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We would like to provide a modest life insurance benefit on the lives of our employees' spouses and dependents. Is this type of benefit always taxable to employees? If not, how much coverage can we provide on a nontaxable basis?



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INSURANCE SPOTLIGHT

August 14, 2015

Carrier News

Standard Insurance Purchased by Meiji Yasuda
StanCorp (Standard Insurance) has been purchased by Meiji Yasuda, Japan's 3rd largest private life insurance company. Operations for Standard's headquarters, management team, distributions channels, product mix, as well as purpose and values will remain the same. The transaction is scheduled to close in the 1st quarter of 2016. Press Release

Anthem to Purchase Cigna
Anthem announced it would buy Cigna for $54.2 billion, creating the largest US health insurer by membership. The deal is not scheduled to close until late 2016 and will be under careful scrutiny by state insurance regulators and federal antitrust authorities. Read more

Symetra Purchased by Sumitomo Life
This week, a Japanese life insurance company has purchased Bellevue based Symetra Life for $3.73 billion. Sumitomo plans to maintain Symetra's management team following the acquisition. The acquisition will not close until 1st or 2nd quarter of 2016. Read more

VSP Promotion
For a limited time, VSP enrollees will receive an extra $40 to spend on top of their allowance when they select a bebeŽ, Calvin Klein, FlexonŽ, or Nike frames*. The $40 is automatically applied to their purchase at their VSP Network Provider - no hassle, just great choice and value. This offer is available for purchases made August 1, through December 31, 2015.  Coupon

ModaModa Health Will Be Soliciting Social Security Numbers
Moda would like you to be aware that they will be sending individual and fully insured group members a form asking them to provide Social Security numbers for the subscriber and covered dependents.  
 
Moda is required to solicit Social Security numbers for completing IRS Form 1095(B), which confirms a member's coverage, as required by the Affordable Care Act. Members can then use this form for tax purposes.  They are asking members to complete and return the form within two weeks.
 
OptumRx and Catamaran Combine to Create a New Offering in Pharmacy Benefit Services
OptomRx, Optum's free-standing pharmacy care services company, and Catamaran recently joined forces to form a new, more dynamic OptumRx. the medical synchronization and information capabilities of OptumRx, combined with the technology leadership and flexible service of Catamaran, deliver smart innovation and measured value.  Read more

  

Federal & State News

IRS and Fun Facts on the Individual Mandate's First Year
IRS Logo The IRS has announced  the results of the first year of the PPACA's individual responsibility requirements. The preliminary report, analyzing 135 of the estimated 150 million tax returns, denoted that 76% of Americans checked the box indicating that they had qualifying insurance for the year. Roughly 12 million Americans claimed an exemption from the individual mandate, either as a Native American or for hardship such as low income, death of a family member, or a plan cancellation. Another 300,000 taxpayers were eligible for an exemption, but did not claim it and will be eligible to file an amended return over the next three years.
 
Approximately 7.5 million Americans opted to pay the penalty rather than purchase coverage. The preliminary results found that the average penalty paid was $200, with two in five paying a penalty of less than $100 and 95% paying a fine of less than $500. More than $1.5 billion was collected from penalties.
 
The IRS also released data on the total amount claimed in health insurance subsidies. More than $9 billion was claimed by 2.7 million taxpayers, with an average subsidy of $3,400. One in five taxpayers claimed a subsidy of more than $5,000, while two in five claimed a subsidy less than $2,000. Of the 2.7 million taxpayers who collected a subsidy, 1.6 million (59%) had to pay money back because their annual income was more than what they projected when initially claiming the subsidy. The average amount repaid was $800. IRS Notice


Health & Wellness
August is National Immunization Awareness Month
Immunization helps prevent dangerous and sometimes deadly diseases. To stay protected against serious illnesses like the flu, measles, and pneumonia, adults need to get their shots - just like kids do.
 
National Immunization Awareness Month is a great time to promote vaccines and remind family, friends, and coworkers to stay up to date on their shots. For information on how you can help spread the word to employees, click here
If you have any questions about the articles contained in this newsletter, please give us a call or e-mail us: