Category: Employee Benefits

Donuts and Cobra

No I’m not going to talk about the now-famous “donut hole” in Medicare prescription drug plans that politicians pretend they understand, but can’t seem to fix. No I’m talking about the numerous holes in what politicians seem to think is the end all be all for workers who lose their job, are disabled, or retire before sixty five.

First, as a worker who is used to his employer picking up part of the premium. Expect sticker shock. Paying the full premium is expensive, but for the many workers who have a health condition or are disabled they have no choice but to pay the premium or risk losing “continuous coverage.” This is word that many workers learn is critical. Go a day without coverage and your new health plan is likely to exclude coverage for your pre-existing condition. A hole can become a deep mine shaft real quickly.

Another hole is if you lose your job to a disability. You can stay on your employer’s plan for up to fourteen months, but even if you are one of the lucky few who qualify for Social Security disability you still don’t become eligible for Medicare for two years after you qualify for disability. During that “hole” of ten months, your premium with another carrier may be more than your social security benefit, that is if you can get coverage at all. If not, you face that “continuous coverage” problem.

Another “hole” is one you may not think is possible, but is happening more and more. A friend writes and says he just heard from his former employer that the long term health insurer for his company cancelled the coverage, and he has only three weeks to find coverage. He wants you to know because with you on COBRA and having a claims history due to your disability, he’s having a hard time getting any carrier to cover him. He may have to go bare. If he goes bare so do you, since your COBRA coverage is with your employer. If your employer stops offering the benefit or closes down you may find yourself in an even deeper hole than a mine shaft.

Some states have begun implementing plans for the hopelessly uninsured getting help under Obamacare, but be careful. That “continuous coverage” bugaboo may prevent even those state plans from covering pre-existing conditions. The Supreme Court may throw out these plans this spring, and then millions may fall through “holes” as well.

I issue this warning because the holes are real and the result can be a lot worse than a bended rim caused by a pothole or a twisted ankle. You may find yourself at the bottom of the well. What you’re not reading in the media is that the uncertainty of the future in health care has health insurers looking for ways to get rid of bad assets. I don’t mean Greek bonds and empty buildings in their investment portfolio. When I’m talking about bad assets it’s those small employer plans that may have one employee whose on Cobra or has condition that is expensive for the carrier. Small employers shouldn’t be waiting for their renewal to look at alternatives, and individuals on Cobra should start looking for alternatives early.

When these “holes” become “canyons” there will eventually be media attention, but by that time the problem may be too big to fix.

Oct 27, 2011 | 0 comments View Post

Unemployment Public Health Crisis

By Webb Hubbell

As more and more people continue to be unemployed or under-employed another health crisis looms and is growing like kudzu. Many of the unemployed and under-employed left jobs where health insurance in some fashion was provided by their employers. They have been limping along paying high premiums under Cobra that allowed them for a period of time to pay the entire premium, but since they can’t find work at an employer that provides coverage they will soon be uninsured and uninsurable. Cobra’s time limits are running out or have already run out for most unemployed. Many had pre-existing conditions when they were fired or laid-off from cancer, heart problems, obesity, or orthopedic problems that were covered for a period of time by their carriers they made Cobra payments to, but as soon as Cobra runs out they have nowhere to go to get coverage for their preexisting condition and are ineligible for Medicare or Medicaid. Many of course have also flat run out of money to pay premiums.

The numbers are growing daily as our economy continues to falter and the prospect for help becomes dimmer. Mandatory coverage for pre-existing conditions does not begin until 2014 and any plan that does individual underwriting will decline coverage or charge an exorbitant premium for coverage. Where do these people go for healthcare? One assumes that the lines at emergency rooms will just get longer and people will stop going to doctors. There is some relief in states who have created state pools, but the future of these pools depends a lot on our U.S. Supreme Court. I for one do not have a lot of faith that the result there will provide relief.

For the millions of unemployed their days are filled with anxiety and worry. Will we lose our home, can I feed my family, and now what happens if I get sick? The numbers are staggering, but if you want a real view of the crisis just look in the face of someone who’s lost their job, lost their home, is scrimping to get by, and is now told even if they have the money, health care is not available. Their face may be merely a reflection of our own if we ignore the looming crisis unfolding right before our eyes. As the unemployed become sicker and sicker, our nation will as well.

