Boca Benefits Consulting Group Inc.

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New Feds Guidance on Use of HRA’s and HRP’s [Exchanges Related Info]

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The below info is excerpted from a Zane Benefits information piece published Sunday, Sep 15, 2013.  The entire technical discussion can be accessed at their RSS blog feed by clicking here.  The essence of the discussion is that unlike what some major group insurance carriers have been indicating, newly stuctured HRP’s ( i.e., a limited healthcare reimbursement plan) can be used as the vehicle to shift employees from a group plan to individual purchases on exchanges. Wallgreens is the most recent large company to announce such a shift (click here for info on annoncement today 9/18/2013). IBM and Time Warner have made similar announcements.

[Begin Excerpt] ____________________________

Now, the good news

Employers can still reimburse employees for individual health insurance premiums.

For the first time, the Department of Labor, the Department of Treasury, and Health and Human Services have coordinated to issue formal confirmation that employers are 100% allowed to reimburse individual health insurance premiums tax-free under the tax code. This is a MAJOR positive.

We repeat – employers are still allowed to reimburse employees tax-free for individual health insurance premiums.

 

What is the solution for plan years beginning on or after January 1st, 2014?

For plan years beginning on or after January 1st, 2014, the solution is to adopt a limited Healthcare Reimbursement Plan (HRP), such as ZaneHealth.

The HRP is structured to only reimburse:

  1. Health insurance premiums up to a specified monthly healthcare allowance,
  2. Preventative care as required by PHS Act Section 2713 at 100% without cost-sharing.

This structure ensures the HRP complies with the PHS Act 2711 annual limit requirements and the PHS Act 2713 preventative care requirements as outlined in the Technical Release.

Additionally, care must be taken in the design and administration of the HRP to ensure the plan does not meet the definition of an eligible employer-sponsored plan in IRC Section 5000A and consequently qualify as minimum essential coverage. This ensures employees participating in the HRP are able to receive a tax subsidy via the new health insurance marketplaces assuming they meet additional eligibility criteria.

Conclusion / Next Steps

With the Departments all in agreement, everyone should be excited there is finally a clean, final process for employers to reimburse employees for individual policies that are guaranteed-issue.

Sponsors of stand-alone HRAs should begin preparing to convert their plan to an HRP for plan years beginning after 2014.

Finally, our nation can rid itself of one-size-fits-all employer group health insurance policies that hamper businesses, employees and their families.

[End Excerpt] _____________________________________

 

 

BBCG Owner Awarded Emeritus Status by American College

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The American College, Bryn Mawr, PA, the recognized leading institution for insurance, benefits and other financial services professional designations, has awarded to Robert W. Murphy its Emeritus Status. In its award letter, The American College congratulated Mr. Murphy by stating, “This distinguishes you as a person who has clearly demonstrated the commitment to continuing education that has become the standard for American College designation holders.” 

Mr. Murphy received his first designation, Chartered Life Underwriter (CLU), in 1984. Since then he has earned three additional designations, Registered Employee Benefits Consultant (REBC), Chartered Financial Consultant (ChFC) and Registered Health Underwriter (RHU).

The Emeritus Status conveys with it a lifetime satisfaction of all designation related continuing education requirements otherwise applicable to The American College designation holders.

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Boca Benefits Consulting Group Electronic Resources

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This document provides a summary of the URL’s associated
with the many BBCG electronic resources. Mentions new interactive benefits
blog which should be on-line October 1, 2008 or sooner.

Link to page

Written by Bob Murphy

September 27th, 2008 at 10:36 am

Posted in Communications,Web Resources

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Available Services

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A table of services which can be provided to clients directly by BBCG or via trusted select strategic partnerships.

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Written by Bob Murphy

September 17th, 2008 at 7:30 am

Posted in Brokers,Products

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History of Boca Benefits Consulting Group

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Boca Benefits Consulting Group, Inc. (BBCG) was formed by Robert W. Murphy in 1996. Its original situs was in Boca Raton, Florida. It was subsequently moved to Clearwater, Florida in 1999. It provides a comprehensive array of employee benefits, business protection and business continuity related services.

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Written by Bob Murphy

September 17th, 2008 at 7:30 am

Posted in Brokers

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Boca Benefits Consulting Group Overview

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BBCG, Inc. has been providing brokerage and consulting services to Florida employers
since its formation in 1996. Its principal consultant, Robert W. Murphy, has over 29 years of insurance carrier and consulting experience. He holds an advanced financial degree and four of the most prestigious financial services designations in the industry (REBC, ChFC, CLU, RHU). He has been a
panelist/speaker at a national conference on the future of healthcare and was a participant at a Harvard University executive program entitled “Skills for the New World of Health Care.”

Link to BBCG Web Site Home Page

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Written by Bob Murphy

September 17th, 2008 at 7:30 am

Posted in Brokers

Tagged with , ,