Benefits Resource Group

NEWS & EVENTS

October 2011: Medicare Annual Election Period starts Oct. 15th!

The Medicare AEP (Annual Election Period) starts early this year, running from October 15 - December 7. Now is your chance to join, drop or switch your Medicare health or drug coverage. If you are new to Medicare and confused about your options, or want to review your current coverage to see if it still fits your needs, please contact us. We can help! Please call us to setup a risk free, no cost, review.

June 2011: UPDATE - 2012 HSA Amounts Released!

The IRS has announced the 2012 indexed amounts for Health Savings Accounts (HSA) Contributions: Maximum contribution amounts for Individual $3,100 / Family $6,250; the additional "catch-up" contribution for those 55 and older remains $1,000.

As you can see in the historical chart below, each year the HSA Contribution Limits are revised (or remain unchanged) based on the inflation rate of the previous year. For this coming 2012 tax year, the HSA Contribution Limits were raised about 1.63% based on the rise of the Consumer Price Index (CPI) in the previous year. For planning purposes, these IRS announcements are released in June for the coming tax year.

HSA Contribution Limits
Year	Contribution Amount (Single)	Contribution Amount (Family)	Additional Catch-Up Contribution (55 or older)
2004	$ 2,600	$ 5,150	$ 500
2005	$ 2,650	$ 5,250	$ 600
2006	$ 2,700	$ 5,450	$ 700
2007	$ 2,850	$ 5,650	$ 800
2008	$ 2,900	$ 5,800	$ 900
2009	$ 3,000	$ 5,950	$ 1,000
2010	$ 3,050	$ 6,150	$ 1,000
2011	$ 3,050	$ 6,150	$ 1,000
2012	$ 3,100	$ 6,250	$ 1,000

Find out more about the changes or HSAs from the IRS, including items like Publication 502: Qualified Medical Expenses. Please consult your tax advisor for any tax-related questions.

June 2011: Did You Miss Our Webinar

A copy of our webinar presented June 9, 2011 - HEALTH CARE REFORM: THE BIG PICTURE FOR EMPLOYERS - is available for any employer that wants to know more about the new Health Care Reform law, from addressing current and upcoming Employer requirements, to what will happen as we approach 2014. Presented by our employee benefits attorney, Mary V. Bauman, Miller Johnson. June 9, 2011.

March 2011: UPDATE - Health Care Reform "Dependent" Tax Issues

The new extension for "dependent" children could cause some tax issues. While the new "dependent" definition applies to most employer plan health coverage, it does NOT extend to Health Savings Accounts (HSA). The IRS applies Federal tax language to HSA accounts, which was unaffected by the new PPACA law. If an HSA distribution is made for a non-qualifying relative/child, it may be subject to a tax penalty. Please make sure to read the entire article from our benefits attorney, Miller Johnson, as well as their other Priority Alerts and publications.

September 2010: UPDATE - Health Care Reform

Continuous updates are being released due to Health Care Reform, or the "Patient Protection and Affordable Care Act" (PPACA), including new IRS, Department of Labor and HHS requirements for group health plans - including extension of coverage for dependent children, W-2 reporting, "Grandfathering", and the Small Business Tax Credit. We want to keep you up-to-date! For more specific regulation rules, please go to our employee benefit attorney, Miller Johnson, website for updates, newsletters, informational pieces, and webinars.

June 2010: Medicare News - Rebate Checks

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.

June 2010: UPDATE - Health Care Reform

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.

June 2010: 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 New Regulations Released!

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 Law Passed

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 - Medicare Part D Notice

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: Miller Johnson Webinar

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

August 2009: Health Care Reform Heats Up

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: HSA Update

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: Health in the News

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 - COBRA Stimulus

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: On The Move...

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: HSA Update

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 2008: Should You Buy Long-Term Careω

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: LTC Tax Advantages

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 Announcement

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.