For most employers, employee benefits represent a significant portion of their overall budget and a critical part of their employee recruitment and retention strategy. Benefits vary from employer to employer but can range from medical or dental insurance to flexible spending accounts, life and disability insurance, and more. The annual process of renewing those benefits … Continued
Smart spending can keep your health care from costing an arm and a leg. With costs rising on everything from gas to food, every penny counts. It pays to shop smart – that is why it helps to learn how to take steps to limit your out-of-pocket health care costs. Save Money on Prescriptions Go … Continued
The Departments of Health and Human Services, Labor, and Treasury (the Departments) released Transparency in Coverage (TiC) rules in late 2020 that will require fully insured and self-funded plan sponsors of non-grandfathered group health plans to make important disclosures about in-network and out-of-network rates beginning July 1, 2022. To be ready to meet that deadline, … Continued
Let’s say that you visited the doctor and you are wondering how much that visit is going to cost. A short while later, you receive something in the mail that looks like a bill – and even says “amount you owe” at the bottom. However, it doesn’t have a return envelope or tear-off portion for … Continued
While the new year feels like a fresh start for most workers, it’s also expected to come with a spike in health insurance premiums. Premiums and deductibles have been steadily increasing for years. The Kaiser Family Foundation (KFF) found that premiums for a family rose 4% in 2021, according to a survey focused on employer-sponsored benefits. The average … Continued
Are you an employer that offers or provides group health coverage to your workers? Does your health plan cover outpatient prescription drugs — either as a medical claim or through a card system? If so, be sure to distribute your plan’s Medicare Part D notice before October 15. Purpose Medicare began offering “Part D” plans — … Continued
Health Savings Accounts (HSA) are great ways to save tax-free money for medical expenses both in the current term, and for your retirement years. By making wise choices, you can maximize the benefit of these fantastic savings accounts. Let’s take a quick look at the basics and then explore some tips on how to make … Continued
Employers that self-insured any group health plans in 2018, including health reimbursement arrangements (HRAs), are responsible for determining whether the annual PCORI fee applies to their plan. If so, use Form 720 to calculate, report, and pay the fee by July 31, 2019. PCORI stands for the Patient-Centered Outcomes Research Institute. Federal law imposes a small annual fee on most … Continued
Trying to decide which of the many employer-sponsored benefits out there to offer employees can leave an employer feeling lost in a confusing bowl of alphabet soup—HSA? FSA? DCAP? HRA? What does it mean if a benefit is “limited” or “post-deductible”? Which one is use-it-or-lose-it? Which one has a rollover? What are the limits on … Continued
On August 3, 2018, the Internal Revenue Service, the Department of Health and Human Services (HHS), and the Department of Labor (collectively, the Departments) published a final rule that amends the definition of short-term, limited-duration insurance. HHS also released a fact sheet on the final rule. According to the Departments, the final rule will provide consumers with … Continued
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Email
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