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Reimbursing Individual Market Premiums

Reimbursing Individual Market Premiums

By Larry Grudzien, Attorney-at-law Can an employer reimburse its employees for premiums on a pre-tax basis for purchasing individual market medical coverage? Answer: No. In IRS Notice 2013-54 & Technical Release 2013-3, the IRS and DOL prohibit the reimbursement of premiums for individual medical policies from health reimbursement arrangements and premium only plans. The IRS and DOL indicate that such arrangements that help employees...

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Employees Get Less Choice Under PPACA

Employees Get Less Choice Under PPACA

June 11, 2014 article by Bloomberg News Service: Small-business workers getting health insurance through Obama-care were supposed to be able to choose their own plans.  Instead, in more than half of states using the U.S.-run version of the program, employers will pick. It’s a promise of the law that will go unfulfilled next year for people in the 18 of 32 states using the federal-run small business markets.  For example, workers in...

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News Update: Deductible Limits for Small Group Repealed

News Update: Deductible Limits for Small Group Repealed

President Obama has just a few days ago signed Section 213 into exsistence.  This is great news for small employers (under 50 full-time employees)!  Section 213 of “Protecting Access to Medicare Act of 2014” repeals the annual deductible limit requirement for small employer insured health plans that was to be effective for plan years beginning on or after Jan. 1, 2014. This change of the Affordable Care Act’s (ACA)...

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News Update: Treasury Gives FSA Guidance

News Update: Treasury Gives FSA Guidance

The U.S. Department of the Treasury issued Notice 2012-40 on May 30, 2012. The Notice provides additional guidance on the $2,500 limit imposed on salary reduction contributions to health flexible spending arrangements (health FSAs) effective Jan. 1, 2013. Additionally, the Treasury also requested comments on possible modifications to the “use-it-or-lose-it” rule for health FSAs. The Notice 2012-40 specifically addresses questions regarding...

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SBC Notifications (PPACA) Coming Soon!

SBC Notifications (PPACA) Coming Soon!

The first question we have to answer is what in the world is an SBC?  The acronym SBC stands for Summary of Benefits and Coverage.  The new standards relating to the Summary of Benefits and Coverage (SBC) for group health plans and health insurance issuers offering group or individual health insurance coverage are designed to provide improved information for consumers to better understand the coverage they have and allow them to compare...

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