Benefits Buzz

Posted September 10th, 2013 in Producers

Part II of the registration process for insurance producers to sell coverage in the Federally-Facilitated and State Partnership Exchanges has officially launched.  Part II only needs to be completed by producers who wish to sell in the individual market

Part II is expected to take approximately 30 minutes to complete and requires identity proofing on the Centers of Medicare and Medicaid Services (CMS) Enterprise Portal.

Posted September 6th, 2013 in Producers, Employers, Individuals

Leadership, resources cap decades of achievements and milestones

Earlier this week, Flexible Benefit Service Corporation (Flex) celebrated its 25th anniversary in the health insurance industry. A marketplace leader since 1988, Flex is a trusted general agency and account-based benefits administrator, who also operates the InsureXSolutions® private health insurance exchange.

Posted September 5th, 2013 in Producers, Employers, Individuals

Last week, the U.S. Department of Treasury published final guidance on the Individual Shared Responsibility requirements, also known as the Individual Mandate. The Affordable Care Act (ACA) mandates that most U.S. citizens and permanent residents have a qualified health plan starting in 2014 or face financial penalties.

Posted August 20th, 2013 in Producers, Employers, Individuals

The Affordable Care Act (ACA) requires non-grandfathered plans to impose limitations on out-of-pocket expenses for essential health benefits starting in 2014. The out-of-pocket limitations will be capped next year at $6,350 for single coverage and $12,700 for family coverage. 

However, some self-funded plans will be exempt from this requirement until 2015. The guidance indicates that self-funded plans contracting with multiple service providers can delay this requirement for one year. 

Posted August 13th, 2013 in Producers

The Center for Medicare and Medicaid Services (CMS) has launched the first part of the certification process required for producers to sell insurance products in federally facilitated and state partnership exchanges.

There are different requirements that must be completed depending on the products that the producer wishes to sell. Please note that some courses are highly recommended but not required. 

Posted August 2nd, 2013 in Producers, Employers, Individuals

On Monday, July 22nd, 2013, Governor Pat Quinn signed legislation that will expand the Medicaid program for residents of Illinois starting in 2014. Illinois is now the 23rd state that has decided to move forward with the expansion of its Medicaid program.

The Affordable Care Act (ACA) provides federal funds for states opting to expand its Medicaid program. Federal funds will pay for all of the costs to cover newly eligible people from 2014 to 2016. The federal funds will then start to gradually drop from 2017 until 2020 where it will level off at a 90% payment rate from that year and moving forward. 

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