Benefits Buzz

Posted October 17th, 2018 in Producers, Individuals

Each year, the Centers for Medicare and Medicaid Services (CMS) adjusts the premiums and out-of-pocket expenses for Medicare beneficiaries. Below is a summary of the 2019 costs.

Premiums

Part A: Most individuals don't have to pay a premium for Part A, however, those that do will generally have to pay $437 per month in 2019. This is an increase from $422 in 2018.
 

Posted October 16th, 2018 in Producers

As a small group health insurance producer, you are always looking to provide your employer clients with the best possible coverage at the lowest possible price. With the Affordable Care Act (ACA) mandating coverage for specific benefits and driving up premiums, this can sometimes be an uphill battle. There are a few different types of group health plans available, and it’s up to you to determine which option is best for your clients.

Posted October 9th, 2018 in Employers, Producers

Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.

Posted October 4th, 2018 in Employers, Producers

Consumer-Driven Health Plans (CHDPs) have been steadily gaining in popularity for several years now. According to the Society for Human Resource Management (SHRM) 2018 Annual Benefits Report, 40% of the employers surveyed now offer a CDHP to their employees. SHRM defines a CDHP as a Health Reimbursement Arrangement (HRA) or a Health Savings Account (HSA) paired with any underlying medical plan.

Posted October 2nd, 2018 in Employers, Producers

While we continue to hear about the rapid growth of Health Savings Accounts (HSAs), there is one feature about Health Flexible Spending Accounts (Health FSAs) that keeps some employees enrolled in this type of consumer-driven account (CDA). That’ s the uniform coverage requirement of Health FSAs.

Posted September 27th, 2018 in Employers, Producers

ERISA Section 607 defines the term group health plan as an employee welfare benefit plan providing “medical care” to participants or beneficiaries:

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