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New Rule May Affect Your FSA Decisions
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Effective January 1, 2011, it is going to be harder to have purchases of over-the-counter medicines reimbursed by your flexible spending account (FSA).  As of Jan. 1, 2011, individuals who want account reimbursements will need to have a doctor's prescription when they purchase a drug or medicine that's sold over the counter. Other items such as eyeglasses, contact-lens solution, bandages, dental care and test kits are unaffected by the new prescription requirement.
So keep the new regulations in mind if you are still deciding on your FSA contribution.
(The rule applies to HSAs too, but since HSAs are not use-it-or-lost-it like FSAs, it is not as important a decision.)
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Health Care Reform - Special Enrollment
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Health care reform is here and a lot of changes occur at a group's renewal AFTER the Sept. 23, 2010 line in the sand. Since a lot of larger corporations renew January 1, we want to make sure you know of two special enrollments under health care reform.
- Extension of coverage for children until age 26, and
- Removal of the plan's lifetime limit on the dollar value of benefits.
The first one will get most of the oxygen in the room and rightfully so. It will affect more people.
Regarding the second item, in most cases, insurance companies are sending out notices to those members who are eligible for the second open enrollment. Since most plans with which we are familiar have unlimited lifetime benefits, we do not expect not expect to see much of an impact in our groups. But if you have coverage through another broker, contact your HR department - and shame on you.
Both special enrollment periods are effective for plan years beginning on or after September 23, 2010 and require that individuals be given at least 30 days to enroll after a written notice of opportunity to enroll is provided--with coverage commencing (retroactively, if necessary) as of the first day of the first plan year beginning on or after September 23, 2010. In addition, these special enrollment periods are due to transition rules that create a one-time obligation on group health plans. This will not be a yearly ordeal.
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Those Covered By Employer-Sponsored Health Coverage Continues To Fall
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"The number of Americans who have employer-sponsored health care dropped last year for the ninth year in a row, according to a new report by the Economic Policy Institute.
The report found that the share of Americans under 65 covered by employment-based health insurance fell from 61.9 percent in 2008 to 58.9 percent in 2009. The report also predicts that employer-sponsored coverage will continue to drop until the major coverage expansion of the health reform law kicks in in 2014."
Healthwatch
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2011 IRS Cost-of-Living Adjusted Pension Limits
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 For the third year in a row, most of the IRS cost-of-living adjustments for pensions and retirement plans went largely unchanged. We have a one-page summary of the more relevant ones. If you want us to send you a copy, drop us a note.
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Hampton University Business Incubator
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We will be speaking at the Hampton University Business Incubator on December 16th as part of their Brown Bag Lunch Program. It is located at 6 W. County Street, Hampton, VA 23663. The topic will be (what else) Health Care Reform and how it affects small/new businesses.
Special thanks to the Small Business Administration for helping to arrange this. We are looking forward to it. When we get more details, we will pass them along.
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"First of all, and I have to get this out of the way: The Broncos secretly taped the 49ers' offense? Seriously? The Mike Singletary-led, two-yards-and-a-dirt-clod, punch-'em-in-the-mouth 49ers' offense?
It's like hatching an elaborate plot to rob the dollar store.
Six minutes of video of San Francisco's pregame walk-through is about four minutes more than you need. Good grief, Charlie Brown. Frank Gore leads the team in rushing and also has caught the most passes. Memo to Josh McDaniels: Next time just ask, you know ... anybody."
Mark Kreidler ESPN.com(This was funnier before they won Monday night)
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Major Concert Announcement
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 To borrow a phrase from a high school buddy who is also in a band, " We have a major concert announcement!" The Righteous Outlaws are returning to Grandpa Eddie's on January 28th, 2011. The venue is not quite as large as the one pictured here, but a guy can dream, can't he? So come on out that night with friends for some good food, cold beverages, and loud music.
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