Health Care Reform W-2 Reporting Guidance

The IRS has  issued guidance regarding the new Form W-2 requirements under health care reform that require employers to report the cost of coverage under an employer-sponsored group health plan. 

Note:  Employers who are required to file fewer than 250 2011 W-2 Forms are not required to report this information.  Only those employers with greater than 250 W-2’s in 2011 must comply.

Below are some of the highlights of the guidance:

Purpose

• The purpose of the new W-2 information is to provide employees information on the cost of their health care coverage.

Effective Date

• The guidance generally applies beginning with 2012 W-2 Forms that employers must provide to employees in January 2013.  W-2 Forms provided to employees terminating during 2012 and requesting a W-2 Form prior to the end of the calendar year need not comply with the new requirements.
• Employer-provided health coverage will remain non-taxable to employees (except for special situations, such as domestic partners or non-dependent imputed income).

Scope of Health Plan

• Employers can exclude the value of health reimbursement accounts and stand alone  dental and vision plans when they report  in2012.
• Also excluded are health flexible spending accounts and HSAs.  However, any employer contributions (not salary reduction) made to the health flexible spending account would be included.

Amount Reported

• The amount reported on the W-2 Form must include both the employer and the employee paid portions of health care coverage, whether pre-tax, after-tax or taxable.

How M.F. Irvine Can Assist

For existing M.F. Irvine Benefit Administration clients, M.F. Irvine Corporate Solutions will be providing  a special report at the end of the 2012 calendar year (early January 2013).  This report will include the total value of the Medical Plan (i.e., the COBRA applicable premium minus the 2%) for active and terminated employees for the 2012 calendar year.

If you have any questions, please contact your M.F. Irvine Representative.

Source: IRS Notice 2011-28

December 2011 Newsletter

Click below for MFI Team Updates, Cyber Liability Insurance, NowClinic Online Care, News from MFI National Preferred Mobile Home Park Program and Personal Lines Division.

December Newsletter

M.F. Irvine Companies 2011 Holiday Card

Please click on the link below to view our 2011 Holiday Card.

M.F. Irvine 2011 Holiday Card

Michael Irvine on Executive Leaders Radio

Michael Irvine, CEO at M F Irvine Corporate Solutions first appeared on Executive Leaders Radio on August 20, 2010. Executive Leaders Radio is dedicated to honoring individuals who have risen to leadership roles through hard work and dedication. This highly popular radio program shares the stories and wisdom of leaders like Michael Irvine with a diverse listener audience with the goal of helping others achieve the level of success that Michael Irvine has.

To hear Michael Irvine’s interview click here http://www.executiveleadersradio.com/irvine-michael-1960.aspx

Executive Leaders Radio

Did you know M.F. Irvine Companies cohost on Executive Leaders Radio every Friday? Listen to Paul Miller, Pepper Krach, Brian Dietrich and John Melvin as the regions leading CEO’s discuss how they were able to build their enterprise, their personal secrets of success, leadership style and opportunities ahead. 

Airing Schedule:

WIFI 1460AM - Friday 2pm-3pm 

WSNJ1240AM - Monday 1pm-2pm

WCHE 1520AM - Sunday 1pm-2pm

Executive Leaders Radio can be found on the following podcast directories:

• iTunes
• Castroller.com
• Podbean.com
• Podcast.com
• Podcasters.tv
• iBizRadio.com

September 2011 Newsletter

Click below for MFI Team Updates, Summary of Benefits and Coverages, Executive Leaders Radio, News from MFI National Preferred Mobile Home Park Program and Personal Lines Division.

September Newsletter

Michael Irvine Featured in the CEO File

Michael Irvine, CEO of M.F. Irvine Companies was featured in the Philadelphia Business Journal’s CEO File. In the article, Michael discusses his business philosophy, judgment calls, true confessions, personal trivia and company information. To read the article, click here Philadelphia Business Journal.

Philadelphia Business Journal

Look for Michael Irvine, CEO of M.F. Irvine Companies, in the Philadelphia Business Journal on Friday, September 16th. Michael will be featured in the CEO File.

HSA Contributions in 2012

The IRS announced that the maximum contributions that can be made to health savings accounts in 2012 will rise slightly.

Under IRS Revenue Procedure 2011-32, the maximum contribution that can be made to an HSA in 2012 is $3,100 for employees with single coverage, up from $3,050 this year. The maximum HSA contribution for those with family coverage will be $6,250, up from $6,150 this year.

The maximum out-of-pocket employee expense, including deductibles, will rise next year to $6,050 for single coverage, up from $5,950 this year. For family coverage, it will increase to $12,100 next year from $11,900 this year. Increases in the HSA limits are tied to changes in the cost of living.

