Question: I have Medicare, and I’m interested in getting services like dental, transportation, and home-delivered meals. Do I need a Medicare Advantage Plan to get these supplemental benefits? Is there a way to get these services if I have Original Medicare? -Xavier Dear Xavier, A supplemental benefit is an item or service covered by a Medicare Advantage Plan that is not covered by Original Medicare. These items or services do not need to be provided by Medicare providers or at Medicare-certified facilities. To receive them, you just need to follow your plan’s rules. Some commonly offered supplemental benefits are dental care, vision care, hearing aids, and gym memberships. Supplemental benefits must be primarily health-related, with some… Read More
The IRS released the inflation adjustments for health savings accounts (HSAs) and their accompanying high deductible health plans (HDHPs) effective for calendar year 2021. Most limits increased from 2020 amounts. Annual Contribution Limits For calendar year 2021, the limitation on deductions for an individual with self-only coverageunder a high deductible health plan is $3,600. For calendar year 2021, the limitation on deductionsfor an individual with family coverage under a high deductible health plan is $7,200.High Deductible Health Plans For calendar year 2021, a “high deductible health plan” is defined as a health plan with an annualdeductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage(unchanged… Read More
Proper Use of Premium Credits In light of the current pandemic, some carriers are offering premium credits attributable to a portion of the premiums paid in months where COVID-19 limited the benefit available to participants. While this is good news, the availability of such premium credits creates fiduciary issues with respect to plan assets under ERISA. This summary is intended to highlight possible issues and mitigate potential ERISA fiduciary exposure. Click the link below to download this important notice Proper Use of Premium Credits – 051820R