Benefits Buzz

Posted October 18th, 2023 in Employers, Producers, Individuals

The House Ways and Means Committee recently cleared legislation which would make substantial enhancements and improvements to Health Savings Accounts (HSAs). There are two bills which have now been cleared for a vote in the House of Representatives (House). If passed in the House, the bills would then need to be approved by the Senate before going to the president for signature.
 

Posted October 2nd, 2023 in Employers, Producers
Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.
 
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Posted September 27th, 2023 in Employers, Producers

Employers often wonder if they can pay or reimburse employees for Medicare premiums if they waive coverage under the employer-sponsored group health plan. This may drive down the overall cost to the employer, and it may even be in the best interest of some Medicare-eligible participants; however, this type of action is generally prohibited under various laws.

Posted September 20th, 2023 in Employers, Producers

The Employer Mandate guidelines state that coverage is affordable when an employee must pay no more than 9.5% of their household income (inflation-adjusted to 8.39% for the 2024 plan year) for self-only coverage which is offered, but which employers know the household income of an employee?

Posted September 13th, 2023 in Producers, Individuals

It’s hard to believe that another Health Insurance Marketplace (Marketplace) open enrollment period is quickly approaching. The federally facilitated Marketplace will have an open enrollment period that starts on November 1, 2023, and it ends on January 15, 2024. During this time, individuals and families may enroll in an individual health insurance plan or make changes to existing coverage without a qualifying event.

Posted September 5th, 2023 in Employers, Producers, Individuals

Under guidance issued in 2020, qualified High Deductible Health Plans (HDHPs) have been permitted to cover COVID-19 testing and treatment prior to the deductible and without it impacting the eligibility for a person to make contributions to a Health Savings Account (HSA). The Internal Revenue Service (IRS) has recently indicated this temporary provision will be coming to an end.

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