Benefits Buzz
The U.S. Department of Health and Human Services (HHS) has announced that self-funded health plans will be exempt from the reinsurance fees after the first year. The recent announcement is expected to be published in a forthcoming document with other rule modifications.
The U.S. Department of Treasury recently issued guidance announcing a significant change relating to Healthcare Flexible Spending Accounts (FSAs) that has many positive implications. The Department of Treasury has modified its “use-it-or-lose-it” provision to allow a limited rollover of unused Healthcare FSA funds. Effective immediately, employers that offer a Healthcare FSA program without a grace period have the option of allowing employees to rollover up to $500 of unused funds at the end of the 2013 plan year.
Flexible Benefit Service LLC (Flex), the exclusive operator of the InsureXSolutions® private insurance exchange, would like to take a moment to mention last week’s exciting new partnership with the largest broad-based business association in Illinois, the Illinois Chamber of Commerce.
The new Illinois Chamber Benefits Exchange, powered by InsureXSolutions provides small employers the opportunity to control costs and lay a foundation for their employees to obtain affordable health insurance.
Individuals are required to project their income for 2014 to determine the maximum subsidy that may be available to them through a public exchange to help reduce their insurance premiums.
If it turns out that an individual projected their income incorrectly, and the premium subsidy they received was too much, then the individual will have to pay back a portion or the entire subsidy amount when they file their federal income tax return.
By this time most of us are starting to become familiar with the subsidies that are available to eligible individuals that enroll in coverage through the Health Insurance Marketplace, also known as the Exchange. Many of us have also heard the phrase:
“If your household income is within 400% of the Federal Poverty Level you may qualify for a subsidy in the Exchange.”
This seems simple to understand on the surface, but this statement is packed with terms that require further definition. We’ve put together a summary to help you understand some of the key pieces of information within this statement.
The InsureXSolutions® private insurance exchange, operated by Flexible Benefit Service LLC (Flex), has launched new resources which can be found at insurexsolutions.com.
There is no need to wait.
