New Exemptions to ObamaCare Released

“The Trump administration announced Monday that those who live in counties with no insurer or with only one choice will be able to apply for a hardship exemption from the mandate, which requires nearly all Americans to get health insurance or pay a penalty.” according to an article in CNN Money. This means that 26% of Americans will be able …

There is still a penalty for not having insurance…

Just a reminder that, while recent legislation did eliminate the penalty, it does not take affect until 2019. Employer penalties in 2018 are at elast $2320 after the first tirty employees. The individual Penalty is $695 for each adult and $347.50 for each child, up to $2,085 per family, or 2.5% of family income above the federal tax filing threshold, …

2018 Retirement Account Limits

  How much can you contribute this year?  Provided by Reeve Conover   In 2018, you have another chance to max out your retirement accounts. Here is a rundown of yearly contribution limits for the popular retirement savings vehicles. IRAs. The 2018 limits are the same as in 2016: $5,500 for IRA owners who will be 49 and younger this …

IRS Adjusts 2018 HSA limits

On Monday the IRS announced a reduction to the 2018 Health Savings Account (HSA) family contribution limit to $6,850 from the previously set amount of $6,900. If you have already contributed the maximum amount to your Family HSA for 2018, this could mean that election changes may be required and excess contributions may need to be returned. Contact Participant Services …

Blue Choice SC Formulary Changes

This is an announcement from Blue Choice: BlueChoice HealthPlan continually evaluates our prescription drug formularies and drug management programs to ensure effective management of quality and costs. We work with a group of independent doctors and pharmacists to assess our pharmacy programs and get recommendations. Based on the group’s feedback, BlueChoice® will make minimal changes to theformularies, Prior Authorization and Quantity …

Changes to Oxford Group Plans for 2018

For 2018, Oxford, while eliminating some plans, has increased the number of options to 46.  Increases for this year look to be around 5.2%.  Liberty advantage is new, with 2 referral-required plans.  Most of the plans have changed to a $20 Lab copay (from 100%), and the ER copay increasing to $700.  Rx deductibles on some plans are increasing from …

HSA and FSA Limits for 2018 announced

FLEXIBLE SPENDING ARRANGEMENTS (FSAs)Salary Reduction Annual LimitEmployee contributions to employer-sponsored health flexible spending arrangements (FSAs) will increase to $2,650 (up $50 from 2017). 2015 2016 2017 2018 Salary Reduction Annual Limit $2,550 $2,550 $2,600 $2,650  HEALTH SAVINGS ACCOUNTS (HSAs)Annual Contribution LimitationSelf-only coverage under a high deductible health plan is $3,450 (up $50 from 2017). Family coverage under a high-deductible health …

IRS Announces 2018 Contribution Limits

Participant limits- 401(k), 403(b) plans-                                      $18,500 (from $18,000) Catch up for these plans, over age 50                                              $ 6,000 (no change) SIMPLE Participant Limit                                                                 $12,500 (no change) Annual Benefit Limit                                                                           $220,000 Defined Contribution Limit                                                                $55,000 (from $54,000) TopHeavy Key Employee                                                                    $175,000 Highly Compensated Employee                                                          $120,000 IRA Limit                                                                                                 $5,500 (unchanged) IRA Catchup                                                                                             $1,000