HSA Update for 2013

The IRS recently announced the health savings account rules and requirements for 2013.
The HSA contribution limits and out-of-pocket maximums have been increased. Also, the minimum required deductibles have increased.
2013 HSA Contribution Limits

Individuals (self-only coverage) - $3,250 (up $150 from 2012)
Family coverage - $6,450 (up $200 from 2012)

HDHP minimum required deductibles

$1,250 for self-only coverage
$2,500 for family [...]

IRS Increases Health Savings Account Limits

On May 17, 2011, the Internal Revenue Service (IRS) released IRS Notice 2011-32, which makes changes to Health Savings Accounts (HSAs) effective for calendar year 2012. The notice makes changes to:
•    Annual contribution limitations for single and family coverage; and
•    Maximum out-of-pocket employee expense for single and family coverage under a high deductible health plan.
This [...]

Prescription Savings

It is a common misconception that generic versions of brand-name prescription drugs are inferior. In fact, the FDA requires that generic drugs meet the same standards as their brand-name counterparts. The difference involves the research, development and marketing investment that went into producing the original brand-name drug. 
When generic equivalents become available, they have the [...]

Will Congress Repeal Health Care Reform?

On March 23, 2010, President Obama signed historic health care reform legislation – the Patient Protection and Affordable Care Act (PPACA) – into law. Even before its enactment, controversy surrounded the health care reform law. The law continues to be at the center of partisan debate, especially with the recent changes in Washington.
 
In November [...]

One Court Rules Individual Mandate Unconstitutional

The Court Ruling
 
On December 12, 2010, a federal judge in Virginia ruled that part of the health care reform law is unconstitutional. The portion of the law affected by the ruling is the individual mandate to obtain health insurance, which is set to go into effect on January 1, 2014. The lawsuit was based on [...]

New Rule for Grandfathered Plans

Under the Patient Protection and Affordable Care Act (PPACA), health plans that existed on March 23, 2010 are generally considered “grandfathered plans.” Grandfathered plans are exempt from some of the health care reform requirements, including coverage of preventive care services with no cost-sharing and patient protections such as guaranteed access to OB-GYNs and pediatricians.
 
Regulations [...]

How will the 2010 elections affect health care reform?

The 2010 Mid-Term Elections
 
The recent elections, held on November 2, 2010, are bringing big changes to Washington. Results of a few races are still to be finalized in the days after the elections, but it is already clear that we are looking at a new political landscape.
 
Republicans have taken control of the House of [...]

Provision For Young Adults In Healthcare Law Excluded Tricare

A section of the health care law that went into effect Sept. 23 expanded coverage for young adults under their parents’ policies, but military families weren’t included — and it’s not clear how soon they will be able to take advantage of the popular provision. Notably, the health care law doesn’t affect Tricare, the health insurance [...]

BCBSNC Drug Formulary Changes

Effective October 1, 2010, several drugs will be moved from Tier 2 to Tier 3 of Blue Cross and Blue Shield of North Carolina’s (BCBSNC) prescription drug formulary. This change may result in a higher copayment for BCBSNC members.
 

These medications will continue to be covered for BCBSNC benefit plans with prescription drug benefits.
 

Members [...]

Using a Broker to Buy Health Insurance

Although the new health law will create health insurance exchanges, which will provide an easy way for consumers to compare plans and offer federal subsidies to those who qualify, they aren’t scheduled to go live until 2014.
For now individuals must brave the health insurance terrain on their own. One way to do that is [...]