Benefits Buzz

Helpful Reminders for the 2016 Open Enrollment Period

Posted October 8th, 2015 in Employers, Producers, Individuals
Helpful Reminders for the 2016 Open Enrollment Period

The open enrollment period (OEP) in the individual market will begin on November 1, 2015 and end on January 31, 2016.

During this time period, just about anyone can enroll or make plan changes to coverage in the individual market.

Here are some helpful reminders as the OEP approaches:

Who is eligible for a subsidy?

There are a number of factors that affect eligibility or can disqualify an individual for a subsidy, such as:

Tags:
healthcare reform, open enrollment, health insurance, Subsidy

Hurt at the Opera? There's an ICD-10 Code for That

Posted October 7th, 2015 in Producers, Employers, Individuals
Hurt at the Opera? There's an ICD-10 Code for That

On October 1, 2015, the medical industry launched ICD-10 in the U.S.  ICD-10, which stands for the International Classification of Diseases, 10th revision, is a medical classification system adopted by the World Health Organization (WHO). Simply put, it’s an international coding system that requires physicians, hospitals and other medical providers to assign a unique number for every patient disease, diagnosis, abnormal finding, cause of injury, etc.

Tags:
medical codes, doctors, Health care, health insurance

Health Care FSAs: 2016 Contribution Limit Prediction and Cadillac Tax Comments

Posted August 31st, 2015 in Producers, Employers
Health Care FSAs: 2016 Contribution Limit Prediction and Cadillac Tax Comments
The statutory limit for Health Care Flexible Spending Account (FSA) elections is expected to remain unchanged in 2016. The salary reduction limit was capped at $2,500 in 2013 as a result of the Affordable Care Act (ACA) and is subject to inflationary adjustments. In 2015, the limit was increased to $2,550. However, due to a recent government report issued by the U.S.
Tags:
healthcare reform, Cadillac Tax, flexible spending account, FSAs, Affordable Care Act, contribution limit

Uninsured Rate Not Taking Underinsured into Account

Posted August 24th, 2015 in Producers, Employers, Individuals
Uninsured Rate Not Taking Underinsured into Account
A report issued by the Centers for Disease and Control (CDC) recently made waves in industry news.
Tags:
healthcare reform, Affordable Care Act, uninsured, underinsured, FSAs, HRAs, HSAs, consumer driven

Cadillac Tax Update

Posted August 14th, 2015 in Producers, Employers
Cadillac Tax Update
It appears that the Internal Revenue Service (IRS) is having some trouble with formulating guidance as it relates to the Excise Tax on High Cost Employer-Sponsored Health Coverage, also known as the Cadillac Tax. Earlier this year the IRS released Notice 2015-16 which sought public comment on the types of coverage that should (or shouldn’t) be included when calculating the value of coverage.  
 
Tags:
healthcare reform, Affordable Care Act, ACA, Cadillac Tax, IRS

HSA or 401(k)?

Posted August 7th, 2015 in Producers, Employers, Individuals
HSA or 401(k)?
In a perfect world we would all save as much money as we could for retirement, but the reality is the average person has a limited amount they can save for the future. That being said, some Health Savings Account (HSA) advocates are saying employees should consider funding an HSA before a 401(k) or other retirement savings vehicle. Advocates stress that HSAs have one leg up on 401(k) plans because of a triple tax advantage feature.
 
  1. HSA contributions are tax deductible……just like 401(k) contributions.
Tags:
health savings accounts, HSAs, retirement, contribution limit, consumer driven

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