HCSO HRAs in 2017

10 Things You Need to Know About HCSO HRAs in 2017

10. Effective 1/1/2017 the City of San Francisco has mandated that 2017 rewards may not go into an HRA.
9. The Health Care Security Ordinance (HCSO) will remain in effect and employers are still required to meet the spending requirements for 2017.
8. The HCSO establishes that existing HRAs must remain available to an employee for 24 months from the date of allocation.
7. BeneFLEX will continue to administer the 24 months run down period.
6. BeneFLEX will continue to administer Plan Documents, Summary Plan Descriptions (SPDs) Summary of Benefits and Coverage (SBCs), HCSO Quarterly Statements, and Proof of Delivery for the 24 month run down period.
5. The 2016 HRA rewards earned will be submitted to BeneFLEX. Even though 4th quarter is submitted during the 1st quarter of 2017, the reward still counts for 2016.
4. Going forward, in 2017 you will have 2 options to satisfy the HCSO: Insurance or the City option.
3. Purchasing insurance coverage from the Boon Group will keep you in compliance, give your employees more comprehensive coverage for the same price as the City, and help you keep more money in your HRA account during the run down period.
2. The Boon Group has an A+ rating by the Better Business Bureau and is a Broker-Friendly organization. In fact, your broker will work directly with the Boon Group.
1. Boon Group offers three plans and you can choose according to your client’s needs. An insurance plan to comply with only the HCSO requirement or a combination of plans that satisfies all ACA penalties and requirements of HCSO.
 

For questions regarding your HCSO HRA, contact the BeneFLEX Customer Service Team at info@beneflexhr.com