The Health Insurance Portability and Accountability Act of 1996

Article Abstract:

The Health Insurance Portability and Accountability Act of 1996, enacted in August and amended in September, provides many key medical benefit provisions that will assist consumers and taxpayers. Portability provisions will provide individuals with preexisting conditions with the ability to change jobs without loss of coverage. A medical savings account pilot program will be established for four years. The Act also requires most group plans that offer mental health coverage to employ the same limits that are used for medical coverage, established minimum postnatal stay requirements and improves tax treatment of long-term care insurance.

Employee Health Benefits, Health insurance, Postnatal care, Long-term care insurance, Long term care insurance, Medical savings accounts, Mental health benefits

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Group universal life insurance

Article Abstract:

Group universal life insurance can provide employers and employees with many advantages. The changes in taxation of employer-provided insurance also make it attractive. Employer-provided universal life insurance is not subject to tax when it is over $50,000 in value and the cash value accumulation is not taxed. Management costs are the only costs for the employer while employees get insurance that can continue after retirement. Employees can also choose a lower premium without cash value accumulation.

Direct Life Insurance Carriers, Life insurance, Group Life Insurance, Management, Usage, Innovations, Group insurance, Universal life insurance

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Nonqualified plans: a good thing gets better

Article Abstract:

The IRS issued two revenue procedures, 92-64 and 92-65, that simplify the use of nonqualified employee benefit plans by providing a model for rabbi trusts and modifying nonqualified plan rules. The rabbi trust model simplifies planning for practitioners and avoids negative tax consequences for clients as long as the model is used as is. The modified rules provide a 30-day grace period and allow for withdrawals in case of an unforeseen emergency.

United States. Internal Revenue Service, Deferred compensation

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