Download - IBIS 105 and 125 Advantage plans
IBIS 105 AND 125 ADVANTAGE PLANSPresented by:
Jolene Mennenga, AVP
105/125 Administrator
Storage for:Plan Documents/Summary Plan Descriptions
Amendments
Data Gathering Forms
125 Restatement of Plan
Business Associate Agreements
Third Party Administrative Agreements
New Document Binders
Year End Prep for 2012 Plans
Watch for bulletin announcements concerning: Deadline for Data Gathering form Employee Communication Open Enrollment Final numbers for 2012 plan year
enrollment
2011 Year End Timeline
Sept. 26th DGF bulletin
October 14th Deadline to complete the DGF
October 16th OPEN online flex enrollment
December 19th CLOSE online flex enrollment
December 31st LAST paper elections accepted
2011 Year End Timeline
December Reminders:
Have employees check elections online
Have HR check elections with payroll/accuracy
Have HR remind employees to enroll
125 Reminders:
As of 01-01-11, prescriptions required for OTC item reimbursement (HCR)
2013 MedFSA will have a cap of $2500 per participant (HCR)
Manual claim submission deadline is Wednesday 10:00AM
Last claim incur date is December 31st for plans without grace period (March 15th w/grace)
Last claim submission date is March 31st for plans without grace period (June 15th w/grace)
30 days for change of status due to qualifying events
125 Pre-Tax Reminders
Remember: when you pre-tax premium, you not only follow the rules of the insurance carrier but also the rules of the 125 plan.
Must have a qualifying event to drop coverage
Must have a qualifying event to change premium
Must have a qualifying event to add coverage pretax in the middle of the plan year
Refer to Section XII of plan document for information
Plan Document and SPD
Make sure the participants have a copy of the SPD or communicate one is available to them
When plan changes are made – update the 125 Restatement of Plan and give to participants
Reference Plan Document – Section XII for Qualifying Events – Change of Status
Top 10 Reasons to Implement an FSA FSA’s save Employers
money (FICA/FUTA) FSA’s save
Employees money (Fed/State/FICA)
FSA’s have a flexible plan design/benefits
Use-it-or-lose it rule often helps employers
Uniform coverage rule helps employees with unexpected costs
FSA’s help with out of pocket costs and high cost expenses such as ortho/vision
Health FSA’s not always subject to COBRA
FSA’s can cover adult children
Allows submission of OTC expenses with a script
Tax savings on Dependent care is immediate
COBRA for 105 and 125 Plans For 105 Plans
Must offer same plan as when employed
Employer may charge the market value of the benefit received – meaning the premium of the employees “buy-down” plan plus 2%
For 125 Plans Offered for:
premium plans MedFSA benefit LFSA Benefit
Offered only to MedFSA and LFSA when there is a positive balance in account at termination
Must NOT offer if there is a negative balance in flex account
Do not offer on DCAP
Important 105 Information
CMS Section 111 Filing for 105 Plans
IBIS is completing on your behalf
Information communicated to Employer as needed
Employer needs to respond in a timely manner when requested
Important 105 Information
105 Plan w/$250-750 Deductible “Buy Down”
IBBP is no longer offering the $250/750 Deductible
IBIS will price $250/750 deductible plan for 2 years (2012, 2013) for the COBRA pricing and the W-2 reporting for those who need it.
HSA Reminders:
1. Contributions made by Employers must be made equitably for all eligible HSA Participants
2. Contributions made by Employees on a pre-tax basis can be changed mid-year without an event, unlike flex
3. Dependent definition for reimbursement from the HSA is still the “IRS” definition of a qualifying tax dependent, it did not change to the new age 26 definition
4. Follow guidelines for “Eligible Participant” when allowing employees to move to the HDHP/HSA plans & contribute
5. 2012 Max Contribution Limits Single $3,100 Family $6,250
ONLINE Resources:
Employer:
Resource Manuals Weekly activity reports Annual enrollment reports Access to Plan Documents Access to Forms/PowerPoints/Brochures Medical Flex Spending Account Expense
Table
ONLINE Resources:
Employee: Account balances EOB history Medical Flex Spending Account Expense
Table Online flex enrollment Access to Forms/PowerPoints/Brochures
Contact Information:
Email address for Claim or Plan Questions: [email protected]
Fax number for Claim Submission515-286-4244
105/125 Customer Service number1-800-258-1415 (select 2, then 3 for flexbenefit specialist)