ACA: Reporting HCSP Coverage 2018
While the HCSP is not specifically addressed in the Affordable Health Care Act (ACA), the plan shares some similarities with a Health Reimbursement Arrangement (HRA)....
2018 Contribution Limits Announced
The Internal Revenue Service (IRS) announced new contributions limits for 457(b), 401(k), and 403(b) retirement plans for calendar year 2018. ...
HCSP Contract Language Reminders
HCSP participation cannot be negotiated on an individual basis (1-person groups are not allowed).
The terms of HCSP participation and funding mechanisms must be stated in a written personnel policy or bargaining agreement. MSRS must review and approve the language.
The employer should not remit contributions until the employee group contract language has been approved by MSRS.
MSRS must approve each employee group separately
(meaning the employer must complete an HCSP Contract Approval/Renewal form for each employee group and provide MSRS with a copy of the contract).
Only employees who belong to a group approved by MSRS to participate in the HCSP can contribute to the plan.
If contract language is modified, the employer must re-enroll the employee group in the HCSP. Plan rules allow contract modifications every two years.