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November 26, 2003 - 8,712 subscribers
Today's sponsor: Financial Research Associates
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"Made in America (sm) 2004, the Inaugural Taft-Hartley Benefits Summit" Financial Research Associates’ is proud to present "Made in America (sm) 2004, the Inaugural Taft-Hartley Benefits Summit," scheduled for February 18-21, 2004 at The Caesar’s Palace in sunny Las Vegas, Nevada. We have been receiving an excellent response from the industry so far and we would love for you to be a part of this no-nonsense event! For more information or to register call 800-280-8440 or visit www.frallc.com.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
New Medicare Law Drops 1099 Reporting Requirement
Excerpt: "An IRS requirement to make employers file Form 1099 reports for payments for medical care made under a flexible spending or health reimbursement arrangement will be repealed under the Medicare reform bill sent to President Bush for his signature. The repeal, which is in Section 1203 of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, will apply to payments made after Dec. 31, 2002." (Thompson Publishing Group)
Medicare Bill Allows Funding of Health Savings Accounts Through Cafeteria Plans (PDF)
9 pages. Excerpt: "The [Medicare bill] contains provisions that would amend the Internal Revenue Code to allow medical savings account (MSA) vehicles called Health Savings Accounts (HSAs) for virtually anyone who has coverage under a high deductible health plan. In a surprising twist, the Act allows HSAs to be funded on a pre-tax basis through a cafeteria plan-- opening a whole-new avenue for consumer-driven health care." (Alston & Bird LLP)
HSA Tsunami On the Way?
Excerpt: "All 250 million non-elderly Americans will now have access to a Medical Savings Account, and one that is far more attractive than the Archer MSAs that were enacted in 1996.... While it is always hard to predict how markets will react to any change in conditions, we can reasonably expect the following developments: There will be a rush of banks, insurance companies and third-party administrators (TPAs) to develop products." (Greg Scandlen of the Galen Institute)
Opinion: Corporateering of the Year Award Goes to Medicare Profiteering Protections
Press release. Excerpt: "The vote by the U.S. Senate to approve a Medicare prescription drug benefit that prevents government bulk purchasing of drugs, 'is the most outrageous example of corporations' interests being prioritized over society's this year,' according to Jamie Court, author of Corporateering: How Corporate Power Steals Your Personal Freedom And What You Can Do About It (Tarcher/Putnam)." (The Foundation for Taxpayer & Consumer Rights)
Medicare Reform Legislation Update - Summary and Next Steps
Excerpt: "The act has important implications for employers, especially those that sponsor retiree health plans. Subsidies will be provided for employers that offer qualified retiree health benefits. Improvements for private health plans could give employers enhanced flexibility to work with prescription drug or integrated health plans so that they can continue to provide retiree health coverage in a manner that best suits their business practices and strategy." (Watson Wyatt)
Facts and Myths about the Medicare Bill
Excerpt: "The Medicare bill provides money for prescription drug benefits and also revises the way Medicare works, introducing greater competition from the private sector. Still, many lawmakers don't quite have a grip on exactly what the legislation will do. NPR's Julie Rovner explains.' (Nov. 25, 2003) (National Public Radio)
Updated Medicare Drug Benefit Calculator
Excerpt: "Standard coverage under the current revised proposal [passed] in Congress includes an upfront deductible of $250, 25% cost sharing between $250 and $2,250 in drug expenses, no coverage after $2,250 until the beneficiary pays the next $2,850 in expenses (reaching $3,600 in out of pocket costs at $5,100 in total drug expenses), beyond which 5% cost sharing applies." (Kaiser Family Foundation)
Some Experts Foresee Revolt by Elderly Over Retiree Health Benefits
Excerpt: "The legislation provides billions in tax incentives to discourage employers from dropping the drug benefits that they provide to about 11 million retirees. But if, as pessimists expect, many large employers calculate that the incentives are not enough, millions more retirees than Congress expects will watch as their relatively rich private drug benefits are replaced by the government's more meager package." (New York Times; one-time registration required)
