Benefits Buzz
As a trusted benefits administrator, Flexible Benefit Service LLC (Flex) wants to keep you informed on the following:
Federal regulators have recently indicated that they don’t feel the current COBRA notices provide enough information about the Exchanges and the options that COBRA beneficiaries have in the Individual Marketplace.
The Department of Health and Human Services (HHS) issued some new guidance on May 2, 2014 as it relates to Special Enrollment Periods and Hardship Exemptions in the individual marketplace. The new guidance has been summarized below:
How do the annual maximum Health Savings Account (HSA) contribution limits apply to an eligible individual with family High-Deductible Health Plan (HDHP) coverage for the entire year if the family HDHP covers spouses or dependent children who also have coverage by a non-HDHP (e.g. Medicare, Medicaid, HMO)?
On April 23, 2014, the following limits were released by the Internal Revenue Service (IRS) under Revenue Procedure 2014-30 for Health Savings Accounts (HSAs) in 2015.
These limits are updated annually and reflect cost-of-living adjustments.
HSA contribution limits
$3,350 for individual coverage (increased $50 from 2014)
$6,650 for family coverage (increased $100 from 2014)
On April 1, 2014, President Obama signed into law the “Protecting Access to Medicare Act of 2014.” Although much of the law is designed to fix problems with the Medicare program, the law also included a repeal of the deductible limits that apply to small group health plans. In 2014, the Affordable Care Act (ACA) established deductible limits for health plans offered to small employers (defined as up to 50 employees in most states).
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