EBIS Search Results
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These executive summaries were compiled from EMPLOYEE BENEFITS INFOSOURCE database, a source for information on employee benefits and human resources.
Employers Adjust Retiree Drug Plans as Tax Break Ends.
Kertesz, Louise; Business Insurance; v45 no32 pp 21-22 Aug 15, 2011; journal article
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Abstract :
A March 2011 survey by Buck Consultants found that 25 percent of employers receiving a tax subsidy on retiree prescription drug coverage are planning to adjust their benefits before losing that subsidy in 2013. The Patient Protection and Affordable Care Act changed the tax treatment of prescription drug coverage equivalent to Medicare Part D. Some employers are forming an Employer Group Waiver Plan, a difficult-to-administer Medicare Part D plan that contracts directly with pharmacy benefit managers or insurers. Others are creating a defined contribution approach to prescription drug coverage.
[0160778]
Redefining Retiree Medical Strategy: Employer Actions in a Post-Reform Environment.
Newsbriefs; v30 no4 pp 3-4 Jul-Aug 2011; journal article
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International Foundation of Employee Benefit Plans
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The sixth annual survey on retiree medical strategies by Towers Watson and the International Society of Certified Employee Benefit Specialists highlights changes likely to culminate in 2013 when many provisions of the health care reform law take effect. Nearly 60 percent of plan sponsors are deliberating modifications. Eighty-seven percent are thinking about federal insurance subsidies for those under age 65, 73 percent are concerned about the excise tax for Cadillac plans and 58 percent expect to make changes in response to improved prescription drug coverage for retirees. Many are considering ways to get out of sponsoring benefits for retirees eligible for Medicare, quitting entirely by 2013, transitioning to insured Medigap plans or hiring a Medicare coordinator to help retirees with the change. Most of the 80 percent subsidizing pre-Medicare coverage plan to continue, though 46 percent already cap their subsidies.
[0160691]
Link To Full Article
Estimated Health Costs for Couples Retiring in 2011 Drops 8 Percent.
Managing Benefits Plans; no13-5 p 15 May 2011; journal article
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Abstract :
According to estimates by Fidelity Investments, a couple aged 65 years will need a reserve of $230,000 for health expenses during retirement, not counting nursing home care. In 2010, the estimated savings needed was $250,000. The drop is an effect of the Patient Protection and Affordable Care Act, which lowered out-of-pocket expenses for prescription drugs, while the Health Care and Education Reconciliation Act eliminates the donut hole gap in the Medicare drug plan by 2020. Many companies are encouraging use of high-deductible health plans with health savings accounts to pay qualified medical expenses. The average Fidelity HSA holder contributed $2,620 in 2010, and 95 percent of account holders carried over a balance going into 2011.
[0160160]
Employer Accounting for Post-Retiree Healthcare.
Bell, Lawrence L.; Journal of Compensation and Benefits; v27 no1 pp 5-10 Jan-Feb 2011; journal article
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Abstract :
The closing of the Medicare Part D donut hole by the Patient Protection and Affordable Care Act opens strategic and accounting opportunities for employers providing postretirement health care benefits. One useful strategy is to outsource developing a prescription drug program (PDP) to a certified Medicare Part D PDP sponsor under the Medicare Employer Group Waiver Program (EGWP). Employers can provide a range of health care needs through Medicare Advantage Prescription Drug Plans and may see significant annual savings through health care cost controls and lower human resource costs. An alternative is wrap around coverage with a private Medicare PDP for secondary coverage supplementing individual plans.
[0159672]
2011 CCH Medicare Explained.
459 pp 2011; book
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Abstract :
Explains the Medicare program with particular emphasis on services covered in institutional settings and services provided by physicians and suppliers. Provides details regarding eligibility, enrollment, benefits, exclusions and payment rules for Medicare Parts A, B, C and D. Also explains the process for submitting beneficiary claims and filing an appeal. Updates to this edition include the changes resulting from the Patient Protection and Affordable Care Act of 2010 and Medicare and Medicaid Extenders Act of 2010.
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