Archive by month: 2013-5Return
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On May 23, 2013, Senate Finance Committee Ranking Member Orrin Hatch (R-Utah) and U.S. Senator Marco Rubio (R-Fla.) introduced the Family and Retirement Health Investment Act of 2013. Companion legislation was introduced in the U.S. House of Representatives by U.S. Rep. Erik Paulsen (R-Minn.). Both pieces of legislation are intended to strengthen and expand Health Savings Accounts (HSAs) and Flexible Spending Arrangements (FSAs) for Americans.
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Categories: Health Care Reform, Benefits in General, Compliance | Tags: FSA Forfeiture

Senate Bill Would Eliminate Health FSA Forfeiture

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Senate bill S.966, the Medical FSA Improvement Act, was introduced by Senator Ben Cardin (D-MD) along with Senator Mike Enzi (R-WY), on May 15th, to eliminate the Use-or-Lose rule from cafeteria plans and allow individuals to cash-out unused flexible spending arrangement (FSA) balances as taxable income.
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Categories: Benefits in General, Compliance | Tags: Health FSA

Health Insurance Marketplace Equals Exchange

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When the Patient Protection and Affordable Care Act (PPACA) was enacted in March 2010, one of the more controversial provisions was the formation of public Exchanges, in each state, for individuals or small businesses to purchase health insurance from starting in January 2014.
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Categories: Health Care Reform, Benefits in General, Compliance | Tags: Exchanges

DOL Releases Marketplace Model Notices

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The Department of Labor (DOL) issued Technical Release 2013-02 on May 8th which provides the Model Notice to Employees of Coverage Options related to the Health Insurance Marketplace (referred to in the statute as the Exchange) as well as a revision to the COBRA Model Notice of Election to include information about the coverage options, in addition to COBRA, that may be available through a Health Insurance Marketplace.
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Categories: Health Care Reform, Benefits in General, Compliance | Tags: Model Notices
In Revenue Procedure 2013-25, the IRS announced the inflation adjusted limits, under Code Section 223, for high deductible health plans (HDHPs) and health savings accounts (HSAs) that apply to calendar year 2014.
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Categories: Health Care Reform, Benefits in General, Compliance | Tags: HDHP , HSA

$1.3 M COBRA Settlement

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A federal district court in Alabama gave final approval, on April 23, 2013, to a class action settlement under which Macon County Greyhound Park (a.k.a. Victoryland) and its affiliate, McGregor Enterprises, will pay $1.3 million to a group of former employees who alleged they never received COBRA election or premium subsidy information after their involuntary termination of employment.
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Categories: Benefits in General, Compliance | Tags: COBRA