Tennessee Insurance Group

CoverTN Open Enrollment

Tennessee Insurance Group — Fri, 22 Oct 2010 16:42:58 +0000

Are you interested in CoverTN for your employees? If so, you better hurry! Open enrollment closes on October 31, 2010. Don’t know what CoverTN is?Developed by Governor Phil Bredesen in 2006, CoverTN creates a health insurance option that is both affordable and portable, and meet the needs of the uninsured workers in Tennessee. CoverTN is a partnership between the state, employers, and individuals.

For more information and help in acquiring CoverTN for your employees call us today at 877-706-5694.

5-Year Plan To A Slimmer Tennessee

Tennessee Insurance Group — Thu, 30 Sep 2010 13:13:24 +0000

Tennessee Governor Phil Bredesen, along with Tennessee State Health Commissioner Susan Cooper, unveiled a nutrition and activity plan last week that offers guidance to reduce the state’s obesity problem. The plan, Eat Well, Play More Tennessee, is outlined in a 67-page report that is closely associated with the Nutrition, Physical Activity, and Obesity Program of the Centers for Disease Control and Prevention, and is designed to help Tennesseeans achieve the following outcomes:

Decrease prevalence of obesity
Increase physical activity
Improve dietary behaviors related to population burden of obesity and chronic diseases

Many of the health issues that face Tennesseans today are things that a prescription or a doctor’s appointment or health insurance can’t fix. The state has spent the past several years investing in prevention strategies like Get Fit Tennessee to raise awareness and address behaviors that lead to chronic disease, including physical inactivity, nutrition and tobacco use. This statewide Nutrition and Physical Activity Plan is a valuable resource that outlines a path leading to a healthier Tennessee.”
- Governor of Tennessee, Phil Bredesen

Eat Well, Play More Tennessee

Change to Medicare Enrollment Periods

Tennessee Insurance Group — Fri, 10 Sep 2010 18:38:02 +0000

The Centers for Medicare & Medicaid Services (CMS) announced a major change to Medicare Enrollment Periods beginning January 1, 2011.

The Open Enrollment Period (Jan 1 – Mar 31) is no more. In its place comes the Medicare Advantage Disenrollment Period which will be from Jan 1 – Feb 15.

During this period individuals enrolled in a Medicare private health plan (Medicare Advantage Plan) may disenroll from the plan to Original Medicare. Also, Medicare will allow anyone making this change to select a stand-alone Medicare Prescription Drug Plan (PDP).

However, Medicare will not permit an individual to switch from one private plan to another or switch from Original Medicare to a private plan during this time.

For more information contact us at (877) 706-5694.

2009 Health Savings Account (HSA) Guidelines

Tennessee Insurance Group — Sat, 21 Aug 2010 21:48:43 +0000

The Internal Revenue Service recently released adjusted guidelines for 2009 Health Savings Account (HSA) contributions. While the guidelines haven’t changed much from 2008, they did move in a positive direction for HSA owners.

	2008 Guidelines	2009 Guidelines
Minimum Deductible	$1,100 for individual plans and $2,200 for family plans.	$1,150 for individual plans and $2,300 for family plans.
Contribution Limits	HSA onwers were allowed to contribute up to the legislative limit regardless of plan deductible with certain conditions.	HSA owners may contribute up $3,000 for individuals and up to $5,950 for families.
Proration Limits	Maximum annual contributions were no longer prorated as long as the consumer met certain conditions.	No change.
IRA Transfers	Consumers were able to make a one-time, tax-free transfer from an IRA to an HSA.	No change.
FSA or HRA Transfers	Pre-taxed funds could be transferred from an FSA or HRA to an HSA if allowed by the employer.	No change.
FSA Grace Period	Consumers were allowed to contribute to an HSA during their FSA grace period.	Consumers are still allowed to contribute to an HSA if their FSA balance is zero at the end of the preceding year or transfer the FSA balance as a one-time transfer with the employer’s permission.
Employer Contributions	An employer under certain conditions was eligible to make higher contributions for certain employees.	No change.

Read the United States Treasury’s Press Release:
http://www.ustreas.gov/press/releases/hp975.htm

Medicare Doughnut Hole Discount Program

Tennessee Insurance Group — Fri, 07 May 2010 23:15:08 +0000

Medicare has unveiled a new program designed to offer discounts to Medicare beneficiaries that have hit the doughnut hole of their prescription drug plan.People who hit the doughnut hole (coverage gap) next year will receive a 50% discount on their medications according to draft guidance implementing the recently passed health care reform law.

The guidelines from the Centers for Medicare and Medicaid Services (CMS) also state that while the discounts actually come from drug manufacturers, the insurance companies offering the prescription drug plans will inform pharmacies through their electronic claims systems when consumers are eligible for the discount.

Consumers enrolled in prescription drug plans offered by their employers will not be eligible for the discount.

CLICK HERE to read memorandum from CMS.

Cigna Accelerates Coverage to Young Adults

Tennessee Insurance Group — Tue, 27 Apr 2010 23:11:22 +0000

With the recent passage of Healthcare Reform, changes are coming to all individuals and families that maintain health insurance.One such change will be extending coverage to dependents up to the age of 26 years old.

