What is Driving Up Health Care Costs?
As inflation takes hold, employers will need to revise how they budget for both compensation and benefits. Planning for employee health care costs poses particular challenges, given that the annual increase in health benefits costs routinely outpaces general inflation, as medical services are subject to unique cost factors. Who Pays as Prices Rise? Higher prices…
IRS Announces New Guidance on Paid Sick and FMLA Tax Credits
The Internal Revenue Service (IRS) recently issued new guidance for employers about the FMLA tax credits created by the Families First Coronavirus Response Act (FFCRA) and then expanded by the American Rescue Plan Act (ARPA). Qualified employers can use these tax credits to pay for the salaries and group health insurance coverage of employees who are out…
PCORI Fees Deadline for Group Clients is August 2
PCORI Fees Due Date Payment of the Patient-Centered Outcomes Research Institute (PCORI) fee is due on August 2, 2021! While there’s still plenty of time left to meet the deadline, brokers should make sure all employer group clients who might need to pay their PCORI fees on their own are getting their documentation ready now. The PCORI fee…
Biden Administration Regulatory Action Has Impact on All Health Plans
A new regulation from the Centers for Medicare and Medicaid Services (CMS) includes some important provisions that will affect private health insurance coverage including: (1) the 2022 maximum out-of-pocket limits for all private health plan options; (2) a change to the annual premium adjustment formula that could impact the employer coverage “affordability test”; and (3) clarification that…
Employers Guide To COBRA Subsidy Under the New American Rescue Plan Act
On March 11, 2021, the American Rescue Plan Act of 2021 (ARPA) was signed into law by President Biden. Among other provisions, ARPA includes a 100% COBRA subsidy for up to six months for individuals who lost health coverage because of involuntary termination or reduction of hours during the pandemic. ARPA also provides an extended…
Robert DeNinno Jr. Quoted in The Philadelphia Inquirer Article on COBRA
Robert DeNinno Jr., Principal of the Philadelphia based Precision Benefits Group was quoted in The Philadelphia Inquirer article, entitled “Businesses Can Now Get Money for Some Health Costs, But There are Downsides.” The piece written by Gene Marks discusses the government’s extension of COBRA insurance to Sept. 30 through the American Rescue Plan Act of 2021 to aid…
Biden Administration Issues New Guidance to Address the Expiring “Outbreak Period” Rule
Last May, the Departments of Treasury and Labor issued a regulation pausing the deadlines associated with many employer-sponsored health plan requirements due to the COVID-19 pandemic. The rule created an “outbreak period” that started on March 1, 2020, and was intended to last for 60 days past the end of the COVOD-19 national emergency. During this period,…
January 1 Plans Need to File Their Medicare Prescription Drug Disclosure with CMS Soon
Many employers have a deadline coming up soon to complete their annual Medicare prescription drug disclosure with the federal Centers for Medicare and Medicaid Services (CMS). Businesses that offer prescription drug coverage to Medicare Part D-eligible beneficiaries (including active employees, dependents, and retirees) as part of their benefit plan offerings need to provide annual disclosures to both those plan…
Consolidated Appropriations Act, 2021 Provides COVID-19 Relief and Impacts Employee Benefits
On December 27, 2020, President Trump signed the “Consolidated Appropriations Act, 2021” (CAA) into law. The almost 5,593-page long measure includes $900 billion of coronavirus-related economic relief. It extends many existing COVID-19 assistance programs with an employee benefits impact, like the Paycheck Protection Program loans and paid leave requirements and tax credits. The law also…
Independence Blue Cross: COVID-19 Vaccine Coverage, Prior Authorizations, Webcast FAQ
At Independence Blue Cross, we are committed to giving you the information you need to understand the ever changing COVID‑19 vaccine environment. EMPLOYER AND CONSUMER BUSINESS COVID‑19 vaccine coverage We are hopeful that once the COVID-19 vaccine start to become widely available we will be able to beat the virus, and are pleased to share details…
COVID-19 VACCINE – Can Employers Make this a Requirement for their Workforce?
Pfizer recently announced that its experimental COVID-19 vaccine appears to be more than 90% effective. While digesting this positive news, many employers have wondered if they may require employees to vaccinate once doses are accessible to the general public. The short answer is yes, companies probably will be able to ask its workforce to get…
Guide to Medical Loss Ratio (MLR) Rebates
What are Medical Loss Ratio (MLR) Rebates? The Affordable Care Act requires health insurance carriers to spend at least 80-85 percent of premium dollars on medical care and healthcare quality improvement. If they don’t meet this medical loss ratio (MLR) obligation, they must give affected customers a rebate. Rebates must be distributed by the carriers…
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