Producers
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:
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.
A recent analysis predicts that 50 million Americans will be covered by Health Savings Account (HSA)-qualified health plans by Jan. 1, 2019 – up 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.
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.
As a trusted benefits administrator, Flexible Benefit Service LLC (Flex) wants to keep you informed on the following:
Federal regulators have recently indicated that they don’t feel the current COBRA notices provide enough information about the Exchanges and the options that COBRA beneficiaries have in the Individual Marketplace.
The Department of Health and Human Services (HHS) issued some new guidance on May 2, 2014 as it relates to Special Enrollment Periods and Hardship Exemptions in the individual marketplace. The new guidance has been summarized below:
How do the annual maximum Health Savings Account (HSA) contribution limits apply to an eligible individual with family High-Deductible Health Plan (HDHP) coverage for the entire year if the family HDHP covers spouses or dependent children who also have coverage by a non-HDHP (e.g. Medicare, Medicaid, HMO)?
On April 23, 2014, the following limits were released by the Internal Revenue Service (IRS) under Revenue Procedure 2014-30 for Health Savings Accounts (HSAs) in 2015.
These limits are updated annually and reflect cost-of-living adjustments.
HSA contribution limits
$3,350 for individual coverage (increased $50 from 2014)
$6,650 for family coverage (increased $100 from 2014)
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