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Repealing ACA Isn’t That Easy

Repealing ACA Isn’t That Easy

A great article came out yesterday from one of our favorite publications here at the Omega Benefit Group. The Employee Benefit Adviser has been great at getting information to our industry and this article is a wealth of knowledge.  Take a look: Now that Donald Trump has taken office, in the weeks and months ahead we can expect to learn more details about his proposed healthcare policies and how he plans to begin the process of repealing...

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Small Employers Can Use Stand Alone HRA’s

Small Employers Can Use Stand Alone HRA’s

President Obama on Dec. 13 signed into law the 21st Century Cures Act, which will let small businesses use health reimbursement arrangements (HRAs) to fund employees who purchase individual health plans on the open market. The bipartisan bill, which Congress passed Dec. 7, focuses primarily on speeding up drug approvals and making innovative treatments more accessible. But it also includes provisions that affect employer-provided health...

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IRS Announces Benefit Limitations for 17

IRS Announces Benefit Limitations for 17

Today, the Internal Revenue Service announced in Revenue Procedure 2016-55 the annual inflation adjustments for more than 40 tax provisions for 2017, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments. There are several benefit limitations for 2017 included: * The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending...

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2017 HSA Limits Released by IRS

2017 HSA Limits Released by IRS

We have good news and bad news for the changes to H.S.A contributions for 2017. So here is the good news… You won’t have to remember much! The bad news, the contributions didn’t go up very much at all so you can’t add more to your yearly contribution in 2016. The Internal Revenue Service (IRS) issued its new guidelines for contributions and out-of-pocket expenses for Health Savings Accounts (H.S.A’s) that are tied to a high-deductible plan...

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What Exactly Is a PBM?

What Exactly Is a PBM?

If your employer offers prescription medication benefits, you may think that you are getting your prescriptions directly through an insurance plan. The fact is that most health plans contract with a pharmacy benefits manager (PBM) to administer prescription drug benefits. So, what exactly is a PBM and what does it do for you? Simply stated, a PBM is a company that administers, or handles, the prescription drug benefit component of your...

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What You Need To Know: 1095 Filing

What You Need To Know: 1095 Filing

Another confusing part of Healthcare Reform (PPACA) is the 1095 filing that is taking place this year. There aren’t many things to do from an employer’s perspective but there are a few points that can help calm the frantic HR or CFO and your employees on the new IRS tax forms required for health insurance.  The Affordable Care Act (ACA) requires that health insurance carriers and some employers to provide new health insurance...

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