The House of Representatives voted Wednesday to officially repeal the CLASS Act, the long-term care provision of the Patient Protection and Affordable Care Act.
With a 267-159 vote, H.R. 1173 passed, the entire purpose of which was to repeal the CLASS Act. A similar bill in the Senate, S. 720, has been stalled in committee since April 2011.
IRS Releases Group Health Insurance Cost Reporting Guidelines - Voluntary Until 201
June 3, 2011
Note: None of this should be taken as legal or tax advice.
All sponsors of group health plans, including private employers, unions, government entities and other group health plan sponsors, must comply with this notice requirement. Traditional health plans, including HMOs and PPOs, providing prescription drug coverage are subject to the notice requirements. However, flexible spending accounts, health savings accounts and Archer Medical Savings Accounts are not taken into account in determining whether prescription drug coverage is creditable and employers do not have to send the Medicare Part D notice for these types of plans.
The IRS has released the 2012 cost-of-living adjustments affecting HSAs. The HSA contribution limits and HDHP out-of-pocket maximums will increase slightly, while the HDHP minimum required deductibles remain unchanged.