Sep 29, 2011 | 1 comment View Post

High Deductible Health Care Plans — A Few Tips

by Webb hubbell

Many individuals are considering or moving to health insurance policies with high deductibles. Policies where the individual pays all of his/her medical expenses up to a certain amount — it can be as low as $1000 or as high as $25,000. Then the insurance company pays 80%, 90% or even 100% of the bills over the deductible amount. Employers are moving this direction as well, especially for their higher paid employees. There are lots of advantages to such policies more than simply lower premiums. Those advantages include the ability to budget and cap health care costs, tax advantages using HSA’s, and the ability under most policies to take advantage of the carrier’s negotiated rates with health care providers. The pros and cons should be carefully discussed with a health insurance professional.

Two things to be very careful about if you’re seriously considering changing to a high deductible plan. The first is when does the calculation of the deductible begin and end? If a plan recalculates its deductible every January 1st rather than the policies anniversary date then all your premium savings may be eaten up if you join a plan in mid to late in the calendar year. Second, get a clear understanding about how prescription drugs are handled. Many high deductible plans require you to use mail order pharmacies especially for specialty drugs. If you’re an individual get a clear understanding from your agent on how drug coverage is handled. If you’re an employer spend some time with you agent getting a clear understanding on how your company plan differs from your existing plan regarding drugs.

Of course, check with your agent on bigger issues such as in network and out of network issues, and how coverage for pre-existing conditions works under a high deductible plan. Finally ask your agent to present the differences to your employees or at a minimum a representative group of your employees. As an employer you will save yourself many a headache allowing employees to have a clear understanding of the day-to-day workings of your health plan.

Aug 29, 2011 | 0 comments View Post

Temporary Layoff May Still Mean Unemployment Benefits

A handful of auto plants have closed in Japan, waiting to be repaired.
The U.S. auto industry is so tied to Japanese production plants, the part shortage is expected to cause Toyota, Nissan, and General Motors to temporarily close about a dozen U.S. auto plants.
Employees are expected to be temporarily laid off until the Japanese auto plant closures are reversed. Though they may be rehired in a few months, the employees could be entitled to unemployment benefits.
Unemployment benefits are state-run programs, meaning that eligibility for a temporary layoff, such as auto plant closures, is state-dependent. Some states make a distinction between a temporary layoff, while others just consider it to be long-term unemployment. If a state has temporary layoff benefits, there is usually a maximum amount of time that a person can be laid off. It could be as little as six weeks, or as long as a few months. Either way, it requires a definite rehiring date.
If there is no definite rehiring date, or the state does not distinguish, a temporarily laid off employee is likely entitled to standard unemployment benefits subject to all applicable rules. Most states are currently having difficulty meeting unemployment benefit demands, with long processing periods. Because the impending auto plant closures, and most temporary layoffs, tend to resolve themselves in a matter of a few months, it’s possible that an application won’t be processed until back at work.
If this is the case, it is still wise to apply for unemployment benefits, as benefits generally begin when an application is filed, entitling the victim of a temporary layoff to back payments.

Apr 04, 2011 | 0 comments View Post

Doesn’t Cost a Thing

Here is a crazy thought. Why don’t you pick up the phone and do something big for your employees that doesn’t cost you a thing. Call your Independent Insurance Agent, like Webb’s friend, Marvin Address, and ask him about voluntary employee benefits. Your company maybe can’t afford to increase its contribution to the health insurance insurance provided by the company or provide additional benefits, but there is no reason that you cannot offer to your employee’s benefits that they individually want and need at reduced costs. Your agent has access to coverages that each employee can pick and choose from depending on their individual situations. Because they are part of a group they may be able to get coverages that aren’t available to them individually at often better rates. Issues like pre-existing conditions and individual underwriting may not be applicable if your employee base is large enough. Rates for coverages like individual disability, long term care insurance, group life insurance, etc. also may be much more affordable than the individual market. Do yourself a favor and your employees as well. I really will not cost a thing.

Mar 25, 2011 | 0 comments View Post

Disability Included in Your Estate, Retirement, and Life’s Planning

Now that Congress has decided to allow your heirs to keep at least $10 Million dollars tax free isn’t it time you did something for yourself? When your lawyer suggests its time to take advantage of all the loopholes that have been discovered in the Tax code, ask him what happens to me if I can’t work, even for a while? When your employer or your employer’s insurance agent says “You are covered for that contingency under your group plan.” Read the plan and ask yourself questions like, “can I live and support my family on that amount 5 years from now?” “What happens when I can do most things, but I have lost my job in the meantime? What do you mean if I receive “other income” it reduces my insurance benefit?” There are lot’s of questions you need to be asking and don’t rely on someone who isn’t acting or advising on your best interests.

