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July 9, 2008
A Potpourri of HSA Guidance
Three pieces of HSA guidance were recently issued by IRS and Treasury Department in the form of IRS Notices. The first piece of guidance includes new 42 formal questions and answers about HSAs; the second piece of guidance relates to the annual maximum HSA contribution; and the third relates to a one-time IRA rollover to an HSA.
June 4, 2008
New Law Prohibits Genetic Discrimination
After several years of consideration, Congress has passed and President has signed the Genetic Information Nondiscrimination Act of 2008 (“GINA”) (Public Law 110-233). Of interest to employers, this law affects both employment practices and health plan administration.
Legislative Watch: “HEROES Act”
As we go to press, President Bush is expected to sign H.R. 6081, the Heroes Earnings Assistance and Relief Tax Act of 2008 (“Heroes Act”). This law would, among other things:
HSA Limits for 2009
In Rev Proc 2008-29, the IRS released 2009 cost of living adjustments for health savings accounts. Following are annual deductible amounts for a high deductible health plan (HDHP) used in conjunction with a health savings account (HSA), and limits for out-of-pocket expenses and contributions for both 2008 and 2009.
May 12, 2008
Medicare Part D – 2009 Benefit Limits
The Centers for Medicare and Medicaid Services have released the 2009 cost of living adjustments for Medicare Part D prescription drug benefits. The following are selected modified limits relating to the standard drug benefit and the retiree drug subsidy.
Economic Stimulus Payment: What To Do?
On an individual’s 2007 tax return, the individual had the right to elect that any tax refund be automatically contributed to a tax-favored account such as a health savings account, an IRA or a §529 education plan, among others. If an individual elected this option, any economic stimulus payment due the individual will, likewise, be made to the tax-favored account.
HSA Comparability Rules – Finalized
Regulations relating to two very specific aspects of HSA administration were issued on April 17, 2008. These regulations mirror the proposed regulations issued on June 1, 2007. (See HSA Guidance Again: Comparability Rules Re-Visited, from June ’07 Benefit Beat).
April 3, 2008
Retiree Health And Medicare Coordination – The Final Chapter
For the last several years there has been uncertainty about whether employers could coordinate retiree health coverage with Medicare, (see Retiree Health and Age Discrimination … The Final Scene? , Retiree Health Coordination on the Move Again?, Retiree Health Rules Rolling Again, and Coordination of Retiree Health Benefits with Medicare). On March 24, 2008, the United States Supreme Court, by refusing to review the matter, wrote the final chapter.
Employer Coverage? TRICARE? Beware!
Effective January 1, 2008, secondary payer rules similar to the Medicare rules became applicable to group health plans covering individuals entitled to TRICARE, the health coverage available to families of military personnel, (see New TRICARE Provisions Affect Group Health Plans from Nov. ’06 Benefit Beat). The primary goal of this law is to insure that employers do not unduly shift the risk for health coverage to TRICARE. Specifically, employers, whether sponsoring insured or self-funded health plans, cannot, in any way, incent TRICARE eligible individuals to decline or drop employer-sponsored coverage in favor of TRICARE.
March 11, 2008
Supreme Court: Participant Can Sue for Breach of Fiduciary Duty
Individual account plan officials should take note of a recent Supreme Court opinion. In the case of LaRuev . DeWolff, Boberg & Assocs., Inc., No. 06-856, 2008 WL 440748 (Feb. 20, 2008), the Supreme Court unanimously granted a plan participant the right to bring an action on his own behalf for the failure of the plan officials to follow his investment instructions. The important of this Opinion lies in the facts that the participant could bring an action due to the failure, specific to his own account, and not to the plan at large.