 National Health Care Reform Update
Negative Impact Likely if FSAs Changed
With Congress just beginning their August recess, the health care debate rages on. Constituents are reaching out to their members of Congress to express their opinions on this heated issue.
There are many health reform issues to be worked out and "cost" is at the top of the list. While the complete elimination of FSAs appears to be off the table (for now), significant curtailment of FSAs is being seriously considered as a way to help fund health care reform. Versions of the health care reform bill in the House include the elimination of over-the-counter drugs as eligible expenses under a Medical FSA and the Senate Finance Committee’s version includes a $2,000 cap on all annual elections. If either of these proposals were to pass, it would have a detrimental impact on many individuals who participate in FSAs. Help preserve this valuable employee benefit. We encourage you to reach out to your representatives in Congress to voice your opinions, as we have. There is still much to be decided with regard to health care reform and now is the time to act.
In a related note, the Employers Council on Flexible Compensation (ECFC) recently launched a new website, SaveMyFlexPlan.org, to provide helpful information and ways to communicate with Congress about the possible changes to FSAs. The ECFC sponsored site also offers tools to help calculate the potential impact of the elimination of Flexible Spending accounts, personal stories, news links and more. |
|
Is Your Data Properly Protected?
MA Compliance Requirement Set for January 1, 2010
Last September, the State of Massachusetts passed a new Data Protection Regulation (MA 201 CMR 17) that requires any entity who stores, maintains and transmits any personal information of a Massachusetts resident to “develop, implement, maintain and monitor a comprehensive, written information security program applicable to any records containing such personal information.” The Commonwealth of Massachusetts postponed the compliance deadline to January 1, 2010 (from May 1, 2009).
Though the development of such a plan may be overwhelming and pose an inconvenience, it is important to remember that transmitting and storing personal information in a secured fashion is something you are likely doing already. Since HIPAA Regulations already require the safe transfer of PHI, you or your technical team may already have many of the pieces readily available that are needed for this plan.
Crosby is taking the necessary steps to comply with this new Regulation.
|
|
 Catch the Renewal Wave 2010
Make The Most Of Your Open Enrollment
Year after year, we’ve found that the following options are proven methods for boosting enrollment:
Flex Debit Card: Our card adds convenience by giving participants direct access to their Medical FSA without having to pay out-of-pocket. With the improvement of electronic approval systems, our card is a great tool for increasing participation (saving you more on FICA) and increasing the value for your participants. If you don't have the Flex Debit Card, we encourage you to consider it today.
Promote Enrollment with a Benefit Fair: Crosby receives many requests to participate in fairs, so please understand that scheduling is done on a "first-come-first-serve" basis. We encourage you to let us know as soon as possible so we may try to fulfill your request. To request our participation, please email Tina Crosby with the following:
• Date and Time of fair
• Estimated attendance
• Location (please be specific)
• Parking arrangements
• Raffle - should Crosby contribute a raffle prize?
Crosby will attend benefit fairs upon request, subject to availability.
Customized Communications: We can include customized communication pieces in your employee enrollment packets.
Promotional Materials: For clients offering Flexible Spending Accounts, Crosby offers marketing posters, an electronic FSA presentation and other valuable materials to boost employee participation.
Contact your Crosby Consultant to take advantage of these solutions and to learn more about preparing for your renewal season.
|
|
The Crosby Connection Newsletter is intended for Crosby Client Contacts. © 2009 Crosby Benefit Systems
|
|
|
Sep. 1: The 2010 Renewal Season begins
Sep. 7: The Crosby offices will be closed in observance of Labor Day |
|
2010 HSA Limits The IRS has released the Health Savings Account (HSA) Annual Maximums for 2010:
Individual: $3,050
Family: $6,150
The HSA maximum annual catch-up contribution will remain at $1,000 for individuals who are age 55 and older. |
|
... Crosby Is SAS 70 Certified?
To receive a copy or our SAS 70 certification, please contact Benjamin Crosby via email or by calling 617-630-0444. |
|
... A commuter program can make your company money?
> Quick Implementation
> Easy-To-Use
> All Major Metro Areas Covered
> Single System
 |
|
For more information about any of our services, please contact Darla Rosenfeld via email or call 617-630-0468. |
|
Looking for a Team Roster?
Our organizational design utilizes a client-centered team approach to best meet your needs. If you're interested in receiving a team roster, please email us here to request a complete roster with contact information. |
|
|