I personally believe that a serious discussion about disability with an Independent agent, like my friend, Marvin Address, is more important than discussions about life insurance. You can’t get straight answers from the Internet on this one. If you think you owe it to the wife and kids to leave them something in case you die? Think about you lying in bed and your wife and kids having to support you because you loaded up on life insurance, but “assumed” you had disability that was sufficient. Life Insurance companies offer combination policies that protect you if you are disabled and your family if you die. Ask your agent.

Don’t get so wrapped up in worrying so much about your estate plan that you forget about a plan for living. Take the time to get good advice. Remember if you are twenty you have a 30% chance of being disabled during your working life. Please don’t neglet yourself and your family in this regard.

Mar 09, 2011 | 0 comments View Post

Quick Fact

The average total health benefit cost per employee rose 6.9% to $9,562 in 2010

Mar 01, 2011 | 0 comments View Post

Why Do I Need Disability Insurance? Is .300 a Good Batting Average?

On several occassions I have encouraged my readers to consider purchasing disability insurance. If they are part of an employer’s plan I have encouraged them to investigate a supplemental policy. I have encouraged them to sit down with an Independent agent, like my friend Marvin Address, and discuss what would happen if you becamed disabled. Despite my urging, most people put that on their list to do someday and don’t think about it again. I ran into a friend the other day who for over the last 10 years has what is diagnosed as a disabling cancer. It came on suddenly without warning. She is single and her job was her major source of support. She no longer can work, because of her constant treatments.

She still has a wonderful attitude and as we visited she said, ” Webb every time I see you I will say , thank you, thank you, thank you. I remember when I asked you to look over my benefits package at work. You found that I had an opportunity to purchase a supplemental disability policy through my employer. You said it was probably more important to purchase this than more life insurance. Well I took your advise. I am now disabled, but I am stress free about money.”

The Social Security Administration reports that a 20 year old worker has 30% chance of being disabled during his/her lifetime. That number surprised me and makes me want to try one more time to encourage you to at least visit with an Independent Agent about disability coverage. Life Insurance is important, but for a lot of us insuring our weekly ppaycheck is more important. Life Insurers are now offering combination coverages, ask your agent. It is worth a risk assessment at least. A .300 lifetime batting average is Baseball’s Hall of Fame material, but not much comfort if your benched with a long term disability.

Jan 14, 2011 | 2 comments View Post

The Ultimate Employee Benefit

Yesterday I did not include in your checklist a discussion of the ultimate Employee Benefit — Workers Compensation. The reason – I think for a company of any size this should be a seperate discussion. This is the one area where you have the most to do with the cost of the insurance, and the hidden costs to your company, as well. Your workers compensation cost stays with you for a long time so take the time to visit with an Independent Agent who hopefully is a Certified Workers Comp. Advisor or has that type of experience, training, and knowledge. If you are dealing with a company directly do yourself a favor. Go to the Internet, find a CWCA in your area and offer to by him/her a cup of coffee and to take a look at your program. If you do so and don’t think its worth your time then I owe you a cup.

Jan 14, 2011 | 1 comment View Post

Group Employee Benefits — Checklist

You have scheduled your meeting about Group Benefits with your Independent Agent, like my friend Marvin. So what are you going to ask him to explain?  The following is a checklist to begin the discussion. I am not suggesting your company needs all of this. In fact, some of these coverages you may want to offer to your employees on a voluntary basis only. There may be other plans you may want to discuss, but this is a guide to get you started.

  • Group Health
  • Group Disability
  • Supplemental individual Disability Insurance
  • Life/Accidental Death and Dismemberment
  • Group Dental
  • Group Long Term Care
  • Vision/Vision Discount Plans
  • Critical Illness
  • Executive Compensation
  • Executive Medical Reimbursement
  • Retirement Replacement
  • Employee Legal Service Plans
  • COBRA/HIPPA Administration
  • Flexible Spending Administration
  • Section 125 Premium Only Plans

Again, over the next few weeks we will talk about specifics of a few of these; but you, your agent, and  your CPA should understand each of the preceeding, the tax consequences of each, and the costs including any hidden costs. This is a good beginning.

