Federal Health Care Reform Information
Health Insurance Marketplace – Oct. 1, 2013
Open enrollment for the health insurance marketplace is beginning on Oct. 1, 2013. Employees will receive a notification from The University of Texas Office of Employee Benefits about the marketplace as required by law.
Employees don’t need to do anything.
The marketplace is intended to make medical insurance coverage available to more people, particularly those who don’t have medical coverage through their employer or whose coverage is limited or cost prohibitive.
Employees are welcome to review the coverage options available through the marketplace but they should keep in mind that:
- UT Select, MD Anderson’s medical insurance coverage for full and part-time employees, exceeds the minimum covered required under the Affordable Care Act.
- Doesn’t charge premiums for full-time employees
- Offers a premium supplement to eligible part-time employees that covers more than 80% of the premium cost
Change in Flexible Spending Accounts – Sept. 1, 2013
The new annual maximum election for medical flexible spending accounts is $2,500. This is a decrease from $5,000 in previous years. There is no change in the maximum election for the dependent care account.
Adding Children up to Age 26 to Medical Coverage - Sept. 1, 2011
Insurance companies are required to offer medical coverage to eligible dependents up to age 26 for plan years starting Sept. 23, 2010 and later. The combination of the state and federal law means that you may add dependents up to age 26 effective Sept. 1, 2011.
Change in Flexible Spending Accounts - Jan. 1, 2011
Beginning Jan. 1, 2011, all over-the-counter medication (OTC), except insulin, requires a prescription to be eligible as a medical flexible spending account-reimbursed item. This means OTC items such as allergy medications and aspirin now must be accompanied by a prescription to be eligible for reimbursement.
Read more about Health Care Reform and Your UT Benefits in the June 2010 edition of A Matter of Health, the UT System Office of Employee Benefits monthly newsletter.