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Archive for October, 2010

1.  The health care reform law includes a provision that restricts the use of annual limits on the dollar value of essential health benefits. But plans can apply for a waiver if complying with the provision would:

  • significantly decrease the access to benefits, or
  • significantly increase premiums 

This provision applies to grandfathered and nongrandfathered group plans.

2.   Individuals can continue to use health care spending account funds for OTC medicine or drugs as long as they have a prescription written by a doctor in the state where the medicine or drugs are purchased. This rule does not apply to insulin. This change starts January 1, 2011, for all plans regardless of the plan year dates. 

 3.  Money removed from an HSA or MSA and not used on qualified medical expenses will be taxed 20%. That’s an increase of 10%. This change begins for disbursements made during tax years starting on or after January 1, 2011.

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