Innovative Benefit Planning Blog

US Dept. of Health & Human Services, Labor & Treasury Issue Regulation on “Grandfathered” Health Plans Under the Affordable Care Act

Posted On: June 15, 2010 | Categorized as: Company News

While the Affordable Care Act requires all health plans to provide new mandated benefits under the law, plans that existed on March 23, 2010 are exempt from some new requirements. The U.S. Departments of Health and Human Services, Labor, and Treasury issued new regulations on “Grandfathered” health plans under the Affordable Care Act. In order for a plan to keep its “Grandfathered” status the plan must abide by the stipulations outlined below when making plan changes. Cannot Significantly Cut or Reduce Benefits.  For example, if a plan decides to no longer cover care for people with diabetes, cystic fibrosis or HIV/AIDS. Cannot Raise Co-Insurance Charges. Typically, co-insurance requires a patient to pay a fixed percentage of a charge (for example, 20% of a hospital bill).  Grandfathered plans cannot increase this percentage. Cannot Significantly Raise Co-Payment Charges. Frequently, plans require patients to pay a fixed-dollar amount for doctor’s office visits and other…

Innovative Presents on Healthcare Reform

Posted On: June 11, 2010 | Categorized as: Company News

Terriann Procida, one of our  founding partners, had the privilege of delivering an informative talk about Healthcare Reform on Wednesday, June 9th in Philadelphia.  She covered topics such as The Patient and Affordable Care Act as well as the Health Care and Education Reconciliation Act of 2010, both of which have become the most sweeping legislation since Medicare.  Kenneth  R. Gilberg, a shareholder of Flaster/Greenberg also presented at this event about Employee Handbooks.  Based on the feedback everyone found it very timely and beneficial.

HopeWorks Charity Golf Classic

Posted On: June 11, 2010 | Categorized as: Company News

Innovative Benefit Planning attended the annual HopeWorks Charity Golf Classic on Monday, June 7th at the Laurel Creek Country Club in Moorestown, NJ.  HopeWorks seeks to achieve D.R.E.A.M.S. (Dynamic Realizable Efforts to Attain and Maintain Success) for inner-city Camden, NJ youth by expanding the learning opportunities available to them.  Innovative, which was one of the sponsors for this event,  has been a supporter of this worthy cause for many years. To learn more about HopeWorks and their mission, visit their website or watch this great video which introduces them on a more personal level.

March 2010 Retirement Plan Update Part 1

Posted On: March 17, 2010 | Categorized as: Company News, Retirement Plans

 It has been a busy year in Washington with stimulus, cap and trade and health care dominating the headlines. Behind the scenes, it has also been a busy year for proposals that will affect how employers manage their retirement plans. Currently, there is pending legislation in Washington regarding participant level investment advice and the way advisors are compensated for this advice.   Under the Pension Protection Act of 2006, it was OK  for plan sponsors to allow advisors to provide this service for participants as long as the person providing the advice was being paid a level fee regardless of the participant investment selection or was using a certified computer model to develop the participant's investment  allocation.  Under the proposed regulations, affiliates or employees of the advisor will also be required to receive level compensation regardless of the investment option that is chosen. In addition, compensation must now  be level for advisors using any certified computer model to provide advice.  These proposals will affect advisors who are employees of…

New Website Launched!

Posted On: February 26, 2010 | Categorized as: Company News

Innovative is pleased to announce the launch of our new website.  The site will make it easier for clients to register for events, locate previous compliance alerts and most importantly provide us with feedback for our services.  So please stop by the site and let us know what you think!

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