Employers
The Affordable Care Act (ACA) mandates that all Americans have health insurance or pay a penalty. If you’re an American, just look to the mirror to see who’s going to be affected.
Last week, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) into law, which includes tax provisions that affect those who commute to work using mass transportation or vanpools.
Between lengthy meetings at the office, frantic shoppers and frenzied holiday music, it can be hard to stay focused on the fact that the year is coming to a close. In fact, with all the water cooler talk about the world ending it is even anticlimactic.
In their own words, politicians on either side of the fence agree that the middle-class is hurting.
“Middle-income families are being crushed.” – Mitt Romney
“The Middle Class has been buried.” – Joe Biden
A hot topic during the 2012 presidential election has been health care reform and the Affordable Care Act (ACA). American workers are paying more out of their pocket for health care expenses than ever before. No matter which party line you side on – everyone seems to agree that the financial burden carried by the middle class is disproportionate in one way or another.
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.
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.
You are a business owner, human resource or benefits professional, or even an insurance broker. You are trying to help run a business or assist another businesses needs. You do not have time to learn all the ins-and-outs of every employee benefits offering or business process that comes across your desk.
You do, however, want to make available an employee benefits package that engages and retains employees, while promoting wellness. And, you keep reading in the news about account-based health plans, namely flexible spending accounts (FSAs), becoming a staple in offerings across the nation – and rightfully so.
InsureXSolutions is a game-changer for some employers!
The much anticipated private health insurance exchange from Flexible Benefit Service LLC (Flex) has recently launched and it’s creating lots of excitement because of its unique features.
How is InsureXSolutions® unlike other private insurance exchanges?
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It promotes a defined contribution funding model for employers to truly manage and cap their costs. This is critically important for employers not currently offering group health insurance. They can now establish a fixed dollar amount for employees without having to worry about participation requirements or other unknown costs.
Marketplace recognition increases and enrollment grows - and it's about time!
We continue to see an increase in news, surveys and reports that consumer driven health plans (CDHPs) and tax-advantaged programs are growing in popularity and enabling more Americans to make better health care decisions. We strongly agree, but this is not new to us at Flexible Benefit Service LLC (Flex).
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