Tax laws and employee benefits: beware of the beast within.
On Jan. 1, 1989, all health and life insurance plans must pass new qualification and discrimination tests as a result of the Tax Reform Act of 1986. Until now, most hospitals have not reviewed their plans because they believed it to be too early. However, many of the basic requirements are known today, and it is clear that the new tests will require detailed information not currently maintained. A possibility exists that employers will not have time to comply with the law if data collection is not begun now. And to ignore or be unable to comply with the new rules could mean substantial financial penalties.
D003625:Data Collection; D005376:Financial Management / Q000331:legislation & jurisprudence*; D005377:Financial Management, Hospital / Q000331:legislation & jurisprudence*; D006264:Health Benefit Plans, Employee / Q000331:legislation & jurisprudence*; D007348:Insurance, Health / Q000331:legislation & jurisprudence*; D010557:Personnel Administration, Hospital / Q000331:legislation & jurisprudence*; D012456:Salaries and Fringe Benefits / Q000331:legislation & jurisprudence*; D013660:Taxes / Q000331:legislation & jurisprudence*; D014481:United States