On August 9th, the Department of Labor (DOL) sent a request to the Office of Management and Budget (OMB) to delay the implementation date for the fiduciary rule from January 1, 2018 to July 1, 2019. The DOL also sought further industry comments regarding the fiduciary rule and prohibited transaction exemptions, with a specific request for comments on health savings accounts (HSAs). Learn more about the requested delay and read a summary of the Alegeus-supported HSA Council comment letter to the DOL that reiterates the industry’s position that HSAs should be excluded from the fiduciary rule.
This week, Senate Republicans weren't able to muster the votes needed to pass any of their three main healthcare reform efforts under budget reconciliation. While healthcare reform isn’t dead, the reconciliation process is. Republicans must now decide how to proceed. So, where do we go from here? Read more to learn how the consumer directed healthcare (CDH) industry will remain focused to advance the common sense provisions that improve account-based care.
Brokers and employers are critical to the proliferation of consumer directed healthcare (CDH) benefits in the market (including high deductible health plans and account-based offerings such as FSAs, HSAs, and HRAs) – as well as the consumer’s ability to comprehend and realize their value. While brokers and employers understand the strategic value and impact account-based benefit programs bring to the market, they still need significant support to maximize adoption and realize the full value consumer directed healthcare can deliver.
Senate Republicans issued their ACA Repeal/Replace bill and originally planned to vote this week. But opposition from both conservative and moderate Republicans have forced them to delay the vote until after the July 4th recess to provide Senators with time to negotiate changes and amendments. Learn how the Senate bill will impact the CDH industry and what to expect in the coming weeks.
A few days prior to the Kmart breach being identifiable as the root case for card exposure and as part of the Alegeus Fraud Prevention Program in partnership with Mastercard and Visa, Alegeus began to proactively communicate to clients identifying specific cards exposed to possible compromise by a third party, such as a merchant and in this case Kmart. As part of the Mastercard and Visa compromised card process, the payment processor notifies Alegeus anytime a compromise has occurred and provides a list of impacted card accounts.
In a May 22nd Wall Street Journal op-ed, Department of Labor (DOL) Secretary Acosta confirmed the DOL is moving forward with its new fiduciary standards rule that is to be phased-in from June 9, 2017 through January 1, 2018. During the transition period, the DOL will continue to conduct its ongoing examination of the fiduciary rule, so we expect to see more delays and revisions.
On May 4th, the House of Representatives passed H.R. 1628, the American Health Care Act of 2017. The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) estimated that enacting that version of H.R. 1628 would reduce the cumulative federal deficit over the 2017-2026 period by $119 billion.
As your partner for growth, Alegeus platform users can now be system-certified with three days of in-depth platform training. Four times a year, you can join Alegeus in our state-of-the-art Orlando facility for hands-on system training where you will work alongside Alegeus experts every step of the way. Coursework will move you along the path to becoming a certified Alegeus platform user!
May 4th, the IRS released 2018 health savings account (HSA) limits, and the House voted to expand HSAs under the American Health Care Act (AHCA). With the House of Representatives passing the AHCA by a narrow vote of 217-213, the focus shifts to questions about when the bill may emerge from the U.S. Senate and what it may look like if and when it does. The Congressional Research Service has issued as 72-page report that provides and overview of all the AHCA provisions and the text of the House-passed bill has now been released.
Employee Benefit News and Employee Benefit Adviser’s Technology Innovator Awards recognize the individuals who are driving such technologies and making these innovations possible. After poring through dozens of nominations from EBN and EBA readers, editors consulted with industry experts and called on their own field of knowledge to choose this year’s award recipients. Eric Schuchman, head of product management for the Gusto benefits team, has been recognized for leading the charge to bring new benefit account capabilities to Gusto – a provider of payroll, benefits and HR to more than 40,000 small businesses.