Jan 13, 2011 | 0 comments View Post

IRS Issues Guidelines on Health Care Tax Credit For Employers

The Internal Revenue Service released guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.

Included in the Affordable Care Act  the small business health care tax credit is designed to encourage both small businesses and small tax-exempt organizations to offer health insurance coverage to their employees for the first time or maintain coverage they already have.

The new guidance addresses small business questions about which firms qualify for the credit by clarifying that a broad range of employers meet the eligibility requirements, including religious institutions that provide coverage through denominational organizations, small employers that cover their workers through insured multiemployer health and welfare plans, and employers that subsidize their employees’ health care costs through a broad range of contribution arrangements.

The credit is available to small employers that pay at least half of the premiums for single health insurance coverage for their employees. Small businesses can claim the credit for 2010 through 2013 and for any two years after that. For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small businesses and 25 percent of premiums paid by eligible tax-exempt organizations. Beginning in 2014, the maximum tax credit will increase to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible tax-exempt organizations.

The maximum credit goes to smaller employers –– those with 10 or fewer full-time equivalent (FTE) employees –– paying annual average wages of $25,000 or less. The credit is completely phased out for employers that have 25 or more FTEs or that pay average wages of $50,000 or more per year. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, employers that use part-time workers may qualify even if they employ more than 25 individuals.

Jan 05, 2011 | 0 comments View Post

Health-care Rules Take Effect

As I mentioned in earlier posts, certain new provisions related to last year’s health-care overhaul have now taken effect.

The new rules are designed to help those caught in Medicare’s “doughnut hole,” and limit how much of their customers’ money health-insurance companies can keep for overhead and profit. These provisions were not directly affected by a Dec. 13 federal court ruling in Virginia that declared the piece of the new health-care law – the requirement that all Americans buy health insurance – unconstitutional. Nor did the Federal Judge stay the implementation of the law. The new rules include:

1. A provision that limits what health insurers can do with the money they collect as premiums.
The rule requires that insurers spend at least 80 percent of the premiums collected to pay insurance claims or use it for activities that improve customers’ health. For policies that are sold to large groups instead of small companies and individuals, the number is even higher: 85 percent. The remaining percent of the money can be used for a company’s salaries, marketing, overhead – or profit. Insurance companies previously have said this rule may cause them to cut back on services, or even pull out of states. Companies might also cut the fees they pay to insurance brokers. If this happens it may eliminate key individuals who help clients navigate the perplexing world of health insurance like my friend Marvin A. Address & Assoc., who is a necessary “go between.” Large and small employers alike rely heavily on brokers to help them design their plan. Without a broker, clients are left without a knowledgeable advocate with the insurance companies. Nobody anticipates that state Insurance Commissioners have the staffs or the resouces to play that role.

2. A provision that provides prescription-drug discounts for seniors in Medicare’s “doughnut hole.” The doughnut hole is a gap in the Medicare prescription-drug benefit passed in 2003. In 2010, for instance, Medicare paid for part of the cost of drugs – until the total cost of the drugs hit $2,830. After that, seniors were responsible for 100 percent of the cost of their drugs, until they had spent $3,610 of their own money. That was the other side of the doughnut hole, and federal insurance kicked in again. Why this gap wasn’t fixed is a whole different story.This provision will give Medicare recipients stuck in the doughnut hole a 50 percent discount on the price of brand-name prescription drugs. Many are worried, however, that drugmakers simply will increase their prices to pay for the discount. In that case, customers would receive 50 percent off that higher number – and end up with what they were paying before.

Bottom line, while the health care law is being attacked in the Courts, and on the floor of Congress, it is being implemented, and the effects and results of that implementation are going to have consequences to every one of us. Continue to stay tuned.

Jan 03, 2011 | 0 comments View Post

Health Care Regulation Train Leaves Station

I said health care regulations would be coming soon, but even I didn’t think they would move this quickly. HHS Secretary Sebelius announced new rules that require health care insurers to justify any increase of more than 10% a year. I haven’t seen the new rules, but of course millions of questions arise. Does this apply per plan, per state, or is it an overall 10%. I am sure that the new rules will clear up that question. Some states give their insurance commissioners the authority to review premium increases, whose decision controls? Does this regulation further fuel the fire of state v. Fed. control? I am also sure the new rules and time will answer these questions.

