National Association of Insurance and Financial Advisors

Update: HealthCare.Gov Includes Agents in “Find Local Help” Feature

November 20, 2014

Wednesday, November 20, 2014 Issue: Health Insurance Action Taken: The Center for Consumer Information and Insurance Oversight (CCIIO), a division of the Centers for Medicare and Medicaid Services (CMS) responsible for the administration of the federally-facilitated health insurance marketplaces, recently announced a new “Find Local Help” tool for the 2015 open enrollment period. The tool will be available to consumers shopping on HealthCare.Gov on both the individual and small busine...

NAIFA Anticipates and Prepares for Re-Release of DOL Fiduciary Rule

November 14, 2014

NAIFA anticipates that in the near future, the Department of Labor (DOL) will send its proposal to re-define who is a fiduciary when providing advice, education, and investments to retirement savers to the Office of Management and Budget (OMB) for their review.  OMB will have up to 90- days to approve the proposal with respect to its financial impact on the federal government.  NAIFA anticipates release of the proposed rule sometime in the first quarter of 2015, thus opening a comment period ...

DOL Issues New Reporting Rules for Multiple Employer Plans

November 14, 2014

On November 7, the Department of Labor (DOL) issued new guidance (RIN 1210-AB66) on Form 5500 reporting requirements for multiple employer plans. The guidance imposes a new requirement that multiple employer plans’ Forms 5500 include a list of participating employers, and a good faith estimate of the percentage of total contributions paid by each employer during the plan year. The requirement is applicable to both Form 5500 and Form 5500-SF, the Annual Return/Report of Small Employee Benefit ...

HHS Delays Health Plan Identifier (HPID) Rules

November 14, 2014

Bowing to the intractable tension between the rules governing ERISA plans (which include welfare plans that offer health coverage) and traditional employer-provided health insurance, the Department of Health and Human Services (HHS) announced on October 31 that it is delaying until further notice the requirement that employers apply for health plan identifier numbers (HPIDs). Employers have been complaining to HHS that the rules they must follow on ERISA plans simply do not accommodate the...

DOL, Treasury and HHS Release New FAQs on Employers Providing Cash Reimbursements for Health Insurance

November 14, 2014

On November 6, the federal agencies in charge of implementing Affordable Care Act (ACA)  rules released new FAQs on if (likely not) employers can reimburse their employees with cash when employees buy health insurance through an exchange  rather than accepting employer-sponsored health coverage. The tri agency release came jointly from the Departments of Labor (DOL), Treasury, and Health and Human Services (HHS).   Generally, the new guidance states an employer cannot reimburse in cash ...