Insurance News

  • DOL Finalizes New Method for Electronic Delivery of Retirement Plan Disclosures May 21, 2020
    On May 21, 2020, the U.S. Department of Labor (DOL) published a final rule that will allow plan administrators to post retirement plan disclosures online or deliver them to employees by e-mail, as a default, to comply with their statutory duty to furnish documents under ERISA.
  • IRS Releases 2021 Health Savings Account (HSA) Limits May 21, 2020
    The IRS has announced the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.
  • New COVID-19 Guidance for Section 125 Mid-year Election Change Rules May 14, 2020
    On May 12, 2020, the IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020.
  • IRS Provides More Options for Unused Funds in Health FSAs and DCAPs May 13, 2020
    Options Include an Extended Period for Incurring Expenses and Increased Health FSA Carryover Limit On May 12, 2020, the IRS announced more options with respect to unused amounts in health flexible spending accounts (FSAs) and dependent care assistance programs (DCAPs).
  • EEOC Delays EEO-1 and Related Reports Due to COVID-19 May 12, 2020
    Due to the COVID-19 pandemic, employers and unions that are subject to equal employment opportunity (EEO) reporting under Title VII of the Civil Right Act will not be required to file EEO surveys in 2020, the U.S. Equal Employment Opportunity Commission (EEOC) announced on May 8, 2020.
  • FFCRA May 7 Update: DOL Publishes Additional FAQs May 8, 2020
    Newest DOL Publication Adds FAQs 89 Through 93 On May 7, 2020, the U.S. Department of Labor (DOL) added five new answers to frequently asked questions (FAQs) to help employers comply with requirements set by the Families First Coronavirus Response
  • DOL Issues Updated Model COBRA Notices May 7, 2020
    The General Notice and Election Notice Models Now Include Medicare Information On May 1, 2020, the U.S. Department of Labor issued new model notices that group health plans may use to use to comply with COBRA notification requirements. Use of
  • EEOC Updates Guidance on Coronavirus and the ADA May 7, 2020
    New FAQs Address Return to work Issues For At Risk Employees Who Are At High Risk of Becoming Ill From COVID 19 On May 7, 2020, U.S. Equal Employment Opportunity Commission (EEOC) issued additional answers to frequently asked questions (FAQs)
  • Virginia to Increase State Minimum Wage Rate May 6, 2020
    New Rate Becomes Effective May 1, 2021 New legislation will progressively increase the state’s minimum wage rate to $15 per hour by 2026. The current rate in Virginia is equal to the federal minimum wage rate of $7.25 per hour.
  • Colorado Expands Paid Health Emergency Leave May 1, 2020
    On April 27, 2020, Colorado amended its emergency regulations mandating paid sick leave for certain workers affected by COVID-19.

INDIVIDUAL INSURANCE FAQ’s

Is a qualifying event required to enroll on an individual plan outside of open enrollment? Yes, individuals cannot enroll outside of open enrollment without a qualifying event. Proof of the qualifying event is required with the application; the applicant cannot be enrolled without this.

How do I know if my client has a qualifying event? Here are some common examples of qualifying events. This is not an all-inclusive list so please refer to healthcare.gov for more information.

  • Marriage
  • Having a baby
  • Losing job-based coverage for any reason, including resigning, getting laid off, or getting fired
  • Expiration of COBRA coverage
  • Losing coverage under your parents’ plan at age 26
  • Getting divorced or legally separated (resulting in loss of coverage)
  • Losing eligibility for Medicaid or the Children’s Health Insurance Program (CHIP)
  • Permanently moving outside your plan’s coverage area

How long does my client have to apply after their qualifying event? Typically, up to 60 days after the event. If the client does not apply within the 60-day time frame they may have to wait until the next open enrollment period to get coverage.

How is an on-exchange individual policy canceled? On-exchange policies must be canceled directly with healthcare.gov, either over the phone or online. Off-exchange policies are canceled directly with the carrier.

Do I have to be certified to sell on-exchange plans? Yes! In order to sell on-exchange plans, brokers must certify annually via CMS. If you are not certified you cannot sell or receive a commission for on-exchange plans. You must re-certify each year.