Employers
Posted January 18th, 2017 in Producers, Employers, Individuals
The term “excepted benefit” is used very frequently in the health insurance industry, but several people have a hard time understanding what that term actually means. In reality, it’s not that hard of a term to understand once it’s explained in plain English.
Posted January 13th, 2017 in Producers, Employers, Individuals
Nothing has changed yet. Nothing will change until after Donald Trump is sworn in as President on January 20th.
Posted January 10th, 2017 in Producers, Employers, Individuals
Significant changes to short-term medical plans (STM plans) have been finalized for 2017.
STM insurance plans with effective dates:
- Prior to April 1, 2017, may be issued for longer periods of time so long as the length of coverage does not extend beyond December 31, 2017.
- On or after April 1, 2017, must be limited in duration to periods of less than three months, and that duration includes any renewed coverage.
Posted January 4th, 2017 in Producers, Employers, Individuals
The deadline to make HSA contributions for the 2016 tax year is April 18, 2017. The deadline would normally be April 15th, which is the usual deadline to file federal tax returns, but that day falls on a Saturday this year so the IRS has announced they will allow a few extra days to submit 2016 tax returns.
Posted December 30th, 2016 in Producers, Employers, Individuals
Last week, the Departments of Labor, Health and Human Services, and the Treasury (collectively the “Departments”) issued new guidance as the Affordable Care Act (ACA) continues to evolve.
The guidance has been summarized into three different categories shown below:
1. Group Health Plans
Posted December 20th, 2016 in Producers, Employers, Individuals
The health insurance industry saw quite the year in 2016. Here are some of the highlights:
- ACA reporting had to be submitted for the first time which was an administrative struggle for several employers, but most were able to find a way to get it completed.
- Several Co-Ops, including Land of Lincoln Health, were forced to shut down due to solvency problems.
- Most insurers reduced or eliminated commissions on the sale of individual health insurance plans as a result of profit losses.
Flexible Benefit Service LLC (Flex) is excited to tell you about the 21st Century Cures Act which was signed into law by President Obama on December 13, 2016. While the law primarily focuses on healthcare innovations and enhancing medical research, it also created a new type of Health Reimbursement Arrangement (HRA), referred to as a "Qualified Small Employer HRA."
The U.S. House of Representatives recently passed a bill that is being referred to as the 21st Century Cures Act. The bill is expected to be taken up by the Senate this week, and the belief is the Senate will pass it as well. If passed by the Senate, it appears President Obama would sign the bill into law.
The Internal Revenue Service (IRS) issued Notice 2016-70 on November 18, 2016 which provides some relief to insurers, employers and other entities subject to ACA reporting requirements under Code Section 6055 and 6056. The Notice does not extend the due date of the filing requirement for the 2016 year, but it does extend the due date in which copies of the reporting forms must be provided to employees and individuals. The due dates are now as follows:
Posted November 28th, 2016 in Producers, Employers, Individuals
Exciting News!
Flexible Benefit Service LLC (Flex) is now in our new office, located at:
8700 W. Bryn Mawr Avenue, Suite 1010S
Chicago, Illinois 60631
The new office space includes an open plan design and is enhanced for greater workplace collaboration and operating efficiencies. We look forward to serving you from this new location!
Our phone/fax numbers, emails and web sites will remain the same.
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