Wall Street Journal Examines Employers' Retiree Health Care Plans
Excerpt: "The Wall Street Journal on Tuesday examined the increasing contributions that retired workers are being asked to pay for company health insurance. Summaries of the articles appear below." (KaiserNetwork.org)
Opinion: Bills Benefit Drug, Insurance, Oil Barons
Excerpt: "The Health Reform Program of Boston University estimates that of the bill's $400 billion price tag, $139 billion will go to increase drug-company profits over eight years, a 38 percent increase in what is already the world's most profitable industry." (Molly Ivins in the Miami Herald)
Medicare Bill Authorizes Federal Health Reform Working Group
Excerpt: "One obscure provision of [H.R. 1] could create a highly visible health care reform group.... If President Bush signs a separate bill that provides a $6 million appropriation for the working group, the working group will hold a series of hearings on all aspects of the U.S. health care and health finance system, publish a preliminary report, organize public meetings on the report throughout the United States, then submit reform recommendations to the president and Congress." (National Underwriter Hot News)
Kaiser Daily Health Policy Report Highlights Editorials, Opinion Pieces on Medicare Legislation
Excerpt: "The Kaiser Daily Health Policy Report features a number of recent editorials and opinion pieces published in reaction to the Medicare bill (HR 1). Summaries of the editorials and opinion pieces appear below." (KaiserNetwork.org)
Links to Items on Executive Comp, Benefits in General
The Wal-Mart You Don't Know
California supermarket workers are on strike over health and retirement benefits; employers say they must pass on costs to employees in order to compete with Wal-Mart. Excerpt: "The giant retailer's low prices often come with a high cost. Wal-Mart's relentless pressure can crush the companies it does business with and force them to send jobs overseas. Are we shopping our way straight to the unemployment line?" (Fast Company)
Newly Posted or Renewed Job Openings
ERISA/Employee Benefits Attorney
for Parsinen Kaplan Rosberg & Gotlieb
in MN
401(k) Plan Administrator
for Capital Investment Advisory
in FL
Jr. Administrator
for Capital Investment Advisory
in FL
Asset Allocation Specialist
for ICMA Retirement Corporation
in DC
Director Retirement Plan Marketing & Sales
for The Ganim Group, Inc.
in CT
Pension Portability Specialists
for ICMA Retirement Corporation
in DC
Investor Services Technical Specialist
for ICMA Retirement Corporation
in DC
Benefits Analyst
for Georgetown University
in DC
Health & Welfare Consultant
for Mellon
in CA
Newly Posted Events
Ask the Experts: Drug Reimportation
Nationwide on December 2, 2003
presented by Kaiser Family Foundation
Retiree Medical Care: Easing the Pain, Developing a Cure
Nationwide on September 17, 2003
presented by Hewitt Associates LLC
How to Help Employees Regain Lost 401(k) Ground
Nationwide on July 23, 2003
presented by Hewitt Associates LLC
Employer Plans for Future Retiree Health Benefits
Nationwide on February 5, 2003
presented by Hewitt Associates LLC
Creating New Health Care Behaviors Among Employees
Nationwide on November 19, 2003
presented by Hewitt Associates LLC
How Proposed Trading Regulations Could Undermine 401(k) Plans
Nationwide on December 4, 2003
presented by Hewitt Associates LLC
The Long-Term Outlook for Stock Option Plans
Nationwide on November 12, 2003
presented by Hewitt Associates LLC
Consumer Driven Care 101 and Beyond Healthcare Web Summit
Nationwide on December 8, 2003
presented by MCOL
2003 AFP Virtual Education - Fiduciary Response to Mutual Fund Trading Scandals
Nationwide on December 18, 2003
presented by Association for Financial Professionals
Newly Posted Press Releases
Labor Department Sues Houston Plan Official For Abandoning Profit Sharing Plan
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))
Treasury and IRS Simplify Reporting Requirements for U.S. Persons with Canadian Retirement Plans
(Internal Revenue Service (IRS))
Medicare Bill Contains Important Quality Reporting, Pay-For-Performance Provisions
(NCQA)
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