Benefits News

IRS Announces 2010 Transit and Parking Limits

The IRS has released inflation adjustments for 2010. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, will NOT be adjusted for 2010.

Great News!! Today, the IRS released Notice 2008-104, which delays the need for all pharmacies and drug stores to implement an Inventory Information Approval System (IIAS) or certify that 90% of their gross receipts were derived from the purchase of eligible medical expenses in order for payment cards to be used at their locations.

Schemes Target Medicare Drug Program

If you are eligible for Medicare or know someone who is, this news article from CMS is very important. CMS has issued a news alert to Medicare Beneficiaries on schemes aimed at the Medicare Drug Program. (Click Read More... to see the CMS News Alert)

Representative Jim Ramstad (Minn.) has introduced the Time for Recovery and Equal Access to Treatment in America Act of 2005 (HR 1258), which would amend ERISA, the Internal Revenue Code, and the Public Health Service Act (PHSA) to provide parity for substance abuse treatment benefits under group health plans and health insurance coverage.

When Congress passed the Medicare Prescription Drug Modernization Act in 2003, the January 1, 2006, implementation date seemed far away. With that date fast approaching, a huge cottage industry is developing, and our senior population is about to be overwhelmed by advertisements, articles, and solicitations.

Brand-name pharmaceutical costs have escalated rapidly, while generic prices haven't moved much, revealing an opportunity for companies to cut medical bills by encouraging use of generics.

If an individual is covered under a health plan and that person is absent from employment because of active duty, the plan must allow the person or his or her dependents to elect to continue the coverage. Under USERRA, all employer-sponsored health care plans are required to provide COBRA-type coverage for up to 18 months after the employee's absence begins due to military service or for the period of uniformed service. However, the Veterans' Benefits Improvement Act of 2004 (VBIA) modifies elections that are made on or after December 10, 2004.