Producers
President Donald Trump issued an executive order last month aiming to improve price and quality transparency in the healthcare industry.
Health Reimbursement Arrangements (HRAs) have been on a roller coaster the past five years. Some laws and regulations have limited the types of HRAs that an employer can offer whereas other laws and regulations have created new HRA options for employers to offer. Below is a summary of the types of HRAs employers can offer to employees.
As a result of regulations supplementing the Affordable Care Act (ACA), employers were limited to offering 3 types of HRAs.
The Internal Revenue Service (IRS) issued Revenue Procedure 2019-25 last month with information on the Health Savings Account (HSA) and qualified high-deductible health plan (HDHP) limits for 2020.
These limits are updated annually and reflect cost-of-living adjustments.
Showcase the Power of Bundling
A strategic approach to benefits is essential as your clients compete to attract and retain top talent. While that’s a given, each client’s objectives and benefit offerings are different. Here are five fresh angles to help you tee up the right conversation about the benefits of bundling at your next client consultation...and the one after that.
The Departments of Labor, Health and Human Services and the Treasury (collectively, the Departments) released new guidance on June 13, 2019 which permit a new type of Health Reimbursement Arrangement, referred to as an Individual Coverage Health Reimbursement Arrangement (ICHRA).
The Employer Mandate requires applicable large employers (ALEs), which are defined as employers with 50 or more full-time equivalent employees in the preceding year to offer health insurance to full-time employees. Generally, at least 95% of full-time employees must be offered health insurance.
For employees, achieving financial wellness is a journey…and the workplace can be the starting point
Each year, the Internal Revenue Service (IRS) makes inflation adjustments to Health Savings Accounts (HSAs) and qualified high deductible health plans (HDHPs). On May 24, 2019, the IRS released Rev. Proc. 2019-25 which included details on the inflation adjustments for 2020.
The table below sumarizes the the HDHP requirements for 2020.
Offer an Affordable Group Medical Products to an Untapped Market
Everyone wants health insurance, but not everyone can afford it or they might not have access to quality coverage. Some employers struggle with the offer requirements related to the Employer Mandate, or they have employees--such as part-time or 1099 workers--who are not eligible for traditional benefits.
New Jersey has become the first state to require certain employers to offer qualified transportation benefits (i.e. Commuter Plans) to employees. Some metropolitan areas including New York City, San Francisco, Seattle and Washington D.C. have passed similar laws that require certain employers to make Commuter Plans available to their employees, but no state has mandated this benefit until now.
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