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Posts Tagged ‘Defined Contribution’
Wednesday, July 24th, 2019
JD Supra reports:
“Background
Healthcare coverage became an employer-offered benefit during World War II as the result of the federal government’s wage and price controls[1]. Since that time, Medicare has become an important part of how healthcare is provided to individuals who reached the age of 65, who became disabled, or who were diagnosed with end stage renal disease. When Medicare entered the mix, a number of additional rules to protect those eligible for Medicare were also added to protect the Medicare system. Now, an employer seeking to contain health benefit costs must consider not only tax considerations, but Medicare and ERISA and other requirements. Thus, when the federal government agencies started designing a new way to facilitate the purchase of individual health insurance, they had to design around decades of rules, regulations, and policy considerations in the move back to a pre-World War II individual obligation to purchase health insurance to avoid violating the interim changes in legal requirements.
(more…)
Tags: Bensenville, Defined Contribution, Government, health savings account, High deductible health plan, Mental Health, PPO, premiums, private exchange, South Barrington, United Healthcare, Village of Lakewood, Wicker Park, Woodridge
Posted in Health Insurance Cost | Comments Off on New Tool to Contain Employer Healthcare Costs
Wednesday, April 2nd, 2014
Insurance News Net reports:
“The rumblings of employees dissatisfied with the value of employer-sponsored health benefits are getting louder.
But are the grumblings loud enough for employees to put their money where their mouths are? Are employees willing to walk out the door and leave their employer-sponsored cocoons, tossing all the value talk out the window?
(more…)
Tags: Defined Contribution, Franklin Park, Geneva, Genoa, Gilberts, Glen Ellyn, Glencoe, Glendale, Glendale Heights, Glenview, group health plan, group rates, health reform, insurance news, private exchange
Posted in Insurance Reform | Comments Off on Support For Employer-Provided Health Plans Starts To Erode
Friday, November 1st, 2013
Yahoo News reports:
“Americans who use flexible spending accounts (FSAs) for healthcare costs may now be able to carry up to $500 of expiring money into the next year, the U.S. Treasury said on Thursday.
For nearly 30 years, about 14 million families with FSAs faced a “use it or lose it” deadline of December 31 when the money in the account would expire.
Accountholders flush with cash at the end of the year would often scramble to spend their fund balance frivolously.
(more…)
Tags: Chicago, Chicagoland, Costs, Crystal Lake, deficit reduction, Defined Contribution, DeKalb, East Dundee, health, individual, Individuals, Public Comment, Tax
Posted in FSA, Insurance Reform | Comments Off on U.S. workers can carry over $500 of health spending accounts: Treasury
Monday, June 17th, 2013
Zane Benefits reports:
“With 2014 looming, businesses of all sizes are scrambling to understand the Affordable Care Act (ACA) and how it will affect their bottom line. How many employers will drop group health insurance coverage in 2014? How will larger employers deal with the employer mandate (“play or pay”) decision?
There’s been a lot of media coverage on how it will play out; opinions fall on both sides of the aisle, and all over the map. Studies indicate that while employers will drop group health insurance, they still want to provide a health benefit because it’s vital for recruiting and retaining top employees.
(more…)
Tags: Affordable Care Act, Chicago, Chicagoland, cortland, Defined Contribution, Elgin, Free Consultation, Geneva, health insurance coverage, insurance plan, North West Suburbs, Northern Illinois, Northwest Suburbs, Rolling Meadows, Roselle, Saint Charles, state health insurance, subsidies
Posted in Insurance Reform | Comments Off on How Employers Can Get Out of the Health Insurance Business
Tuesday, January 29th, 2013
Insurance Journal reports:
“If you like your 401(k) retirement savings account, you’re going to love what healthcare reform does to your employer-provided health care plan.
In a post-Obamacare future, expect more employers to adopt defined contribution healthcare plans. Instead of providing coverage, they will throw a set amount of cash at workers and have them buy their own coverage on private employer-sponsored exchanges.
(more…)
Tags: Chicago, Chicagoland, Defined Contribution, Fox Valley, Geneva, Genoa, Government, Hoffman Estates, Holiday Hills, insurance, insurance plan, Massachusetts, premiums, Tax
Posted in Heath Care Costs | Comments Off on What Employees Should Know About Healthcare Changes Ahead
Monday, July 30th, 2012
The Chicago Sun-Times reports:
“A Chicago clinic and a suburban tech firm expect to grow as federal health-care reform takes effect — a massive overhaul that the Congressional Budget Office forecast this week will require $1.17 trillion in new government spending in the next decade, or $84 billion less than first estimated.
The budget office revised its numbers based on the U.S. Supreme Court’s ruling in June that President Obama’s health-care reform law is constitutional, but that states can opt out of Medicaid expansion. The opt-out means 3 million fewer low-income Americans will be insured by the federal-state program.
(more…)
Tags: Algonquin, Chicago, Chicagoland, Defined Contribution, Dundee, Elgin, Evanston, exchange, Fox Valley, Government, health reform, Individual Mandate, Lisle, Medicaid, North West Suburbs, Northern Illinois, Northwest Suburbs, Prospect Heights, South Elgin, Streamwood, Villa Park, Woodstock
Posted in Insurance Reform | Comments Off on Tech firm rides health-reform wave
Wednesday, December 7th, 2011
Bloomburg reports:
“Over the next decade, we are likely to see a shift in health insurance in the U.S.: So-called defined-contribution plans will gradually take over the market, shifting the residual risk of incurring high health-care costs from employers to workers.
The market today is dominated by “defined-benefit” plans, under which companies determine a set of health-insurance benefits that are provided for employees. These will gradually be replaced by defined-contribution plans, under which companies pay a fixed amount, and employees use the money to buy or help pay for insurance they choose themselves.
(more…)
Tags: Affordable Care Act, Chicago, Chicagoland, Darien, Deer Park, Defined Contribution, DeKalb, Des Plaines, Forest Park, Fox Valley, health insurance, health plan, health savings account, Individuals, Lake in the Hills, Mooseheart, North West Suburbs, Northern Illinois, Northwest Suburbs
Posted in Insurance Reform | Comments Off on Defined Contributions Define Health-Care Future: Peter Orszag
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U.S. workers can carry over $500 of health spending accounts: Treasury
Friday, November 1st, 2013Yahoo News reports:
“Americans who use flexible spending accounts (FSAs) for healthcare costs may now be able to carry up to $500 of expiring money into the next year, the U.S. Treasury said on Thursday.
For nearly 30 years, about 14 million families with FSAs faced a “use it or lose it” deadline of December 31 when the money in the account would expire.
Accountholders flush with cash at the end of the year would often scramble to spend their fund balance frivolously.
(more…)
Tags: Chicago, Chicagoland, Costs, Crystal Lake, deficit reduction, Defined Contribution, DeKalb, East Dundee, health, individual, Individuals, Public Comment, Tax
Posted in FSA, Insurance Reform | Comments Off on U.S. workers can carry over $500 of health spending accounts: Treasury