HRA’s or Health Reimbursement Arrangements have been around for decades. New regulations have just been released for Individual Coverage Health Reimbursement Accounts (ICHRA) and Excepted Benefits Health Reimbursement Accounts (EBHRA). Both are designed to allow employers to reimburse employees for their qualified health care expenses.

This new law would take effect on January 1, 2020. Employers would enjoy preferred tax treatment of these plans and employees would receive the reimbursements without creating a taxable event.

Employers would utilize an ICHRA, a newly defined Health Reimbursement Arrangement to reimburse employees for their qualified health insurance premiums and any scheduled medical expenses. … Read the rest

Whether you are purchasing in the individual market or the small group insurance market, The Affordable Care Act (ACA) has changed how you purchase health insurance. As time goes on, market changes spurred on by the legislation make the process even more complex.

The ACA desired to make things easier for the public by categorizing individual and small group plans into four major categories, Platinum, Gold, Silver and Bronze. Each metallic level suggests that plans found within a category could be considered to be of equal actuarial value. We are to believe that the benefits within a category are simply … Read the rest

The Patient Protection and Affordable Care Act (PPACA) is just around the corner and will affect all Americans on January 1, 2014. Independent manufacturers’ reps will be affected in many different ways. One thing is for sure, it’s neither as bad nor as good as you think. Inaccurate information is being distributed everywhere and disguised as fact. How it affects you and your business will depend on factors including age, number of employees and state of residence, to name a few.

It would be wrong to dismiss the Health Care Financing problem we have in this country. Many people cannot … Read the rest

Is Your Coverage Too Much, Too Little, or Just Right?

Employers and individuals continue to seek the level of medical insurance coverage purchased years ago. Cradle-to-grave coverage is no longer affordable, even though employers offering one- or two-plan designs have reduced coverage to levels they still need to attract employees in their particular industry. Usually, the options continue to be very high levels of coverage. Employees making the buying decisions may not be properly prepared to be a good health care consumer because they really don’t have a responsible option in front of them.

Many manufacturers’ rep entrepreneurs striking out … Read the rest

Just before the 109th Congress completed its final session last year, the Tax Relief and Health Care Act of 2006 passed the House and Senate and was signed by President Bush. The improvements in HSAs will attract even more people to join the movement, as roadblocks have been removed that kept many away.

Exactly What Is an HSA?

Health Savings Accounts became law as part of President Bush’s Medicare Prescription Drug, Improvement and Modernization Act of 2003. The purpose of HSAs is twofold.

• To promote savings for future health care expenses.
• To gently nudge the insured public into consumer-driven health

… Read the rest