Producers

Posted September 16th, 2020 in Producers

We are just about one month away from the start of a wave of open enrollment periods (OEPs). October 15th marks the start of the OEP season for Medicare with other OEPs in the individual and group markets following shortly thereafter. The below information summarizes some key dates and information as it relates to the upcoming OEPs.

Posted September 1st, 2020 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 August 26th, 2020 in Employers, Producers, Individuals

A date is finally set for the Supreme Court of the United States (SCOTUS) to once again rule on the constitutionality of the Affordable Care Act (ACA). Oral arguments are expected to be heard on November 10, 2020, just one week after the presidential election.

Posted August 13th, 2020 in Employers, Producers

Technology has influenced employee behavior and changed expectations. They are no longer comparing good and services, but instead experiences. As a result, they are demanding innovation, engagement, and personalization across every aspect of thier lives, including healthcare.

Posted August 4th, 2020 in Employers, Producers

The Internal Revenue Service (IRS) recently issued Rev. Proc. 2020-36 which includes details on the minimum required contribution percentage in determining whether employer-sponsored health coverage is affordable. In 2021, employer-sponsored health coverage will be considered affordable if an employee has to pay no more than 9.83% (an increase of 0.05% from 2020) of their income for such coverage.

Posted July 30th, 2020 in Employers, Producers

Do you remember the days when employers could change from a $500 deductible plan to a $5,000 deductible plan and save 40-50% on insurance premiums? Then those same employers would offer a Health Reimbursement Arrangement (HRA) to cover most or all the deductible increase for employees who have chronic conditions or who experience unexpected medical events. The net result provided employers with significant savings while providing employees with substantially similar benefits. Those days still exist.

Posted July 14th, 2020 in Producers

As healthcare costs continue to rise, consumers are becoming increasingly responsible for out-of-pocket expenses, regardless of their health plan type. By pairing every health plan with a consumer-driven account, your clients will not only save money but also provide their employees with a better way to manage their healthcare spending.

Posted July 8th, 2020 in Employers, Producers

Premium Reimbursement Arrangements (PRAs) can generally be described as tax-free programs which are offered by employers to reimburse employees for health insurance coverage they obtain on their own. Below is a summary of the most common PRAs.

Posted June 23rd, 2020 in Employers, Producers

The Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices. PCORI is funded in part by fees which are charged to health plans. The following information is designed to help employers understand their upcoming payment obligations.

Posted June 16th, 2020 in Employers, Producers

The Internal Revenue Service (IRS) recently proposed rules that would expand the definition of medical expenses allowed under Section 213(d) of the Internal Revenue Code (“Code”). This part of the Code is what helps guide the types expenses that can be reimbursed through a Health Reimbursement Arrangement (HRA), Flexible Spending Account (FSA) or Health Savings Account (HSA).

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