Amy De Lorenzo
Amy Johnston is an Account Manager with extensive experience working with both large and small employers as a broker. In addition to five years of broker experience prior to joining Fall River, she also brings eight years of insurance carrier expertise. Amy is an expert on ERISA, the Affordable Care Act, and other compliance issues.
Ms. Johnston received a Bachelor of Arts degree in Communications from Colorado State University. She is a Colorado native from Steamboat Springs, and loves spending time in the mountains with her husband, two children, and Tucker the cocker spaniel. She enjoys snowshoeing, hiking, and philanthropy work to promote education.
Should You Take Advantage of Transitional Relief?
Transitional Relief (affectionately known as “Grandmothering”) has become the new buzz word in the world of healthcare reform, especially for those with coverage in the small group or individual health insurance markets.
Background
The Affordable Care Act (ACA) implemented new standard of coverage to health insurance policies beginning in 2014. In order to comply with the new changes, small groups and individuals would have to drop their existing health policies and purchase an ACA compliant plan. Under great pressure from consumers, the Obama Administration announced a transitional relief policy.
What is Transitional Relief and how does it affect your organizations health plan?
2015 HSA Limits Announced
On April 24th, 2014 the Internal Revenue Service (IRS) released their inflation-adjusted Health Savings Account (HSA) contribution maximum limits alongside High Deductible Health Plan (HDHP) minimum deductible and out-of-pocket limits for 2015. As usual, there was no change in the $1,000 amount for catch-up contributions for those 55 and older.
IRS Revenue Procedure 2014-30 raises individual HSA contribution maximum limits by $50 and family limits by $100 as compared to 2014.
|
Annual Contribution Limit |
2015 |
2014 |
2013 |
2012
|
|
Single: |
$3,350 |
$3,300 |
$3,250 |
$3,100 |
|
Family: |
$6,650 |
$6,550 |
$6,450 |
$6,250 |
|
Catch-up Contributions |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
If you have strategy or compliance questions on HSA's or FSA's, This email address is being protected from spambots. You need JavaScript enabled to view it. or call us at (303) 369-3200! We'd love to help you simplify and ease your administrative concerns.
A Ride On The Way to Wellness
- Sponsor a healthy breakfast or lunch for participants
- Purchase Event T-shirts for participants
- Offer prizes or a drawing for participants
.
Final Colorado Exchange Enrollment
Are You ERISA Compliant? Try This Checklist!
- Written Plan Document – insurer certificates are not sufficient; a wrap document is often required
- Summary Plan Descriptions (SPDs)
- Summary of Material Modification (SMM) for off-anniversary changes
- Form 5500 and Summary Annual Report (SAR), for those with 100+ participants
- Numerous required notices throughout the year – note that these changed recently
- COBRA compliance
- HIPAA and HITECH compliance – including the latest privacy regulations effective 9/23/13
- Medicare Part D notifications to members and CMS if any beneficiaries could be Medicare eligible; note that even some non-ERISA plans such as churches and governments are also subject to this requirement
- Collect and review all benefit plan documents
- Identify plan changes and initiate corrections
- Mark calendar for the dates required forms are due and deadlines for reporting
- Review and update required notices for employee distribution
- Group Medical (PPO, HDHP, HMO, POS, etc.)
- Dental
- Vision
- Group Life & AD&D
- Disability
- Prescription Drug Plans
- FSA
- HRA
- Wellness programs (if medical care is offered)
- Employee Assistance Programs (if counseling is provided)
- Government Plans (federal, state, city, county, public school districts)
- Church
- Health Savings Accounts themselves (though the underlying HDHP plans are)
- Section 125 - Premium Only Plans
- Payroll Practices
- Voluntary Plans
Rounding Out Your Benefits Offerings with Voluntary Benefits
A great way to enhance an employee benefit package is with voluntary products. Examples of voluntary products that could be added benefits with no cost to the employer include:
- Additional Life Insurance
- Dental plans to replace or enhance your group plan
- Accident Policies
- Disability Insurance
- Vision Insurance
- Critical Illness
- Legal Services
- Financial Counseling
- Credit Union Membership
- Pet insurance
- Discount programs
- Conduct an employee survey or a focus group – determine your employee demographics and which products would interest your employee population to help ensure the success of the benefits offered
- Educate employees about the coverage offered –explain in both group and 1-on-1 meetings (all conducted by the carrier or broker) the value of the added layer of protection that voluntary products can provide for employees and their families
- Distribute communication pieces year round – don’t wait until the annual open enrollment to discuss benefit options available (i.e. web based enrollment, use of onsite enrollment counselors, payroll deductions for the premiums). Use email, employee portals or company specific social media sites to raise employee awareness and encourage participation.
Do You Know Where Your POP Plan Document Is?
Providing a Section 125 Premium Only Plan (or POP Plan), is a great tax benefit for both employees and employers.
- It allows the employee portion of the health, dental, or vision premium to be deducted on a pretax basis, which increases the amount of their take home pay.
- Since the employee premium contribution is not counted as income, employers also benefit from the reduction of payroll taxes, which saves you 7.65% of those premiums on FICA taxes.
- These tax savings for employers helps offset the cost associated with an employer sponsored plan.
POP Plans are the easiest of all the cafeteria plans to administer. But, in order for this type of plan to run properly, it must be compliant with IRS rules and regulations. Failure to have a written plan document or to administer the plan in accordance with that document can cause the loss of a tax-favored status, resulting in a tax liability for the employee and employer. . The POP plan is designed to renew year after year and only requires updating if the employer makes changes to the plan that would necessitate an amendment (i.e. changes in eligibility, plan year, benefit changes such as whether HSA contributions are also allowed, etc.). . However, due to the changes being brought upon by healthcare reform, many industry leaders are recommending an amendment or restatement, to keep your POP plan document in compliance. If your POP plan document has not been updated in several years, be sure to contact your Section 125 administrator. . If you do not have a POP Plan document, or an administrator, call Fall River at 303.369.3200 or This email address is being protected from spambots. You need JavaScript enabled to view it., and we will be happy to get you introduced to someone who can help get you compliant.
Amend Your FSA Plan Now to Include New FSA Rollover Option
- Continue to enforce the “Use-it-or-Lose-it” Rule that means any unused dollars at the end of the plan year revert to the employer.
- Take advantage of a 2 ½ month grace period which allows your employees to have extra time to INCUR claims, not just submit receipts. This allows UNLIMITED rollover in terms of dollar amounts, but a LIMIT in terms of time to use it. This grace period cannot be used in conjunction with the new $500 rollover.
- Jump on this newly available third option, of allowing a $500 rollover. This works the opposite of option 2, giving the employee only a LIMITED dollar amount, but UNLIMITED time to use that $500.
Educating Employees About the Exchanges
You have just issued your employees the Model Exchange Notice, so now what?
Top Five HIPAA Mistakes
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) established a provision for protecting the privacy of individual health information and the security of electronic protected health information.