Currently, dependent children are removed from their parents’ health plans at the age of 18 (24 if in college on a full-time basis). With the new legislation dependent children will be allowed to remain on their parents’ policy until 26 years old (regardless of student status).

This change is scheduled to take effect on the next policy anniversary date after September 23, 2010. The only problem with that is if you have a health plan renewing before then you will have to wait almost another full year to receive the new benefit. For example, if your policy renews August 2010 then you will not receive this benefit until August 2011.

Cigna has taken a proactive approach to this and has announced that they will adapt to this aspect of the new legislation beginning June 1, 2010 (CLICK HERE TO READ THE ENTIRE ANNOUNCEMENT).

If you have children that would be affected by this between June 1 and September 23 then you might want to consider Cigna now.

Childhood Obesity Rate Drops

Tennessee Insurance Group — Fri, 19 Feb 2010 23:08:34 +0000

One of the factors leading to higher health insurance premiums is obesity. For decades Tennesseans have been fighting the “battle of the bulge.” It looks like we may finally be winning the battle.

JOHNSON CITY (AP) – Researchers at East Tennessee State University say they are encouraged by a modest decline in childhood obesity in the state.

The researchers at the school’s College of Public Health have just completed an annual evaluation of Tennessee’s Coordinated School Health (CSH) program.

This project involves school system programs stressing healthy nutrition, physical activity and health education.

The evaluation found that children who are overweight or obese dropped from 40.9 percent in 2007-08 to 39 percent in 2008-09.

The study covered about 1,600 schools, more than 893,000 students and about 140 school districts.

Researchers said Tennessee has made strides in the right direction.

Copyright 2010 The Associated Press. All rights reserved.

2010 Medicare Changes

Tennessee Insurance Group — Mon, 25 Jan 2010 23:05:45 +0000

Here’s a quick overview of changes that went into effect for Medicare beneficiaries effective January 1, 2010.

PART A	IN 2009 YOU PAID …	IN 2010 YOU WILL PAY …
MONTHLY PREMIUM	$0 (If you or your spouse worked 10+ years).	$0 (If you or your spouse worked 10+ years).
	$244 (If you or your spouse worked between 7.5 – 10 years).	$254 (If you or your spouse worked between 7.5 – 10 years).
	$443 (If you or your spouse worked less than 7.5 years).	$461 (If you or your spouse worked less than 7.5 years).
INPATIENT HOSPITAL	$1,068 deductible.	$1,110 deductible.
	$0 per day (days 1 – 60).	$0 per day (days 1 – 60).
	$267 per day (days 61 – 90).	$275 per day (days 61 – 90).
	$534 per day (60 lifetime reserve days).	$550 per day (60 lifetime reserve days).
SKILLED NURSING	$0 (days 1 – 20).	$0 (days 1 – 20).
SKILLED NURSING	$133.50 (days (21 – 100).	$133.50 (days (21 – 100).

PART B

IN 2009 YOU PAID …

IN 2010 YOU WILL PAY …

MONTHLY

PREMIUM

$96.40 (for individuals with annual income less than $85,000 or $170,000 for couples).

Additionally, beneficiaries who do not have their Part B premium withheld from their Social Security benefit will an extra $14.10.

OUTPATIENT

$135 annual deductible.

As you can see, another new year brings more increases.

Congress Extends COBRA

Tennessee Insurance Group — Mon, 11 Jan 2010 23:02:40 +0000

The American Recovery and Reinvestment Act of 2009 (ARRA) provided premium subsidy and additional election opportunities for health benefits under COBRA through December 31, 2009.Eligible individuals paid only 35% of their COBRA premiums while the remaining 65% was reimbursed to the health coverage provider through a tax credit.

Last week, congress passed a bill that includes provisions extending the eligibility period for the COBRA premium subsidy through February 28, 2010. It also extends the maximum duration of assistance from 9 months to 15 months. Lawmakers also set the stage for another subsidy extension sometime in the future by making it part of the upcoming Jobs Bill.

Highlights of the new provision include:

The end date of eligibility for the ARRA subsidy changes from December 31, 2009 to February 28, 2010.
The ARRA premium subsidy expands to 15 months, increased from the original length of 9 months.
Those who have lost their subsidy by completing their 9 months in November or later would be grandfathered in under the new legislation.
Those that are involuntary terminated on or before Feb. 28, 2010 would be eligible for the subsidy, regardless of when the individual’s COBRA period begins.

2010 HSA Cost of Living Adjustments

Tennessee Insurance Group — Wed, 29 Jul 2009 17:39:44 +0000

The Internal Revenue Service has issued Revenue Procedure 2009-29, announcing the indexed high deductible health plan (HDHP) and health savings account (HSA) amounts for 2010. The amounts are as follows:

	SELF	FAMILY
Minimum Deductible	$1,200 ($1,150 in 2009)	$2,400 ($2,300 in 2009)
Maximum Out-of-Pocket	$5,950 ($5,800 in 2009)	$11,900 ($11,600 in 2009)
Maximum HSA Contribution	$3,050 ($3,000 in 2009)	$6,150 ($5,950 in 2009)

The catch-up contribution limit for individuals age 55 or older remains $1,000 in 2010.