Beginning Jan. 1, 2013, employee contributions to health Flexible Spending Accounts (FSA) will be limited to $2,500 per plan year, with future increases to allow for inflation. The new requirement applies to all FSA plans whose taxable years begin after Dec. 31, 2012 — even plans grandfathered under other provisions of health care reform. The [...]
HSA Qualified Medical Expenses
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Health Savings Accounts (HSA) can be used to pay for HSA qualified medical expenses, even if the expense is not covered by the high-deductible health plan. HSA funds can also be used to cover the costs of qualified expenses of out-of-network service providers, without having to obtain prior approval from your health insurance company. What exactly is an [...]
FICA Limits 2012
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FICA Limits 2012 — Likely To Increase Next Year 2011 saw temporary tax cuts for employees; there was a 2% reduction of FICA taxes for all employees. Typically, FICA taxes are collected on 7.65% of earnings. Prior to 2011, the rate has been 7.65% since the 1990s, but with the tax break, the 2011 FICA [...]
2012 HSA Limits: New Health Savings Account Limits
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The 2012 HSA Limit refers to the Annual Contribution Limit for Health Savings Accounts (HSA) which is set every year by the IRS. The Internal Revenue Service has announced 2012 HSA Limits inflation adjusted deduction limitations for annual contributions made to a health savings account (HSA) under section 223. Health Savings Accounts are tax-favored accounts [...]
Qualifying Event for Changing Group Health Insurance
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Most people are confused about what is a qualifying event. A qualifying event is important because it determines when you can make a change to your employee benefit elections outside of open enrollment. A good employee benefits broker will help you understand when you can or cannot make changes to your group health insurance. What is a [...]
Health Care Reform 2010
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A Summary of Health Care Reform measures which became effective in 2010. Health Care Reform 2010: Insurance Reforms Establish a temporary national high risk pool to provide health coverage to individuals with preexisting medical conditions. (Effective 90 days following enactment until January 1, 2014). Provide dependent coverage for adult children up to age 26 for [...]
Health Care Reform 2015 – 2018
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A summary of health reform initiatives which become effective in 2015 through 2018. Health Care Reform 2015 – 2016: Insurance Reforms Permit states to form health care choice compacts and allow insurers to sell policies in any state participating in the compact. (Compacts may not take effect before January 1, 2016) Health Care Reform 2015 [...]
Health Care Reform 2011
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A summary of health reform initiatives which become effective in 2011. Health Care Reform 2011: Long-Term Care Establish a national, voluntary insurance program for purchasing community living assistance services and supports (CLASS program). Health Care Reform 2011: Prevention/Wellness Eliminate cost sharing for Medicare covered preventive services that are recommended (rated A or B) by the [...]
Health Care Reform 2014
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A summary of health reform initiatives which become effective in 2014. Health Care Reform 2014: Individual and Employer Requirements Require U.S. citizens and legal residents to have qualifying health coverage (phase in tax penalty for those without coverage). Assess employers with 50 or more employees that do not offer coverage and have at least one [...]
Health Care Reform 2013
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A summary of health reform initiatives which become effective in 2013. Health Care Reform 2013: Insurance Reforms Create the Consumer Operated and Oriented Plan (CO-OP) program to foster the creation of nonprofit, member run health insurance companies in all 50 states and the District of Columbia to offer qualified health plans. (Appropriate $6 billion to [...]
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