Transparency in Health Coverage | Virginia Benefits Partners

New transparency in coverage requirements apply to group health plans and health insurers in the individual and group markets. These rules require plans and issuers to disclose certain price and cost information to participants, beneficiaries and enrollees. These provisions only apply to non-grandfathered coverage, including both insured and self-insured group health plan sponsors. The requirements … Continued

Understanding Your EOB | VA Benefits Agents

Let’s say that you visited the doctor and you are wondering how much that visit is going to cost.  A short while later, you receive something in the mail that looks like a bill – and even says “amount you owe” at the bottom.  However, it doesn’t have a return envelope or tear-off portion for … Continued

Tips to Maximize Your HSA Benefits | Virginia Benefits Group

Health Savings Accounts (HSA) are great ways to save tax-free money for medical expenses both in the current term, and for your retirement years. By making wise choices, you can maximize the benefit of these fantastic savings accounts. Let’s take a quick look at the basics and then explore some tips on how to make … Continued

REMINDER: HEALTH PLAN PCORI FEES ARE DUE JULY 31 | Virginia Benefits Team

Employers that self-insured any group health plans in 2018, including health reimbursement arrangements (HRAs), are responsible for determining whether the annual PCORI fee applies to their plan. If so, use Form 720 to calculate, report, and pay the fee by July 31, 2019. PCORI stands for the Patient-Centered Outcomes Research Institute. Federal law imposes a small annual fee on most … Continued

Medicare Part D Notices Due Oct. 15 | Virginia Benefit Advisors

Are you an employer that offers or provides group health coverage to your workers? Does your health plan cover outpatient prescription drugs — either as a medical claim or through a card system? If so, be sure to distribute your plan’s Medicare Part D notice before October 15. Purpose Medicare began offering “Part D” plans … Continued

Ask the Experts: FSA Limits | Virginia Benefits Agents

Question: Our company offers flexible spending accounts (FSAs) for health care and dependent daycare. Our plan limits are the maximum amounts allowed by federal law. Will the IRS increase the limits for 2019? We hold open enrollment in November for employees to make their FSA elections for the following year. Answer: The maximum annual limits … Continued

Look Backward to Plan Forward | VA Benefits Agency

We have entered Open Enrollment season and that means you and everyone in your office are probably reading through enrollment guides and trying to decipher it all. As you begin your research into which plan to choose or even how much to contribute to your Health Savings Account (HSA), consider evaluating how you used your … Continued

Affordable Care Act Individual Mandate Update | Virginia Benefit Agency

Recently, the President signed a bill repealing the Affordable Care Act’s Individual Mandate (the tax penalty imposed on individuals who are not enrolled in health insurance). While some are praising this action, there are others who are concerned with its aftermath. So how does this affect you and why should you pay attention to this … Continued