COMPLIANCE DATES APRIL 30, 2017 for new health plans on a calendar plan year: Summary Plan Description (“SPD”) Employers who offer a health insurance plan must provide SPDs to all participants within 120 days after a new plan is adopted. SPDs must also be provided to new participants no later than 90 days after the person first becomes covered under the plan. FEDERAL COMPLIANCE UPDATES NEW VERSIONS OF SBC DOCUMENTS New versions of the Summary of Benefits and Coverage (“SBC”) template, instructions, uniform glossary, and related documents are required to be used on or after April 1, 2017. Under the Affordable Care Act, group health
UPCOMING COMPLIANCE DATE REMINDERS
May 31, 2016 or June 30, 2016: Employers who were required to provide their employees with ACA forms 1095-B or 1095-C must transmit copies of each individual’s 1095-B or 1095-C along with the corresponding transmittal form (Form 1094-B or 1094-C) to the IRS by May 31, 2016 if filing by mail or by June 30, 2016 if filing electronically. (NOTE: Any employer with 250 or more forms must file electronically.) Click here for 1094-B instructions or here for 1094-C instructions. July 31, 2016 for Self-Insured Medical Plans: The annual Patient Centered Outcomes Research Institute fee (“PCORI fee”), which applies only to organizations that offered self-insured medical plans and/or self-insured Flexible Spending Account
Top 3 Reasons Why You Need Health Insurance
There are many reasons or events for why you may want to start looking into purchasing a health insurance plan. Health insurance is a preventative form of coverage in case of an emergency or event in which you may need to seek medical attention. We’ve compiled the top 3 reasons why you may need health insurance. #1: Emergency Room Visits Did you know that there are 129.8 million emergency room visits each year according to the Centers for Disease Control and Prevention. UC San Francisco examined a range of reasons people may need to visit an emergency room and the average out of patient cost ranges anywhere
Keeping Your Employees Healthy This Flu Season
Have you ever worked at a company when flu season rolls around and the entire office gets sick? This can create huge problems for small business owners. In larger companies the effects of employee absences may be diluted. However, one sick person in a small office can cause business to be lost. As a small business owner you should have a game plan for this dreaded time of the year. This will ensure that illnesses such as the flu do not negatively impact your daily operations or bottom line. Still not convinced? A new survey of administrative personnel conducted by Staples, shows that 70% of
All This Talk of a Health Exchange, But What Is It?
Are you wondering what exactly a health exchange is? It’s a hot topic with the 2012 election candidates. The term is even buzzing around Facebook and Twitter. Steve clears up the confusion in this simple to follow summary. Every state will be required to have a health exchange by the year 2014. President Obama signed the Patient Protection and Affordable Care Act last March and it is now taking action. The purpose of such an exchange is to make health insurance more affordable and easier to purchase for small business and individuals. The exchange will let individuals and small business to compare costs and coverage
A Rich Health Insurance Plan Can Keep Your Company Moving In Tough Economic Times
We hear it everyday on the nightly news, splashed on the newspaper, even on talk radio. Things like “we’re not out of this recession yet” and “it’s gonna be a bumpy ride.” Well how about a little more optimism! There ARE things you can do to help your health insurance plans make strides in such an uncertain time. Preventative care is now 100% paid for- all blood tests, physicals, pap smears, mammograms, and well-baby exams are free. With tons of new research & technology, generics are making prescription drugs more affordable. Gyms have seen a downturn in membership and often offer employers huge discounts if
Survey Shows Majority of Companies View Health Insurance Brokers & Agents as Valued Partners
Opportunities for Brokers Evident as Health Reform Takes Shape By: TNS Published: Thursday, Jul. 14, 2011 – 10:06 am NEW YORK, July 14, 2011 — /PRNewswire/ — The importance of health insurance brokers and agents over the next three years — especially those who specialize in employee health benefits — will be increasing sharply in the eyes of middle market decision makers. This is based on a recent survey, conducted by TNS, a world leader in market information. According to the study, almost two-thirds (63%) of companies surveyed view their employee health insurance broker or agent as a valued partner with 33% describing them
Provider Networks: What are they & why are they important?
What is a provider network? And why is it important to you? Provider networks are groups of doctors and medical facilities contracted to perform medical services at a discounted rate for the members of health insurance plans. The participating doctors and medical facilities in a provider network are referred to as “in-network.” Conversely, doctors and medical facilities not participating in the provider network are considered “out-of-network.” Participating doctors and facilities vary from network to network, as well as carrier to carrier. The benefit of provider networks is that if you choose to see an in-network provider you can take advantage of the providers discounted rate
Cancer prevention: 7 tips to reduce your risk
Concerned about cancer prevention? Take charge by making small changes in your daily life, from eating a healthy diet to scheduling regular cancer screenings. By Mayo Clinic staff You’ve probably heard conflicting reports about cancer prevention. Sometimes the specific cancer-prevention tip recommended in one study or news report is advised against in another. If you’re concerned about cancer prevention, take comfort in the fact that small changes in your daily life can make a big difference. Consider seven real-life cancer prevention tips. 1. Don’t use tobacco Using any type of tobacco puts you on a collision course with cancer. Smoking has been linked to various
10 Symptoms Not to Ignore
Take note of these warning signs and know when you need to seek medical care. By Mayo Clinic staff You already know that obvious symptoms, such as chest pain and severe abdominal pain, require immediate medical attention. But the not-so-obvious symptoms may leave you wondering whether you need to seek care. Here’s a list of symptoms that merit at least a call to your doctor. While some of them are more urgent than others, none should be ignored. 1. Unexplained weight loss Losing weight when you’re not trying to may sound good, but in reality it can signal a health problem. If you’ve lost up