Thursday, December 30, 2010


Happy New Year
So here we are on the verge of 2011.  Listed below are some of the changes that are going into effect in 2011.....maybe.  The reason I say maybe is because we never know what is going to be taken out or watered down under PPACA, as in the case of employers moving their medical plans from one carrier to another terminates your grandfathered status.  As you know, that was overturned.  Click here for more information on this. 

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!