1 / 14

I owa b ankers 105/125 Advantage Plans

I owa b ankers 105/125 Advantage Plans. 2010 Employee Benefit Workshop. 2010 Plan Year End. Communication-105/125 Bulletins Complete Data Gathering Form/ Payroll Calendar Sent September 24 th Due October 18 th Notify employees: OTC changes in plan for 01-01-11 Sent September 15 th

ardice
Download Presentation

I owa b ankers 105/125 Advantage Plans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Iowa bankers 105/125 Advantage Plans 2010 Employee Benefit Workshop

  2. 2010 Plan Year End • Communication-105/125 Bulletins • Complete Data Gathering Form/ Payroll Calendar • Sent September 24th Due October 18th • Notify employees: OTC changes in plan for 01-01-11 • Sent September 15th • Reminders: (forthcoming) • 1.Notify employees: open enrollment period for online elections for the 125 plan (10-20 to 12-17) • 2. Check employee elections for 2011 payroll • 3. Complete amendments before 12-31-10

  3. Plan Changes for 2011 - OTC Over the Counter Medicine and Drugs: As of 01-01-11, the rules are changing for over the counter medicine and drugs, excluding insulin. After 01-01-11, you must have a prescription for any OTC medicine or drug to receive a reimbursement through the flex medical plan. (Cough syrup, cold medicine, aspirin, medicated creams, etc) Other medical supplies will process as normal. (band-aids, contact solution, crutches, etc) Refer to the MFSA expense table on website @www.bankers-ins.com

  4. 2011 – OTC guidelines Over the Counter Medicine and Drugs: Any OTC medicine or drug purchased AFTER 12-31-10 must have a prescription. (regardless of plan dates) If purchased in 2010 and submitted in the 90 day runoff period during 2011, it will be paid. If your company has the grace period, (2 ½ months to incur prior plan year expenses) any OTC medicine or drug must be purchased by 12-31-10 or it will require a prescription.

  5. 2010 Amendments • Sending in105/125 Bulletin communication • 125 Plan Document Amendments: must be approved by Board of Directors, signed, and a copy to IBIS • 1. Dependent update definition • 2. Over the Counter medicine and drug • 125 Summary Plan Description Amendments: Identify contact person, then supply participants a copy • 1. Dependent definition and OTC update

  6. 2013 Upcoming Changes Health Care reform changes for MedFSA The MedFSA and LFSA will have an annual cap placed on them, per participant, in the amount of $2500. The employer may elect a lesser amount. This amount is applied per flex participant and does not apply to the dependants. Each plan participant can elect $2500. If both husband and wife enroll in a plan, both can elect the maximum amount set by the plan.

  7. Administrative Reminders Always use current form from our website when a form is necessary. www.bankers-ins.com Notify IBIS within 30 days of an event to make a change in an election. Use the Change of Status Form. Refer to the plan document and SPD for change of status options. If you have both a husband and wife who are working at one bank, insured under one health plan, but both elect flex, remember: all health and dental claims will be automated to insured plan members flex. Spouse must submit claims manually that have not been previously submitted.

  8. Administrative Reminders Encourage employees to use website found @ www.bankers-ins.com Forms (always most current) Brochures Online Account Guides 105/125 PowerPoint 105/125 EOB and employee reports MedFSA Covered Expense Table Encourage online enrollment

  9. Administrative Reminders Year End wrap-up Check your online report for employee election status to confirm plan year 2011 elections. IBIS is not responsible for those who do not enroll. Report to IBIS by 02-28-11 any corrections to the 2011 annual elections. Must be done within 60 days of plan year start to make a change due to administrative error. Check your January and February billings also.

  10. Administrative Resources

  11. Administrative Resources Coming this fall! Watch for the 105/125 Bulletin Announcement of the new interactive manuals to be placed on the Administrative Website 105 Resource Manual 125 Resource Manual

  12. 105 Resource Manual Contents Section 1: 105 Plan Overview Section 2: 105 Plan Provisions Section 3: 105 Administrative Procedures Appendix A: 105 Plan Documents Appendix B: 105 Plan Forms Appendix C: 105 Plan Reports Appendix D: 105 Plan Services/Resources Appendix E: IBIS Administrator Website Appendix F: Employee Self Service Website

  13. 105 Resource Manual Go to 105 Manual for Demo

  14. Iowa Bankers Insurance and Services, Inc. Marketing Representatives Jolene Mennenga − Northwest Iowa James Johnston − Central and Northeastern Iowa Don Easter − Southern Iowa Customer Service: 800-258-1415 Marketing Representatives: 800-532-1423 www.bankers-ins.com

More Related