Health Care Reform Answers, Part 2

Below Mike Grinnell, HF&C's Vice President of Group Benefits, answers more questions asked during a recent seminar on the new Health Care Reform:

When does the over the counter drug change become effective?

Beginning in 2011, Over The Counter (OTC) drugs will no longer be reimbursable under HSA's, medical FSA's, HRA's, and Archer MSA's unless they are prescribed by a doctor.

Will the Reform Bill effect my FSA contributions?

Yes. Beginning in 2011, the amount of contributions to health FSA's is limited to $2500 per year.

When does the reporting of health benefits on the W-2's begin?

Employers are required to start reporting the aggregate cost of employer-sponsored health benefits payable during the taxable years beginning after December 31, 2010.

What is the CLASS Act?

Beginning January 1, 2011 the Community Living Assistant Services and Supports (CLASS) Act states that all employers would be required to enroll employees in a new national public long-term care program, unless the employee elects to opt out.

If you have any questions please feel free to contact Mike at 315-451-1500 or mgrinnell@haylor.com.