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SERVING THE PROFESSIONAL NEEDS OF ORGANIZATIONS AND INDIVIDUALS
With a staff of trust officers ready to serve your fiduciary needs,
you can be sure that you will be dealing with professionals who have the
technical background and experience to serve your needs and keep your plan or
trust in compliance with the current regulations.
Health
Care Reform Notice:
Thank you for considering our services. We invite you to find out how First
Trust can help you meet your personal or organizational objectives.
The United States Senate and House of Representatives
recently passed two separate healthcare reform bills. President Obama signed
the second and final version of the healthcare legislation into law on
3/30/2010. This legislation will make changes to flexible spending accounts
(FSAs), health reimbursement accounts (HRAs) and health savings accounts
(HSAs).
- Elimination
of Over the Counter Medication with the exception of insulin for taxable
plan years beginning on January 1, 2011. This change applies to FSAs,
HRAs and HSAs. Prescription Drugs will still be allowed for
reimbursement.
- Creation
of a medical account limit on flexible spending accounts. The limit will
start at $2500 and will be indexed for inflation each year. This change
will be for taxable plan years beginning on January 1, 2013. If your
flexible spending account plan currently has a medical limit over $2500,
you still can maintain that higher limit for the remainder of 2010, all
of 2011 and all of 2012.
- Increase
of the tax from 10 % to 20 % for any nonqualified distribution from an
HSA account. This change applies to taxable plan years beginning on
January 1, 2011.
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Trust investments are not insured
by the FDIC
Trust investments are not deposits or obligations of the institution and are
not guaranteed by the institution
Trust investments are subject to investment risks, including possible loss of
the principal amount invested
Copyright © 2007 First Trust of MidAmerica
Revised: May 3, 2010
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