Holiday Hours
Tuesday, 11 November 2008 11:12
Webmaster
| Employee Benefit Concepts, Inc
wishes everyone a Fun and Safe Holiday.
NOVEMBER:
- Thursday, November 27, Closed all Day
- Friday, November 28, Closed all Day
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DECEMBER:
- Wednesday, December 24th, Closed All Day
- Thursday, December 25th, Closed all Day
- Friday, December 26th, Closed All Day
- Wednesday, December 31, Closed at Noon
- Thursday, January 1, 2009, Closed all Day
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Last Updated ( Friday, 14 November 2008 16:15 )
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What is a HRA?
Tuesday, 11 November 2008 10:14
Webmaster
 What is a Health Reimbursement Arrangement (HRA)?
HRAs have been referred to by many names over the years such as personal savings accounts, personal care accounts, defined contribution plans, or consumer-driven health care plans.
The confusion ended in 2002, when the IRS finally issued guidelines in Notice 2002-45 and Revenue Ruling 2002-41 for employer-provided medical reimbursement accounts and called it the Health Reimbursement Arrangement, or HRA.
Health Reimbursement Arrangements are funded with employer dollars to pay expenses not covered by another health plan. An employer can opt for its HRA to pay some or all of the health expenses allowed by the IRS. For example, an HRA could pay all eligible medical expenses, including premiums for health and long-term care insurance; or the HRA could be limited to cover only dental or vision expenses. Although an HRA can have an option to carry forward unused funds to the future or for retirement, an employee cannot take their HRA funds to a new employer.
Last Updated ( Wednesday, 12 November 2008 10:45 )
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Newborns' and Mothers' Health Protection Act – Final Rules
Monday, 03 November 2008 14:01
Webmaster
On Oct. 20, the Department of Labor and three other governmental agencies released final rules for group health plans regarding hospital lengths of stay for mothers and newborns following childbirth. The final regulations are effective on Dec. 19, 2008. For the group market, the final rules apply to group health plans and issuers for plan years beginning on or after Jan. 1, 2009. ERISA-covered group health plans are required to comply with the ERISA notice regulations, whether insured or self-insured. Nonfederal governmental plans and health insurance issuers in the individual market are required to comply with the Public Health Services Act notice which was amended to incorporate these provisions as well. The final regulations support the general rule that group health plans and health insurance issuers may not restrict mothers' and newborns' benefits for a hospital length of stay in conjunction with childbirth to less than 48 hours following a vaginal delivery or 96 hours following a delivery by cesarean section.
Last Updated ( Monday, 03 November 2008 14:02 )
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Inventory Information Approval System (IIAS) Eligible Merchants
Monday, 10 November 2008 14:46
Webmaster
Submitting of receipts for verification of prescription and over-the-counter (OTC) purchases that were made with your FSA Spending Account Card will soon become history. The rules issued by the IRS in July 2006 (Notice 2006-69) will take effect on January 1, 2008. Because of this new regulation, merchants who accept the Spending Account Card (or any health care debit card) must implement an Inventory Information Approval System (IIAS). When you swipe your card at the Point of Sale (POS), the merchants will validate that you are only purchasing an FSA eligible item and will provide FSA with what is required to verify the transaction without any further action by you. That means no more need for you to send in receipts. Because the IRS requires only eligible, health-related expenses to be purchased with your card, FSA recommends that you continue to save all your receipts.
Last Updated ( Monday, 10 November 2008 15:00 )
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Group Health Plans Must Continue Coverage for Sick College Students
Monday, 03 November 2008 13:57
Webmaster
A new law (P.L. 110-381), named "Michelle's Law," requires group health plans offering dependent coverage to allow college students who become seriously ill to leave school without losing coverage under their parents' plan. This law is effective for plan years beginning on or after October 9, 2009 (for calendar year plans, the provision takes effect on January, 1, 2010.) Michelle's Law amends ERISA, the Public Health Service Act, and the Internal Revenue Code to ensure that dependent students who take a "medically necessary leave of absence" do not lose health insurance coverage for up to 12 months after they take the leave of absence. Fully-insured plans as well as self-funded plans are impacted. A "medically necessary leave of absence" means a leave of absence from a postsecondary educational institution that commences while such child is suffering from a serious illness or injury, is medically necessary, and causes such child to lose student status for purposes of coverage under the terms of the plan.
Last Updated ( Monday, 03 November 2008 14:00 )
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