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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
from Spencer’s Benefits Reports: For the next few weeks, Spencer’s Benefits Reports will highlight specific provisions in the new health reform law which affect employer-sponsored plans.
Sec. 1001(5) of the Patient Protection and Affordable Care Act concerns lifetime and annual coverage limits. Group health plans, as well as individual and group health insurers, are subject to limits on imposing benefits caps. Specifically, lifetime limits on the dollar value of benefits for any participant or beneficiary are prohibited. Also barred are annual limits on the dollar value of benefits for any participant or beneficiary, subject to an exception for pre-2014 annual limits, as follows:
Pre-2014 annual limits. For plan years beginning before Jan. 1, 2014, group health plans and health insurers offering group or individual health insurance coverage may impose a restricted annual limit on the dollar value of benefits per participant or per beneficiary only for “essential health benefits” under the Affordable Care Act.
The Secretary of Health and Human Services (HHS) is to determine what benefits are considered “essential health benefits.” However, the list must include these items:
In defining “restricted annual limits,” the HHS Secretary must ensure that access to necessary services is made available with only a minimal impact on premiums.
Per beneficiary limits. Before and after 2014, the new rules on lifetime and annual coverage limits do not prevent group health plans or health insurance coverage from imposing an annual or a lifetime per beneficiary cap on specific covered benefits that are not considered “essential health benefits.”
Effective date. This provision is effective for plan years beginning on or after the date that is six months after the date of enactment of the Affordable Care Act (Sept. 23, 2010).
CCH Law, Explanation And Analysis Of Health Reform Act Available
CCH's Law, Explanation And Analysis of the Patient Protection and Affordable Care Act of 2010 provides the most comprehensive and practical guidance available to professionals needing to make sense of this historic legislation. CCH editorial staff, together with leading experts, provide clear and practical guidance on the many new areas of compliance in the law so that professionals can quickly understand, comply with new requirements, and plan for the future. The book is available for $149.
For more information or to order, please call 1-800-248-3248 or visit http://hr.cch.com/Products/ProductID-7127.asp. Discounts are available for multiple copies.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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