." Click here to read more.
Plan years ending between January 1, 2013 and September 30, 2013 are subject to a $1 fee per covered life.
Plan years ending between October 1, 2013 and December 31, 2014 are subject to a $2 fee per covered life.
The fee is reported and paid annually on IRS Form 720, due July 31 in the calendar year immediately following the plan-year end.
The due date is July 31, 2014.
My business meets the requirements, now how do I complete the form?
IRS Form 720 can be downloaded here. The instructions can be found here. For the purposes of IRS Form 720, your plan is considered an applicable self-insured health plan.
Is there a deadline?
The fees are due on July 31 of the calendar year immediately following the last day of the plan year to which the fee applies. For example, if your company maintained a plan ending in 2013, you will have to complete the form by July 31, 2014.
Is there any good news?
The fee is temporary and applies to plan years ending on or after October 1, 2012 and before October 1, 2019.
Upcoming WebinarsWhat is ZaneHealth? | Thursday, July 17 at 1pm ET
Attend this webinar for a discussion on reimbursing individual health insurance and on our proprietary Reimbursement Software, ZaneHealth. Click here to register.
How to be a Small Business HR Hero | Thursday, July 27 at 1pm ET
Attend this webinar with Join Ben Peterson, CEO of BambooHR, and Rick Lindquist, President of Zane Benefits, as they discuss ways you can stand out as the HR hero you are and take it to the next level! Click here to register.
Your dedicated Account Manager is an expert in ZaneHealth, defined contribution, and health care reform compliance. Let us know how we can help.
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