Benefits Buzz

Posted February 12th, 2020 in Employers, Producers

New SBCs Required in 2021 

The Affordable Care Act (ACA) includes a requirement for most individual and group health insurance plans to provide a Summary of Benefits and Coverage (SBC) document to covered members at various times. The SBC is intended to help people understand their insurance benefits and/or compare plans.
Posted February 4th, 2020 in Employers, Producers

Annual Medicare Part D reporting is required for all employers who provide health benefits with prescription drug coverage. The reporting is an online filing to the Centers for Medicare & Medicaid Services (CMS), and it lets CMS know if the prescription drug coverage available on the employer’s health plan is “creditable.”

Posted January 21st, 2020 in Employers

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 January 16th, 2020 in Producers

A stand-out strategy for small businesses:  Worksite benefits enable small companies to do more with less

The competition for talent is fierce for small businesses. With the rising cost of health care eating up larger portions of their benefits budgets, small business owners working to attract and retain key talent are looking for ways to do more with less. For these employers, worksite benefits offer a strategic opportunity to not only compete for top talent but keep key employees once they're on board.

Posted January 14th, 2020 in Producers

The fourth quarter is finally over, and you made it through! Now you’re probably planning to sit back, relax, and enjoy a well-earned break. Not so fast!

Open enrollment season can be unbelievably stressful and exhausting. With all the time you spent setting up enrollment meetings, chasing down employee applications and entering new benefit elections, you probably didn’t have a spare moment to think about benefits compliance. Unfortunately, compliance obligations don’t go away just because it’s your busiest time of the year.

Posted January 7th, 2020 in Producers

Benefit needs and strategies are constantly evolving. But, one thing hasn't changed. Employers value the expert guidance they get from their benefits brokers.

A new employee benefit trends report from MetLife examines the changing expectations of employers – and finds that the list goes way beyond cost savings. 

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