AdvisorNet Benefits

We are pleased to send you our AdvisorNet Benefits Buzz January 2012.

Please find enclosed the recently released 2011 Deloitte Annual 401k Benchmarking Survey.

We are pleased to send you the overview of HHS's proposed approach for defining essential health benefits.

We are pleased to send you our Fourth Quarter Benefit Bulletin 2011.

BlueCross and HealthPartners both had rate changes effective April 1st, 2011 on their individual under 65 health insurance policies. This has generated a number of inquiries from our clients about options to reduce the premium expense and improve the benefit. The health care reform legislation passed last year now requires “new” plans post 9/23/10 to include 100% preventive coverage before the deductible applies. “Grandfathered” plans do not need to include this expanded benefit. The carriers have changed other features of the new plans, including networks or providers, in response to these new requirements to keep the premiums as affordable as possible.

Each situation is different and can be quite complex as many changes still require full underwriting with the possibility of a denial of coverage. If you get calls from your clients about their health insurance, please have them contact Kathryn Gigler ( 612-436-3787) in our department for assistance.

Core Buy-Up Supplemental Life Insurance Coverage is an effective means for employers to offer their employees a core life insurance benefit while allowing the employee to Buy-Up additional life insurance in incremental amounts.

Health Savings Accounts (or HSA’s) continue to be an important benefit to employees and individuals with qualified high deductible health plans. The 2011 requirements for these accounts have been released by the IRS in the Publication 15-b Employer’s Tax Guide to Fringe Benefits for 2011 which is available on our AdvisorNet Benefits web site in full form.

This publication supplements Publication 15 (Circular E), Employer's Tax Guide, and Publication 15-A, Employer's Supplemental Tax Guide. It contains information for employers on the employment tax treatment of fringe benefits.