Benefits Buzz
The Affordable Care Act may have some health insurance producers feeling anxious, but the proactive producer will stay educated and know every option out there to remain a key player in the distribution of health insurance. From timely topics such as Medicare, and trending topics like consumer driven health plans (CDHPs) and our own private insurance exchange, which was designed with the producer in mind – we are discussing what matters most to your future – right now!
According to an estimate by Kaiser Health News, a couple retiring in 2012 will spend $240,000 on health care expenses. Statistics also indicate that a majority of employees (consumers) save virtually nothing on their own for retirement, other than through employer-sponsored plans (i.e., 401(k) plans).
There is an elephant in the room and people are starting to take notice. Flexible Benefit Service LLC (Flex), in a nod towards National Save for Retirement Week (a congressionally endorsed, national event that takes place from October 21 – 27, 2012) is featuring the capabilities of a health savings account (HSA) repurposed as a smart way to begin to save for retirement.
According to a recent release by the U.S. Department of Health & Human Services, the Affordable Care Act will save the average person with traditional Medicare $5,000 through 2022.
Yesterday, millions of people in the U.S. became eligible to shop, compare and reexamine those Medicare plans. This combination of having the opportunity to save a sizeable amount of money during this limited time has lead to the phenomenon commonly known as the “annual enrollment period” or the “open enrollment period”, which sends millions of employees, friends, and family members into a shopping frenzy (this year lasting from October 15 – December 7, 2012).
Don’t let unspent FSA dollars haunt you
It can be scary to think about how much health care costs you and your family. If you have a flexible spending account (FSA), there’s no need to fear. Flexible Benefit Service LLC (Flex) has conjured up six not so spooky ways to use your FSA before the end of your plan year.
- Prescriptions – Don’t be afraid to ask. Your doctor can write a prescription for everyday over-the-counter items.
Flexible Benefit Service LLC (Flex) recently joined forces with various associations and insurance companies representing employers, producers and insurers to submit comments on the selection of Illinois’ state Essential Health Benefits (EHB) benchmark plan.
The purpose of the consolidated comments was to underscore the importance of affordability of coverage for individual consumers and small employers in Illinois. The target for this effort was the state’s Health Reform Implementation Council (HRIC) Workgroup, who was considering specific factors in choosing the EHB package. The benchmark plan will eventually determine the cost of future premiums and how broad coverage will be for Illinois consumers.
No matter where you end up in life, you never forget where you came from. Flexible Benefit Service LLC (Flex) was founded and is headquartered in Illinois. For more than 24 years, Illinois has been the foundation of our success. Now we want to pay it forward by helping other local businesses. Flex is now offering a way for the 136,000+ uninsured small businesses in Illinois to provide health benefits to employees. We call it the InsureXSolutions™ private health insurance exchange.