However, the minimum deductible for a high-deductible health care plan to which HSAs must be linked will stay at $1,200 for single coverage and $2,400 for family coverage, the IRS said. IRS Reference

Affordable Insurance Exchanges

On July 11, 2011, the U.S. Department of Health and Human Services (HHS) published two Notices of Proposed Rulemaking (NPRM). The first proposed rule, the Exchange NPRM, outlines a framework that will enable States to build Affordable Insurance Exchanges, new State-based competitive marketplaces created under the Affordable Care Act. The second NPRM, addresses standards related to reinsurance, risk corridors, and risk adjustment to assure stability in these newly established markets. These proposed rules are a major step forward in implementing the Exchanges.

Starting in 2014, individuals and small businesses will have the same affordable insurance choices as Members of Congress and will be able to purchase private health insurance through the Exchanges. Exchanges will make it easy for individual consumers and small businesses to compare health plans, get answers to questions, and enroll in or offer to their employees a health insurance plan that meets their needs. Individuals will be able to find out if they are eligible for advance payments of premium tax credits and cost sharing reductions or health programs like the Children’s Health Insurance Program (CHIP); small businesses will be eligible for a tax credit for coverage purchased for employees through the Exchange.

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IBC Mail Order Service Transition

IBC will be transitioning the administration of their prescription mail order service to a new FutureScripts facility beginning August 1, 2011. Members will continue to have access to a convenient, quality-focused, and easy-to-use prescription mail order service that offers exceptional customer service and is designed to ensure that members receive their medications quickly and accurately.

Transitioning existing mail order prescriptions

IBC is working proactively with FutureScripts to ensure a smooth transition and minimize any disruption to members. Most active refills for mail order service prescriptions will be transferred to the new mail order service automatically, so members will not need to obtain a new prescription.

Members who have existing mail order prescriptions will receive notification about the transition and must:

• Update payment information with FutureScripts by filling out the Mail Order Form enclosed with the notification. 
• Complete the Health, Allergy, and Medication Questionnaire. 
• Request a refill of their prescription by calling 1-888-678-7012 or order online at www.myfuturescripts.com.

Certain types of medications cannot be transferred and will require new prescriptions if the prescription:

• has expired;
• doesn’t have any refills remaining;
• is a controlled substance;
• is a compound medication;
• has not been processed with future refill dates.

If a member’s prescription has not transferred to FutureScripts, he or she will get additional information explaining the need to ask the physician to write a new prescription for any non-transferring medication. Then, the member can follow the three transition steps above. 

Members should allow at least 14 days from the time they place their order to receive their prescription. Express delivery is available for an additional charge.

Communications

IBC sent notice to groups Tuesday, June 28. In addition, IBC sent a letter to all members who utilize our mail order service to tell them about this change on Thursday, June 30.

On Tuesday, July 6, FutureScripts mailed a letter to members whose medications will automatically transfer over to FutureScripts Mail Order. Members who use medications that will not transition over to FutureScripts Mail Order will receive a different letter from FutureScripts with instructions on how to submit a new prescription to FutureScripts mail order.

IBC Group Letter

IBC Member letter

FutureScripts Member Letter (medications transferring)

FutureScripts Member Letter (medications will not transfer)

Health Care Reform - A Panel Discussion - May 7, 2010

May 7, 2010 8:30am - 11:00am
Held at the Philadelphia Country Club in Gladwyne, PA

It’s Time To Hear From The Experts

What are the short- and long-term employer implications of the health care reform bill — Patient Protection and Affordable Care Act (PPACA) — recently signed into law by President Obama?

To responsibly answer this question and simplify the complex issues surrounding this legislation, M.F. Irvine has assembled a panel of experts for a discussion on Friday, May 7th, from 8:30am to 11:00am at the Philadelphia Country Club.

Click to read more ...

COBRA Premium Subsidy Extended

IMPORTANT LEGISLATIVE UPDATE

On April 15, 2010, President Obama signed an amendment to the American Recovery and Reinvestment Act of 2009 (ARRA) to provide additional time to qualify for the 65% premium subsidy for COBRA health care coverage. The extended period of eligibility for the premium subsidy now includes Americans involuntarily terminated from their jobs from April 1 through May 31, 2010.

M. F. Irvine will continue to keep you informed as we receive updates on amendments and new legislation.

Health Care Reform Update

In the quest for health care reform, the recent duo of new legislation has enacted the most sweeping changes in U.S. social policy in over a half century. On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act (H.R. 3590). It’s partner bill, The Health Care and Education Reconciliation Act of 2010 (H.R. 4872), which includes “fixes” to the first bill, has also been approved by both the House and Senate and is expected to be signed into law by the President this week.

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ARRA Amended By New Temporary Extension Act

IMPORTANT LEGISLATIVE UPDATE

M. F. Irvine is currently reviewing information from the Department of Labor on the new Temporary Extension Act of 2010 as it pertains to COBRA participants.

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