No matter how benefits-savvy your employees may be, today's health care environment can confuse the most sophisticated consumer. That's why companies large and small use BeneCom for their benefits communication. We know benefits and we understand what employees need to know to make them work - for themselves and for you. And while we're at it, we make your life a little easier, too.
For more information visit our site or call (860) 674-2626, Ext. 2001
Need to Decide Whether You Wish to Grandfather Your Health Plan Before Open Enrollment Materials Are Sent
Excerpt: "The basic requirements for grandfathering are: (1) You had a health plan or benefit package in existence on March 23, 2010; (2) you had at least one employee covered as of March 23, 2010, and you have employees continuously covered beyond that date; and (3) you have made either no changes or only the limited permissible changes (as described below) to that plan after March 23, 2010."
(Davis Wright Tremaine LLP)
Federal Agencies launch Bikeshare program in Washington, DC
Excerpt: "Officials from the Office of Personnel Management, General Services Administration and Transportation Department on Monday announced a partnership with the District Department of Transportation to provide federal workers with memberships to Capital Bikeshare. The program gives users access to 1,000 bikes at 100 stations in Washington and Northern Virginia."
Comparative Effectiveness Research
Excerpt: "A broad effort is under way to understand what really works in health care, perhaps leading to better value for dollars spent."
Getting the Benefits Health Reform Promised
Excerpt: "Now the federal health reform law requires every American to prove they have health coverage by the year 2014. We're about to force even more people to buy health insurance without the legal protections to make sure they get the benefits they pay for. That's not the quality coverage the President and Congress said health reform would deliver."
Health Care's Uneven Road to a New Era
Excerpt: "The recent disruptions in our health insurance market are partly a result of the fact that the stool's three legs were not built on the same timetable. Some of the insurance regulations, like the one on overhead costs, are starting to take effect. But the new markets for health insurance, known as exchanges, won't be up and running until 2014. This timetable has its problems, and the Obama administration will probably need to grant some more temporary exemptions."
(The New York Times; free registration required)
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Benefits in General; Executive Compensation
Last Chance to Possibly Avoid 409A Penalties
Excerpt: "We are pleased to report that the IRS is offering relief from certain 409A penalties if companies make corrections on or before December 31, 2010. If you qualify and the corrections are properly and timely made, the IRS will treat your program as having been in compliance on January 1, 2009 (the first day after the original documentary compliance deadline), and generally no penalties will apply."
(McKenna Long & Aldridge LLP)
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