Benefits Alert 2013-04

Trish Neely, CFCI

The IRS has just posted the revised Form 720 that Employer with self-funded health plans, including HRAs and FSAs will use to report the fees. Link to the new form and instructions: Click Here.

What is PCOR you ask?

Section 4375(a) of PPACA imposes a fee on applicable* self-funded health plans and health insurance policies for each policy year ending on or after October 1, 2012, and before October 1, 2019.

Benefits Alert 2013-03

Trish Neely, CFCI

For many employers, FBMC included, wellness programs are considered smart business. According to a Rand Corporation study of 600 businesses (50+ employees), Workplace Wellness is a $6 billion industry in the United States with 51% of mid-size to large companies offering some type of workplace wellness. (Sharon Begley, Bloomberg | May 29, 2013)

Benefits Alert 2013-02

Trish Neely, CFCI

The Department of Labor (DOL) released the model language we have been expecting for employers to notice employees about the Exchanges. This Alert focuses on the Model Notice for employers who offer a health plan to some or all employees: http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf.

Benefits Alert 2013-01

Trish Neely, CFCI

The IRS just released the cost of living adjustments for High Deductible Health Plans and Health Savings Accounts. These adjustments are important even if you do not have a high deductible plan. Beginning in 2014, a health plan’s out-of-pocket maximums for any given plan year cannot exceed the maximum permitted for the high-deductible health plan (HDHP) coverage for that year. As highlighted below, the dollar limits on the out-of-pocket maximum under an HDHP for 2014 are $6,350 for self-only coverage and $12,700 for family coverage.

Benefits Alert 2012-05

Several clients have requested amendments to their current Medical FSA plan documents and summaries for their corresponding SPDs. We recommend you delay until the first quarter of 2013.

Why do we recommend a delay?

First. We reported to you in BA 2012-03 that the Treasury Department and the IRS were considering whether the use-or-lose rule for health FSAs should be modified. They invited comments from tax payers and more than 1,000 letters were received by the 8/14/12 deadline. As we suspected, the majority were in favor of a rollover of unspent contributions and elimination of use-it-lose-it.