Benefits Resource Group

NEWS & EVENTS

June 2010

Medicare News: The $250 Medicare "Donut Hole" rebates checks will start to be mailed directly to eligible recipients, starting mid-June. This is a one-time rebate check, for those eligible recipients who have reached the Medicare Part D "donut hole". The checks will be automatically sent out, so eligible individuals do NOT need to complete any forms, or give out any additional information to receive the checks. There are many "scams" asking for social security numbers, or other personal information - please let others know no personal information or forms are required to get the rebate check! Visit www.medicare.gov for more information.

UPDATE - Health Care Reform: Once again, more updates are being released due to the Health Care Reform legislation. The Dept. of Labor has released additional regulations, which relate to the plan benefits and/or design, regarding pre-existing conditions exclusions, lifetime and annual dollar limits, etc. For more specific regulation rules, please go to our employee benefit attorney, Miller Johnson, website for updates, informational pieces, and for webinars.

HSA UPDATE! The IRS has announced the 2011 indexed amounts for high deductible health plans (HDHP) and Health Savings Accounts (HSA). Below are the 2011 indexed amounts for this coming tax year. For planning purposes, these IRS announcements now come out in June for the coming tax year. Please let your employees know the new amounts for 2011.

For 2011, the amounts REMAIN THE SAME as they were for 2010. HDHP requirements: Deductible $1,200 individual / $2,400 family; maximum out-of-pocket amounts $5,950 individual / $11,900 family. Your HDHP must meet these federal requirements in order for a HSA bank account to be opened. HSA Contribution amounts: Maximum HSA contribution amounts $3,050 individual / $6,150 family. The additional "catch-up" contribution for those 55 and older remains $1,000.

Find out more about the changes or HSAs at U.S. Dept. of Treasury or the IRS website (like Publication 502: Qualified Medical Expenses). Please consult your tax advisor for any tax-related questions.

May 2010

UPDATE - Health Care Reform: Due to the new regulations under Health Care Reform, the IRS, Department of Labor and HHS have issued regulations on the new requirement for group health plans to extend coverage for dependent children up to age 26. This law does not go into effect until September 2010, however many insurance carriers have elected to offer the extension early, to allow those young adults to remain on the group policy. For more specific regulation rules, please go to our employee benefit attorney, Miller Johnson, website for updates, informational pieces, and for webinars.

April 2010

Health Care Reform: With the passing of the Health Care Reform law in March 2010, our health care system will be undergoing major changes. The law is complex, and updates will be forthcoming as "guidance" is released. Please go to our employee benefit attorney, Miller Johnson, website for updates, informational pieces, and for webinars.

November 2009

Employer Alert! It's time to send the annual Medicare Part D Notice to Medicare eligible individuals. The notice explains whether or not your current prescription drug plan is Creditable/Non-Creditable in comparison to the Medicare Part D prescription plan, and is required to be given out annually by November 15th. The model notices and additional information are available at the CMS website. We also sent out information on October 21st. Please keep a copy of the notice, as there are additional times the notice must be given out (initial enrollment, change to creditable status, etc.). Please make this notice part of your new hire enrollment materials. Also, each year you must disclose to CMS the date you sent the notice to the Medicare individuals in your group. If you have any questions, please let us know.

September 2009

For anyone who missed the Miller Johnson webinar on "Health Care Reform: What Does The Legislation Really Propose?" Please let us know and we can send you a copy of the presentation.

You are invited to a new webinar, presented by our employee benefits attorney, Miller Johnson, on the topic of "Health Care Reform: What Does The Legislation Really Proposeω" The webinar is no charge, and will be held Tuesday, September 22nd from 12:00pm – 1:00pm. Please register for the webinar with the instructions listed on their invitation. We hope you enjoy the discussion, and are able to join us.

August 2009

Health Care Reform is a heated topic, and will continue to be a hot-button issue for individuals, seniors and business owners. If you are wondering what is fact v. fiction, there are websites that are taking a non-partisan view. Check out FactCheck.org for articles and Q&A on health care reform. While we do not endorse this site, it appears to be a good media outlet for consumers, focusing on accuracy.

June 2009

2010 HSA amounts announced! IRS has announced the 2010 indexed amounts for high deductible health plans (HDHP) and Health Savings Accounts (HSA). There has been an INCREASE in the HDHP minimum deductible to $1,200 individual / $2,400 family (up from $1,150 / $2,300 respectively, in 2009), as well as the maximum out-of-pocket amounts to $5,950 individual / $11,900 family (up from $5,800 / $11,600 respectively, in 2009). If your current HDHP does not meet these federal requirements, it will change upon renewal in 2010.

Also, the maximum HSA contribution amounts have also INCREASED to $3,050 individual / $6,150 family (up from $3,000/ $5,950 respectively, in 2009). Additionally, the "catch-up" contribution for those 55 and older remains the same, at $1,000 in 2010.

Find out more about the changes or HSAs at U.S. Dept. of Treasury or the IRS website (like Publication 502: Qualified Medical Expenses). Please consult your tax advisor for any tax-related questions. If you have any questions, please let us know.

March 2009

Next time you visit your physician's office, you may be asked to pay your deductible up front. A Washington Post article (dated 3/3/2009) reports on the changing times.

February 2009

EMPLOYER ALERT: New COBRA Stimulus Law Requires Immediate Action!

Please read the link above for important information regarding the new COBRA laws that went into effect with the Stimulus package that was signed into law February 17, 2009. The article is from Miller Johnson, our employee benefits attorney, and includes a breakdown of the new requirements. Please note your COBRA administrator will be contacting you with the next steps to take. Revised COBRA notices are expected to be sent out to eligible employees by April 18, 2009.

October 2008

Effective October 3, 2008, Benefits Resource Group LLC will be located at 4320 44th Street SW, Ste 102, Grandville MI 49418. Our phone and fax numbers will remain the same. We are excited about the move, and look forward to servicing our clients from our new location!

June 2008

NEW FOR 2009! IRS has announced the 2009 indexed amounts for high deductible health plans (HDHP) and Health Savings Accounts (HSA). There has been an INCREASE in the HDHP minimum deductible to $1,150 individual / $2,300 family (up from $1,100 / $2,200 respectively, in 2008), as well as the maximum out-of-pocket amounts to $5,800 individual / $11,600 family (up from $5,600 / $11,200 respectively, in 2008). If your HDHP does not meet these federal requirements, it will change upon renewal in 2009.

Also, the maximum HSA contribution amounts have also INCREASED to $3,000 individual / $5,950 family (up from $2,900 / $5,800 respectively, in 2008). Additionally, the "catch-up" contribution for those 55 and older has increased to $1,000 (from $900 in 2008).

December 2007

Thinking about buying Long-Term Care Insuranceω Read this article! Long-Term Care Insurance helps cover the costs associated with long-term care services. It helps protect your retirement savings and assets, the lifestyle of a healthy spouse and family, and it gives you the choice of where to receive quality care and services. Unfortunately, the need for this coverage is often overlooked or misunderstood.

January 2007

Long-Term Care Insurance: Tax Advantages. While a long-term care insurance policy is designed to cover costs associated with long-term care services, it can also provide tax advantages to an individual or to the corporation that purchases the plan. Read more about the Long-Term Care Insurance Tax Advantages in the LTC Shopper's Guide and make sure to ask your tax professional if this applies to you.

August 2006

Priority Health HMO: Open Access Priority Health is moving to an open network model, providing members with the flexibility to receive office care from a specialist in the Priority Health network without first getting a referral from their primary care physician (PCP). Read more about Priority Health Open Access and Search for a Priority Health PCP or Specialist in your area.