Benefits Buzz

Posted July 18th, 2014 in Producers, Employers
The IRS and other agencies have issued three different sets of guidance making it clear that employers cannot give actively employed workers pre-tax dollars through a Health Reimbursement Arrangement (HRA) ,or any other type of arrangement, to purchase individual coverage on their own.
Posted June 27th, 2014 in Producers, Employers, Individuals

On June 26, 2014, the Department of Health and Human Services (HHS) issued proposed regulations on the renewal process for individuals that have purchased health coverage through the Exchange. The regulations aim to streamline the renewal process by auto-enrolling the vast majority of existing members into a health plan for the 2015 plan year.

Posted June 20th, 2014 in Producers, Employers, Individuals

Minimum Essential Coverage and Minimum Value are two terms that are mistakenly considered the same by many people, but in fact, these terms have different definitions. 

Minimum Essential Coverage is the type of coverage needed to satisfy the Individual Mandate requirements. The most common forms include the following health plans:

Posted June 13th, 2014 in Producers, Employers, Individuals

On June 1, 2014, same-sex marriage became legal in the state of Illinois. As a result, we wanted to revisit marriage as a qualifying event for health insurance coverage and discuss how account-based health plans are impacted.

Posted June 6th, 2014 in Employers, Producers

A recent analysis predicts that 50 million Americans will be covered by Health Savings Account (HSA)-qualified health plans by Jan. 1, 2019up from approximately 11 million today. With the creation of private exchanges spurred on by the Affordable Care Act (ACA), these consumer-driven health plans have been revealed as a crowd favorite.

Posted May 30th, 2014 in Producers, Employers, Individuals

Can an individual be covered by more than one “Flex Plan” at the same time?

Yes, Health Care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) can be combined in certain circumstances.

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