|Happy New Year|
PPACA in 2011
1) Establish National Voluntary Long-Term Care Insurance (Class Act-Community Living Assistance Services and Support Program)- Average premium could be approximately $150/Month. There is a 5 year Cliff Vesting (can't use for first five years of paying in). And you must be actively at work 3 out of the 5 years you are paying in. For more information on this, click here.
2) Employers must report value of each employees health coverage on their W-2. Employer must report the entire cost, not just the employers portion.
3) Limits OTC medication reimbursements in FSA, HSA, HRA unless prescribed. You are not able to use your HSA for over the counter medications unless you have a prescription. Get your doc to write you prescriptions for a year for all your OTC meds, you just need to keep in on file.
4) Penalties for Unqualified distributions from HSA increased to 20% from 10%.
5) Fees imposed on Pharmaceutical Manufacturers and Importers
So with that said, I hope you all have a Happy and Safe New Year!