December 2008
We are proud to bring the first edition of The Weiner Benefits Bulletin, a periodic newsletter intended to keep you up to date on the most recent changes and developments in the Employee Benefits arena.
New Limits and changes for HSA 2009
Effective January 2009, the new minimum deductible for a Qualified High Deductible Health Plan is $1,150 for single coverage and $2,300 for family; up from the 2008 minimums of $1,100 and $2,200 respectively. In addition, allowable deposits have increased in 2009 to $3,000 for an individual and $5,950 for a family. For those individuals age 55 and older, an additional $1,000 catch–up contribution can be made to the HSA. For further clarification regarding Health Savings Accounts, please see the IRS Q&A Notice 2008-59.
Wellness Plans: Taking Control
According to the American Heart Association, about 65 million American adults over age 20 are either overweight or obese. 70 million Americans suffer from Cardiovascular Disease which is responsible for 6 million hospitalizations each year. Heart disease, cancer and stroke are the three leading causes of death in our country.
Additionally, the CDC cites research which claims a 10% reduction in the U.S. population's blood cholesterol would result in a 30% reduction in heart disease. This is significant considering health care delivery and lost–productivity costs associated with heart disease and stroke total $448 billion dollars for 2008.
These statistics have caused health insurance carriers to sit up and take notice. Currently, most carriers now provide healthy lifestyle support services at no cost to the insured including but not limited to weight management, smoking cessation and fitness club discounts and/or reimbursements. Some even go as far as providing personalized coaching via the internet.
Employers are also getting into the act by designing their own custom wellness plans. For an example see Development Pointers by the Bureau of National Affairs.
Initial results of wellness implementation have been positive with reductions in claims, reduced absenteeism and an improved employee attitude. If you are interested in learning more, please contact us today.
Number of Uninsured Declined in 2007
A recent report from U.S. Census Bureau (August 2008) showed a decrease in the number of Americans without health insurance last year. Uninsured numbers dropped to 15.3 percent in 2007 versus 15.8 percent in 2006. It marks the first reduction in the last seven years.
The majority of this decrease was credited to greater enrollment in public health insurance while the private sector enrollment shrank slightly. The number of uninsured children under age 18 declined from 8.7 to 8.1 million.
Considering the current economic climate, this decrease in the uninsured may be inconsequential. The debate of private versus public health policy however, will be an important topic over the coming months.
Voluntary Benefits: Another Piece of the Puzzle
Today, employers are faced with the challenge of controlling costs while maintaining comprehensive benefits packages. One method of accomplishing this is by offering voluntary benefits through an industry leader like AFLAC.