The initial articles I read indicate that these rules have no teeth other than to increase transparency of insurance company pricing and the deterrent effect transparency may bring. Two things that will be fun to watch. First, in the first reports submitted to justify an increase, how much will be allocated to costs associated with new regulatory oversight. Second, if you don’t hear the insurance companies screaming and filing lawsuits to stop the regulations, then they already have figured out how to either get around the rule or it does not present a problem.

One of my Christmas Wishes – For President Obama quit sitting on his pardon and clemency pen. His reluctance to grant mercy does not serve him or our country well. Begin with Gov. George Ryan so he can be with his wife who is dying with Cancer. Illinois Governor George Ryan did the unthinkable on January 10, 2003 when he pardoned four men on Illinois’ death row who had been tortured by the police into giving false confessions. A day later Gov. Ryan again did the unthinkable when he commuted to life in prison or a lesser terms of imprisonment, the remaining 167 Illinois prisoners sentenced to death. On January 10, 2003, and again the next day, Illinois Governor George Ryan demonstrated he does not share the timidity of his fellow politicians who duck and dodge making controversial decisions that can potentially destroy their career. A governor has the broad authority under the Illinois Constitution to pardon or commute the sentence of anyone convicted of a crime who is the victim of a miscarriage of justice. Many other states have a similar provision. However, on those two days Governor Ryan did not just break the mold of how other politicians ignore those provisions, he completely shattered it. Let him be home for Christmas with his wife.

Dec 22, 2010 | 2 comments View Post

Health Care Reformists and Opponents to Reform Alike – Warning!

Our front pages have been filled with the debate in Washington, DC about tax cuts, the deficit, and “don’t ask — don’t tell.” But, hidden away in only a few newspapers you find an article about the new healthcare law and what is happening. What is happening? Thousands of federal employees are renting space, buying computers, and getting ready to implement the 2000 Page new health care law by adopting regulations. Mark my words if you think the Internal Revenue Code is confusing and overwhelming, “you ain’t seen nothing yet.” Who will be watching this “sausage being made?” The answer is lobbyists, lawyers, and influence peddlers representing large pharmaceutical companies, health care insurers, and those whose profit margins who can be largely affected by adding a comma or inserting a few words of exception. Who will be protecting you, your doctor, or nurse? Well, first Congress has oversight over the process, but if you are looking there for protection, think again. If no one who voted for the law read or understood it, what makes us believe they will supervise the complex rule-making process? How about the authors of the regulations themselves — the federal employees? I know many federal employees and for the large majority they are hard-working and well intentioned. But when the only people given access to them are lobbyists with agendas and future employers whose bottom line is affected the deck is stacked. Risk management principles are clear. If you want to avoid a disaster you must put in place some controls. Where are the controls? If we want any say in our country’s health in the next 50 years “speak now or forever hold your piece.” The cow is about to leave the barn.

Dec 11, 2010 | 1 comment View Post

New Federal Mandates for Health Plans

New Federal Mandates for Health Plans
Written by Tom Seltz, Marvin A. Address and Associates, Inc. (9/23/2010)

Today marks the sixth-month anniversary of the enactment of the Patient Protection and Affordable Care Act (PPACA). While a handful of changes under this Act took effect immediately (see Health Reform Bulletins #1 and #2 for more details) and others still will be phased in over the next three years, several important mandates take effect upon your health plan’s next annual renewal occurring on or after today. To make things really complicated, some of these mandates apply to ALL health plans regardless of their “Grandfathered Status” and some will only apply once a plan has lost its “Grandfathered Status”, or effective January 1, 2014 (whichever is sooner).

While an entire Health Reform Bulletin could be dedicated to what defines a Grandfathered Health Plan, for these purposes I will summarize by saying that a Grandfathered Health Plan is one that was in place with at least one insured on March 23, 2010 AND who has not made any significant changes pertaining to plan design, Copay amounts, coinsurance levels, insurance carrier and/or the percentage of premium contribution paid by the employee. [Of course that doesn’t tell the whole story, so more details on Grandfathered Status, what a “significant change” is, and the consequences will be explained further in an upcoming bulletin.]

