Discovery Benefits Named One of Best Places to Work by Business Insurance
Discovery Benefits was recently named one of the Business Insurance Best Places to work in Insurance.
The companies included on this list are to be celebrated as an elite group of employers that have created high-quality workplaces that encourage employees to thrive in a work environment they can love.
Best Companies Group, an independent workplace excellence research firm that manages other regional and industry programs in the United States and Canada, managed the registration process, conducted the surveys, evaluated the data over several months and ultimately selected the firms that made the cut.
The assessment was a two-part process. Part 1-responsible for 75% of a company's score involved a confidential 76-question Employee Engagement & Satisfaction Survey, which was used to evaluate employees' workplace experience and the company culture. The second part of the assessment, responsible for the remaining 25% of a company's score, was an employer questionnaire, which collected information about each company's benefit programs, policies, practices and other general information.
August 12, 2010 · Categories: General · Read article »
Patients' Freedom to Choose Act introduced in House and Senate
The Patients' Freedom to Choose Act was introduced in the House Thursday, July 29, by Rep. Erik Paulsen (R-MN, 3) and a companion bill was introduced in the Senate by Senator Kay Bailey Hutchison (R-TX). The bills (H.R. 5923/S. 3673) would repeal the $2,500 cap on flexible spending accounts (FSAs) and the restrictions placed on the use of FSA and HSA dollars for reimbursement of over-the-counter drugs included in the health care reform law. We will keep you informed of any further developments.
July 30, 2010 · Categories: General, HSA, FSA · Read article »
COBRA Subsidy Not Extended - For Now
As of June 22, 2010, the COBRA subsidy has not been extended beyond May 31, 2010. Individuals who are involuntary terminated June 1, 2010 or later are not eligible to receive the subsidy. Sen. Robert Casey (D-PA) offered an amendment (S. Amt. 4371) to a stripped down version of a Senate tax-extender bill that would extend the COBRA premium subsidy program through November 2010. At this point it is unclear if the bill and its amendments will pass.
June 22, 2010 · Categories: COBRA · Read article »
Red Flag Rules Delayed through December 31, 2010
In response to several lawsuits that have been filed as well as the requests of several Members of Congress, the Federal Trade Commission has further delayed the enforcement of the Red Flags Rule through December 31, 2010.
The Red Flags Rule became effective on January 1, 2008, with full compliance for all covered entities originally required by November 1, 2008. However, the FTC has delayed the enforcement of the rule several times. The latest enforcement delay was scheduled to expire on June 1, 2010.
June 1, 2010 · Categories: General, HRA, FSA · Read article »
IRS Releases 2011 HSA Plan Limits - No Changes from 2010
The IRS released Revenue Procedure 2010-22 that provides the 2011 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under Section 223 of the Internal Revenue Code.
The amounts for 2011 are unchanged from the amounts for 2010 because, after the application of the cost-of-living adjustment rules of Section 223(g) (including the rounding rule of Section 223(g)(2)), the changes in the Consumer Price Index for the relevant period do not result in changes to the amounts for 2011.
May 24, 2010 · Categories: HSA · Read article »
Agencies Provide Guidance With Regard to Requirement to Extend Coverage to Adult Dependent Children
By John Hickman, Esq. and Ashley Gillihan, Esq., Alston & Bird, LLP
The agencies (Treasury, Labor, and HHS) issued regulations yesterday regarding PPACA's new requirement on group health plans that offer coverage of dependent children to extend coverage to children up to age 26. This rule applies to health coverage (including grandfathered plans) other than HIPAA excepted benefits.
May 17, 2010 · Categories: General, HSA, HRA, FSA, COBRA · Read article »
Tax-Free Reimbursement for Adult Children up to Age 27
The IRS released Notice 2010-38 April 27, 2010 clarifying the expanded health care tax exclusion for children through the end of the calendar year in which a child turns age 26 as added by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act. The Act expanded the definition of "dependent" for purposes of tax free health coverage under Code Sections 105 [accident and health coverage], 401(h) [health care accounts in pension plans], 501(c )(9) [VEBAs] and 162 [self employed deduction] to include Adult Children.
This expansion, which was effective March 30, 2010, will have an immediate impact on plans that define eligibility based on reference to the definition of health care dependent found in Section 105(b) of the Code including many health flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs). This expansion overlaps with (but differs slightly from) the health insurance coverage mandate under the Act that requires "group health plans" to provide coverage of children to age 26 (this insurance reform is effective for plan years beginning on or after September 23, 2010).
Source: ECFC, John Hickman and Ashley Gillihan, Alston & Bird, LLP
April 27, 2010 · Categories: FSA · Read article »
COBRA Subsidy Extended to May 31, 2010
On April 15, 2010, the Senate passed HR 4851, the Continuing Extension Act of 2010, which included an extension of the COBRA subsidy. Later, the House approved the bill as well, and President Obama signed the measure later the same evening.
The bill extends the end of the COBRA subsidy period from March 31, 2010 to May 31, 2010.
It is likely that Congress will continue the approach of short-term fixes, rather than a longer extension for the remainder of the year. Discovery will continue to keep you updated as legislative changes are passed.
April 16, 2010 · Categories: COBRA · Read article »