Monthly Archives: March 2018

Which changes to report to the Marketplace!

 

You should report the changes listed below to the Marketplace as soon as possible.

Ready to report changes? Log in to your account.

Changes to report

  • Changes to your expected income for the year
  • Changes in health coverage:

o   Someone in your household getting an offer of job-based insurance, even if they don’t enroll in it

o   Someone in your household getting coverage from a public program like Medicaid, the Children’s Health Insurance Program (CHIP), or Medicare

o   Someone in your household losing coverage, like job-based coverage or Medicaid

  • Changes to your household or individual members:

o   Birth or adoption

o   Placing a child for adoption or foster care

o   Becoming pregnant

o   Marriage or divorce

o   A child on your plan turning 26

o   Death

o   Gaining or losing a dependent some other way

o   Moving to a permanent address in your state.

o   Change in disability status

o   Change of tax filing status

o   Change of citizenship or immigration status

o   Change in status as an American Indian/Alaska Native or tribal member

o   Incarceration or release from incarceration

 

 

For further information call:  Eric Walters

Cell: 602-616-1660

WEB: www.ewconsultant.biz

HSA’s to cover more health benefits

U.S. Rep. Mike Kelly (R-PA) hopes to make health care more affordable for Americans by giving their employers better benefit options to offer them under improved Health Savings Accounts (HSAs).

Rep. Kelly on March 1 introduced the Bipartisan HSA Improvement Act, H.R. 5138, which would improve access to health care through updated HSAs, according to a summary provided by his office. The bill was co-authored by U.S. Rep. Earl Blumenauer (D-OR) and includes cosponsors U.S. Reps. Erik Paulsen (R-MN) and Brian Fitzpatrick (R-PA).

“With so many people increasingly choosing HSA plans, it is important that federal rules allow employers to provide the best benefits possible for their employees,” said Rep. Kelly. “By modernizing HSA policy, this bipartisan bill will promote flexibility, encourage innovation, and expand access to these cost-saving plans for many more Americans.”

An HSA is a type of savings account that allows a person to set aside money on a pre-tax basis to pay for qualified medical expenses. Using untaxed HSA dollars to pay for deductibles, copays and other expenses allows people to lower their health care costs, according to the U.S. Centers for Medicare and Medicaid Services. Currently, more than 20 million Americans are enrolled in HSA-qualified plans, Kelly said, which puts them “in the driver’s seat of their health care, helping them save money and stay healthy.”

Among other provisions in the proposed bill, H.R. 5138 would allow HSA plans to offer HSA dollars that people could use for wellness benefits, including exercise; and to offer pre-deductible coverage for medication and services that help manage chronic conditions, and for health services provided at both onsite employee clinics or retail health clinics, according to the summary.

“By expanding access to affordable care, promoting wellness and strengthening innovation, this legislation will help Americans stay healthy while saving money,” Rep. Blumenauer said.

H.R. 5138 has been referred to the House Ways and Means Committee for its consideration.

2018 Family HSA contribution reduced!

IRS announces 2018 family contribution changes for HSAs

Today, the IRS published Internal Revenue Bulletin (IRB) 2018-10 that contains Revenue Procedure (Rev. Proc.) 2018-19.

Effective for calendar year 2018, the family contribution limit for HSAs has been lowered to $6,850 from the previously set amount of $6,900. This change came as a result of the tax reform law (P.L. 115-97) that changed the annual inflation adjustment factor from the Consumer Price Index (CPI) to a new factor known as ‘chained CPI’. This change was anticipated to slow the rate of changes in all programs under the tax code, including HSAs.

For any further information call:  Eric Walters

Cell: 602-616-1660

WEB: www.ewconsultant.biz

ACA Bog site: www.azhealthinsuranceblog.com