So without any further ado, here are the changes you need to know about as your next health renewal approaches:

CHANGES AFFECTING ALL HEALTH PLANS

The following changes will occur on the first day of your health policy’s Plan Year beginning on or after September 23, 2010, regardless of whether yours is a “Grandfathered Plan”:

• Removal of Lifetime Benefit Limits. Lifetime limits on the dollar value of benefits for any participant or beneficiary will no longer be allowed. Most non-dollar-amount limits may still apply, for example a limit on the particular number of visits for chiropractic care, physical therapy, etc. Some annual limits may also be allowed. Because there are also special provisions for certain “mini-med” plans or non-traditional medical plan types, if you have a plan with a lifetime maximum benefit and you are unsure if the plan is exempted from this rule, please discuss with Sandra or me, or contact your insurance carrier directly as appropriate. Otherwise, in most circumstances the carrier will remove the lifetime limit from the plan automatically in accordance to the new rules, and plan highlights and brochures will be updated shortly.
• Benefits for Pre-Existing Conditions for Dependents until Age 19. All group and individual health plans will have to provide benefits for pre-existing conditions for all children up to age 19. If your plan has a pre-existing condition exclusion, it will still apply to adults and any dependents age 19 and older as was the case prior to this change. If your health plan does not have a pre-existing condition exclusion, this change will not affect you.
• Eligibility for Dependents until Age 26. Insurance carriers are no longer allowed to exclude eligibility to dependents under the age of 26 except in very narrow circumstances. Most carriers including CareFirst, United Healthcare and others have already implemented part or most of these changes in advance of the deadline, however this expansion will now apply under full force of the law. [NOTE to DC Groups: A new DC law now requires plans to allow certain dependents to stay on the plan through the last day of the calendar year during which their 26th birthday occurred, not just the last day of the month containing their 26th birthday. More information on that to follow...]
• Additional Restrictions on Health Insurance Rescissions. Health coverage rescissions will be prohibited except for cases of fraud or intentional misrepresentation. Those purposefully deceiving insurance carriers are still eligible for rescission, just as is currently the case.

CHANGES APPLICABLE UPON LOSS OF GRANDFATHERED STATUS (as well as all plans effective March 24, 2010 or later)

In addition to the changes listed above, the following changes will apply to any new health plans written after March 23, 2010 as well as to any plans that loose their Grandfathered Status between now and January 1, 2014:

• Nondiscrimination Rules. Group plans will be required to comply with the Internal Revenue Section 105(h) rules that prohibit discrimination in favor of highly compensated individuals in plan years beginning on or after September 23, 2010, unless grandfathered. Again, more details will be sent to you about this in an upcoming Health Reform Bulletin.
• Preventive Care Services. All group and individual plans will have to cover certain preventive care services with NO cost-sharing, meaning that some services previously subject to an in-network Copay or deductible (or both) will no longer apply.
• Provider Flexibility Rules. All applicable health plans must allow members a choice of primary care physician, allow an individual to choose a pediatrician as their primary care physician, and are required to permit women direct access to obstetricians and gynecologists. If your plan does not require the selection of a Primary Care Physician and/or referrals are not required to see specialists, these rules will not affect your plan.
• Emergency Coverage Expansion. All group and individual plans will have to cover emergency services at the in-network level regardless of provider.
• External Review Process. Insurers are required to implement an appeals process that includes an external review.
• Annual Reports. Many group plans will be required to provide annual reports to the department of Health and Human Services regarding health care quality and wellness programs.

Please note that ALL of the above mandates, and others, will apply to ALL group health plans on January 1, 2014 when the Grandfathered Status distinction will be discontinued.

Of course, upon your group’s renewal please take timely steps to notify your employees and other plan beneficiaries so that they may take advantage of these changes. Attached is sample notification language issued by United Healthcare, for your reference (this can be modified regardless of your carrier… I understand CareFirst has developed something similar). Also, as with any change, please be sure to update your health plan’s ERISA Summary Plan Description (SPD) and/or provide Summary of Material Modification (SMM) as appropriate.

Also for your reference I have attached a simplified PPACA timeline published by the National Association of Health Underwriters, which contains not only a summary of the changes that are occurring now but also the key changes scheduled to occur between now and 2014. Additional information can be found at www.dol.gov, www.dol.gov/ebsa, and www.hhs.gov.

Finally, please note that this bulletin will be posted in the News & Resources section of our website (www.AddressInsurance.com) for your future reference. If you have any questions please contact Sandra or me, your accountant or legal council, or the IRS or the Department of Labor, as appropriate.

Dec 09, 2010 | 2 comments View Post
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