June 2024 Insurance Information & News

June 2024 Insurance Information & News

By Robert DeNinno, Jr. | June 10, 2024

Horizon BCBSNJ Data Breach Affects Some Members Horizon BCBSNJ was notified by a vendor, Continuum, of a data breach that occurred in October 2023. An unauthorized party accessed certain member information, including names, addresses, health insurance details, and treatment information. Social Security numbers and financial data were not impacted. Horizon is working with Continuum to…

May 2024 Insurance Information & News

May 2024 Insurance Information & News

By Robert DeNinno, Jr. | May 8, 2024

Why Your Company Should Be High On High-Deductible Health Plans High-deductible health plans (HDHPs) with Health Savings Accounts (HSAs) can be a good option for companies to offer their employees. HDHPs typically have lower premiums than traditional plans and HSAs allow employees to save money on qualified medical expenses on a pre-tax basis. HDHPs can…

Compliance Digest

Healthcare Insurance Compliance Updates for 2024

By Robert DeNinno, Jr. | April 29, 2024

State Health Coverage Reporting Requirements Some states have new reporting requirements on top of federal regulations for health insurance coverage in 2023, including California, Massachusetts, New Jersey, Rhode Island, and the District of Columbia. Employers in these states need to follow both federal and state deadlines for furnishing information to employees and filing it with…

April 2024 Insurance Information

April 2024 Insurance Information & News

By Robert DeNinno, Jr. | March 29, 2024

2024 Prescription Drug Data Collection (RxDC) for CMS Reporting The Consolidated Appropriations Act (CAA) requires health insurers and employer plans to report prescription drug data annually to CMS. These yearly reports on prescription drug use and costs are due by June 1st. However, many carriers will submit on your behalf. They require varying information and…

March 2024 Insurance Information

March 2024 Insurance Information & News

By Robert DeNinno, Jr. | March 4, 2024

Change Healthcare Cybersecurity Incident Affecting Carriers Multiple health insurance carriers, including AmeriHealth, Geisinger, Guardian, Horizon Blue Cross Blue Shield, and Independence Blue Cross, are experiencing disruptions due to a cybersecurity incident affecting their vendor, Change Healthcare. While there’s no evidence of data breaches on the carriers’ side, the incident impacts services like accessing explanations of…

February 2024 Insurance Information & News

February 2024 Insurance Information & News

By Robert DeNinno, Jr. | February 1, 2024

Medicare Part D – CMS Notification Reminder! Employers with group health plans, regardless of type, must report the “creditable” status of their prescription drug coverage to CMS. This means informing them if the plan meets Medicare standards for cost and coverage. Employers do this through an online portal and must report: Annually: within 60 days…

2024 Preventive Care Coverage Changes

January 2024 Insurance Information & News

By Robert DeNinno, Jr. | January 9, 2024

2024 Preventive Care Coverage Changes Starting 2024, the Affordable Care Act (ACA) requires that your health insurance plans cover certain preventive care services for free, without deductibles, copays, or coinsurance. This applies to all adults, women, and children, and includes new coverage for anxiety and depression screening, HIV screening for older teens, and breastfeeding supplies.…

December 2023 Insurance Information News

December 2023 Insurance Information & News

By Robert DeNinno, Jr. | November 29, 2023

Open Enrollment Season Is Here! Open enrollment is a crucial time for employees to review their benefits options and make informed decisions that can significantly impact their financial well-being and overall health. Here are the key tips and strategies for employees during open enrollment: Compare medical, dental and vision plan options. Consider life, disability insurance.…

November 2023 Insurance Information

November 2023 Insurance Information & News

By Robert DeNinno, Jr. | October 27, 2023

Renewal Season is Here! Read Robert DeNinno’s top benefit renewal and open enrollment tips on the Philadelphia Business Journal website. Start planning early Negotiate plans and rates Go digital Hit your benefits election deadline Consider early renewal negotiations Move your benefits effective date Rite Aid Closing Rite Aid is filing for bankruptcy and closing multiple…

October 2023 Insurance Information & News

October 2023 Insurance Information & News

By Robert DeNinno, Jr. | September 26, 2023

Medicare Creditable Coverage Part D Notification Requirements Creditable coverage is prescription drug coverage that meets certain standards set by CMS. Medicare beneficiaries without creditable coverage may pay a higher premium for Medicare Part D prescription drug coverage. What Are The Notification Requirements? Each year, plans that offer prescription drug coverage to their Medicare-eligible members must…

Self-Funding Your Mid-Size Company’s Health Insurance

Self-Funding My Mid-Size Company’s Health Insurance, Is it worth it?

By Robert DeNinno, Jr. | September 13, 2023

Health Insurance began during the Great Depression Era because hospitals and physicians needed a way to guarantee payment. However, private health insurance through employers grew rapidly from 1940 to 1960 due to several favorable laws. At the beginning of World War II only 7% of the United States population had health insurance. By 1960 that…

September 2023 Insurance Information News

September 2023 Insurance Information & News

By Robert DeNinno, Jr. | September 1, 2023

Biden Admin Asks Employer Group Health Plan Sponsors to Extend Qualifying Event Periods The Biden Administration has asked employer group health plan sponsors to extend their special enrollment periods for people who lose Medicaid or CHIP eligibility. This is because millions of Americans are expected to lose access to these programs in the next nine…