One provision of the health reform law is that adult children can remain on their parents’ insurance plans. Some of the biggest insurers have said they would keep this provision in place regardless of the Supreme Court’s decision. But without the law, that benefit might be taxable. The law waived a tax provision to ensure that health insurance benefits are not taxed as income. Parents might have to pay income taxes on the benefit and employers could face higher payroll taxes. “Because after all, there would be some 24-year-old kids who are legal dependents, for whom there would be no income tax owed. And then there would be others for whom they’re not legal dependents and so there would be a tax that would be owed,” said James Klein, president of the American Benefits Council. “It would be extraordinarily confusing.”
Jessica Altman will head the Health Insurance and Managed Care Committee.
The Million Dollar Round Table already has about twice as many members in China as in the United States.
Blackstone, iPipeline, Anthem, New York Life, LISI and Benefitfocus also have personnel change news.
Sponsored by Cetera Financial Group
Do you know the difference between client experience and customer service? The answer is crucial.
Sponsored by T. Rowe Price Investment Services, Inc.
The “reflation trade” appears real, but risks are still elevated.
Sponsored by J.P. Morgan Asset Management
As retirement plan participants worry about running out of money, inflation, interest rates, and much more, plan sponsors look to your guiding hand to help ease fears and set participants on the course for success.
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