New Summary of Benefits and Coverage Template Must Be Used Now

| posted in Blog, Newsletter

There is a new Summary of Benefits and Coverage template that health plans will be required to use during open enrollment for the 2018 plan year. The new templates were introduced in 2016 and took effect for plan year or open enrollment periods beginning on or after April 1, 2017. The new template is the first major revision of the SBC template since 2012, the first year that health plans were required to use them as required by the Affordable Care Act. The new template has a number of changes that you should know about: There is a new row…
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With Health Insurance Laws in Flux, Flexible Spending Accounts Can Save Your Workers Money

| posted in Blog

The Internal Revenue Service is reminding eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement for next year. If you don’t offer a flexible spending account (FSA) for your employees, you should consider starting one as they allow them to use tax-free dollars to pay medical expenses not covered by their health plan, including deductibles, copays and any pharmaceuticals. Now that the year is winding down, even if your employees were using an FSA this year, they must decide again how much they want to set aside pre-tax…
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As Competition for Talent Increases, More Employers Offer Benefits

| posted in Blog, Newsletter

As competition for talent heats up, more companies are not only offering higher salaries, but also boosting their employee benefit offerings, according to a new study. Nearly 33% of organizations surveyed said they had increased their overall benefits in the last 12 months, a Society for Human Resource Management (SHRM) study found recently. The majority of benefits increases were in health insurance and wellness programs. On the flipside, only 6% of firms said they had reduced benefits, mostly citing the need to remain financially stable, whether it was due to increasing costs of benefits, economic factors or poor organizational performance….
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Metal Spectrum Plans Expected to Become the Norm

| posted in Blog

One of the positive aspects of the Affordable Care Act is that it gives employers the chance to offer a wide range of plans that let workers pick the coverage that’s right for them. You can do this by offering “metallic spectrum plans,” each of which has different values and costs. Bronze, silver, gold and platinum plans are a way of serving a wide range of employee needs, budgets and concerns and reducing the potential of your healthiest employees buying more insurance than they may actually need. While these plans are staples in the public exchanges, they are also available…
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