> COBRA Benefits COBRA stands for “Consolidated Omnibus Budget Reconciliation Act of 1985,” which requires companies with 20 or more employees to offer separating employees the option to continue their group health-care coverage at their own expense.
> Basic Hospital Basic-hospital plans cover only in-hospital (inpatient) care, not other services. This benefit also may be limited to an approved or network facility. Hospitalization in a different facility may qualify for less coverage or none at all.
The NCUA Board has issued an interim final rule amending share insurance to clarify coverage and implement changes required by share insurance reform Congress enacted in February.
“I am pleased to see this much needed change in account protection,” said Chairman JoAnn Johnson. “I view this immediate increase in retirement savings coverage as taking a large step to protect member’s accounts and as a vital way to encourage retirement saving. As personal retirement accounts surpass $100,000, Americans want to know that their IRA and Keogh accounts in banks, thrifts and credit unions are federally insured and protected against loss.”
Effective April 1, 2006, the interim final rule provides the following:
Increases share insurance limits to $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts;
Retains the $100,000 insurance limit for all other types of share accounts;
Requires NCUA and FDIC to jointly determine if an inflation-adjusted increase is appropriate for insured accounts beginning in 2010 and every five years thereafter;
Includes pass-through coverage on employee benefit plans while limiting acceptance of shares in employee benefit plans to insured credit unions that are well or adequately capitalized; and
Clarifies coverage for qualified tuition programs, commonly referred to as 529 plans, and share accounts denominated in foreign currencies.
"In addition to the increased coverage resulting from the recently passed law, this rule provides important new flexibility for those credit unions servicing their members' needs abroad, as well as those assisting members who are trying to help pay their children's college tuition," Board Member Gigi Hyland said.
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Did You Know?
There are several areas of risk that you should consider if you operate a business in your home.
These include: Business-related personal property coverage (computers, furniture, etc.) Inventory Off-premises coverage for business-related personal property Business property of others accounts receivable (up to a specified limit) Liability coverage may include personal injury, products and completed operations, incidental contractual liability, and general commercial liability. Electronic data processing coverage Valuable papers Business interruption and extra expense
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Pennsylvania and nationwide:
Mar 02, 2007 - The Medigap Insurance Company When you have a Medigap policy, the insurance company must pay your doctor or provider directly when:
Mar 02, 2007 - Growth In U.S. Health Care Spending Slows Despite the slowdown, the share of household personal income spent on health care rose from 5.4 percent in 2001 to 6 perce Read more >
Jul 14, 2006 - NCUA Issues Interim Rule Amending Share Insurance Coverage The NCUA Board has issued an interim final rule amending share insurance to clarify coverage and implement changes require Read more >
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