Late last week, Senator Orrin Hatch (R-UT), Ranking Member, Senate Finance Committee and Representative Erik Paulsen (R-3rd, MN) introduced the “Family and Retirement Health Investment Act of 2011.”
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Sen. Orrin Hatch, R-Utah, introduced Thursday a bill that would modify and streamline rules for health savings accounts and flexible spending accounts.
Companion legislation was introduced in the U.S. House of Representatives by U.S. Rep. Erik Paulsen (R-Minn.).
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New Reports Indicate Disturbing Trends for Costs and Employer-Sponsored Coverage PriceWaterhouseCoopers (PwC) issued two new reports last week on the cost of health insurance and its resulting impact on employer-sponsored coverage. The first study shows
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Health benefit cost growth accelerated to 6.9% in 2010, following almost 10 years of stable or slowing increases, reports Mercer Inc.
Last year, health benefit costs rose just 5.5%, according to a new study by Mercer, part of Mercer Marsh & McLennan Companies Inc., New York (NYSE:MMC).
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WASHINGTON (AP) — President Barack Obama has signed the first rollback of last year’s health care law, a bipartisan repeal of a burdensome tax-reporting requirement that’s widely unpopular with businesses.
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by Jerry Geisel, Business Insurance
The budget deal, reached late Friday, narrowly averted a large-scale shutdown of the federal government after congressional leaders and the Obama administration agreed to a package that cuts about $38 billion in federal spending.
EBSA News Release: [04/07/2011] Contact Name: Mike Trupo or Jason Surbey Phone Number: (202) 693-3414 or x4668 Release Number: 11-0493-NAT
WASHINGTON — For 25 years, the health insurance continuation provisions in the Consolidated Omnibus Budget Reconciliation Act of 1985, better known as COBRA, have guaranteed that when workers and their families face certain life events, they have the opportunity to maintain their health care coverage. Secretary of Labor Hilda L. Solis today issued the following statement marking this anniversary:
The U.S. Senate passed a bill April 5 that would repeal PPACA’s 1099 tax reporting requirement. The measure benefited from bipartisan support, passing on an 87-12 vote.
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(PLANSPONSOR.com) - The Internal Revenue Service has issued interim employer guidance about reporting on employees' W-2 the cost of the health insurance coverage they sponsor for employees.
Introduced Medical FSA Improvement Act of 2011 - Amends the Internal Revenue Code to allow amounts in a flexible spending arrangement (FSA) that are not spent for medical care to be distributed to the FSA participant as taxable income after the close of a plan year (currently, such unspent amounts are forfeited). Includes such FSAs in the definition of tax-exempt cafeteria plans ...
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This morning a long front-page article in the Wall Street Journal attacks the adverse impact of PPACA restrictions on OTC purchases by FSAs, coming just as several bills are introduced in House and Senate to fix CDH accounts.
Savvy brokers understand that health savings accounts can not only offer clients substantial savings on health insurance premiums, but also triple tax advantages and help clients save for health care and other expenses in retirement. The key is to educate your clients to think in this way.
March 1, 2011 - By Amy Goldstein and Dan Balz Washington Post Staff Writers
President Obama sought to defuse criticism of the new health-care overhaul Monday by saying he is willing to give states an earlier opportunity to opt out of certain key requirements – but only if they can find their own ways to accomplish the law’s goals.
Please Note: As of January 1, 2011, FSA, HRA and HSA funds may no longer be used to purchase over-the-counter medications unless they are prescribed by a health care professional.
The IRS requires select retailers – including pharmacies, supermarkets, grocery, discount stores, wholesale clubs and mail-order merchants, to identify health-related items at the point of sale using the Inventory Information Approval System (IIAS). IIAS makes it possible to identify Card transactions at the check-out counter. This insures that you can only use the Card for eligible items, and does away with the need to submit receipts for verification after the purchase.
