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…

August 2023 Insurance Information & News

August 2023 Insurance Information & News

By Robert DeNinno, Jr. | August 2, 2023

New Jersey Passes Prescription Drug Reform Legislation New Jersey’s Governor Phil Murphy signed a trio of bills on July 10, 2023, to combat high prescription drug costs. The legislation includes capping medication prices for state-regulated public employee plans, regulating pharmacy benefit managers (PBMs), and enhancing prescription drug price transparency. These measures will be phased in…

July 2023 Insurance Information

July 2023 Insurance Information & News

By Robert DeNinno, Jr. | July 3, 2023

Highmark Offering Plans for Larger Groups in South Eastern PA Highmark Blue Shield Southeastern Pennsylvania is a health insurance company that was founded in 1996 by the merger of two Blue Cross Blue Shield plans, Blue Cross of Western Pennsylvania and Pennsylvania Blue Shield. The company provides health insurance to over 1.1 million members in…

June 2023 Insurance Information & News

June 2023 Insurance Information & News

By Robert DeNinno, Jr. | June 7, 2023

New PA Law Mandates Coverage for Cancer Screenings Pennsylvania Governor Josh Shapiro enacted S.B. 8 into law on May 1, 2023, mandating that health insurers providing fully insured coverage in the state must cover certain cancer screenings without any additional charges. This legislation, named Act One of 2023, received unanimous approval from both the House…

Precision Benefits Group Ranked Among Top Insurance Brokerages in Philadelphia (Again!)

By Robert DeNinno, Jr. | May 15, 2023

The Philadelphia Business Journal released its 2023 Insurance Brokerage Lists which ranked Precision Benefits Group among the Philadelphia region’s top insurance brokerages and employee benefit firms. “We’re thrilled to be named in the Philadelphia Business Journal’s Top Insurance Brokerage List, and our inclusion is certainly a credit to our entire team,” said Robert DeNinno, Principal of…

May 2023 Insurance Information

May 2023 Insurance Information & News

By Robert DeNinno, Jr. | May 3, 2023

ACA Preventive Care Coverage Stricken Down: A US District Court Judge has issued a final judgment striking down portions of the Affordable Care Act’s (ACA) preventive care coverage mandate, which mandates health insurance issuers and group health plan sponsors cover certain preventive care services without applying cost-sharing. The ruling specifies new limits on enforcing the…