Zinser Benefit Service - Small Business Insurance

Individual Insurance, Group Insurance and Employee Benefits, small business insurance

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IRS issues guidance on W-2 reporting

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On January 3, 2012, the IRS issued additional interim guidance on the W-2 reporting requirement that is part of health care reform. In this guidance, the IRS confirms that employers filing fewer than 250 W-2s are not required to report the value of health benefits. This guidance extends that relief until further guidance is issued.

Additionally, the release indicates that specialty coverage, if included with medical benefits, must be reported.

The guidance reaffirms that this is a reporting requirement only and does not impact employees’ taxable wages.

Questions and Answers:

Q:   Are specialty products, if offered as one plan to an employee, included in the W-2 reporting requirement?

A:    According to the latest guidance from the IRS, yes. If the products are embedded or provided together, the total must be reported.

Q:   How do contingent premium groups report the value of health benefits under the W-2 reporting requirement?

A:    Please refer any customers with this question to their own tax and/or legal advisers as we do not provide tax advice. The latest information from the IRS related to the W-2 reporting requirement can be found at http://www.irs.gov/pub/irs-drop/n-12-09.pdf and may provide additional guidance.

Child Only Coverage

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Anthem is offering Child-Only health coverage in KY during open enrollment in January 2012

Eligibility Requirements:
  • Under 19 years of age and a resident of KY
  • Enroll during open enrollment (Jan 1, 2012 – Jan 31, 2012)

Other Important Information:
  • Do not cancel current health coverage until your policy has been approved and issued
  • One child per application.  Each child enrolling for coverage will need to complete a separate application
  • Health history will be reviewed to determine the rate level
  • An applicant with other coverage or other coverage available at the time of the effective date is not eligible for guaranteed issue
Contact us today to apply!


Generic for Lipitor Now Available

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On November 30, 2011 Ranbaxy Laboratories launched the generic equivalent for Lipitor, atorvastatin.  Ranbaxy will be the sole manufacturer of this generic drug for the next 180 days.  Other manufacturers of the drug will be available in May 2012.

The savings at the beginning will be minimal, but once May 2012 roles around we should see substantial savings.  This means big savings to consumers and payers alike.

 

Long-Term Care Costs Continue To Rise

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According to a 2011 MetLife market survey of Nursing Home, Assisted Living, Adult Day Services and Home Care Costs national average rates for a private nursing home room increased 4.4% to $239 daily or $87,235 annually.

Some other statistics:

  • In 2010 66% of nursing home residents were women.  The median age of residents was 82.7.
  • Current estimates show that the average age of an assisted living resident is 86.9 years old.
  • The median length of stay in an assisted living facility is 25.6 months.
  • The majority (87%) of nursing homes surveyed provide Alzheimer’s or dementia care; of those, 80% charge the same rate for care
  • Almost three-quarters (72%) of assisted living communities surveyed provide Alzheimer’s and dementia care, 50% of which charge an additional fee for the service.
The 2011 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs can be downloaded from www.MatureMarketInstitute.com.
Here’s the link:

 

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