On Jan. 5, the Department of Labor (DOL) announced that, effective April 1, employee benefit plans must comply with new requirements for disability benefit claims. Section 503 of ERISA requires every employee benefit plan to: Provide adequate notice in writing to any participant or beneficiary whose claim for benefits under the plan has been denied, setting forth the specific reasons for the denial, written in a manner calculated to be understood by the participant; and Afford a … [Read more...] about New Rules for Disability Claims Taking Effect
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Unique Way’s Todays Benefit Brokers Are Helping Businesses
By trade, insurance brokers work with business owners to shop, negotiate and implement employee benefit plans. However, over the last five years, there has been a dramatic change in our landscape – from health care reform, products and strategies to technology. Today, there are many ways benefit brokers can enhance (and should be enhancing) their value to business owners. Sharing in Technology Resources In today’s world, benefit brokers are investing in tools that are easily … [Read more...] about Unique Way’s Todays Benefit Brokers Are Helping Businesses
Taking the Mystery Out of Medicare
If you’re nearing retirement age, or are over 65 and still working, you may have questions about Medicare. Read on for some important information you may need to know. What Is Medicare? Medicare is health insurance for people who are age 65 or older, under 65 with certain disabilities or any age with End-stage Renal Disease (permanent kidney failure). Types of Medicare Did you know that there are four types of Medicare? Let’s review them. Medicare Part A helps cover inpatient … [Read more...] about Taking the Mystery Out of Medicare
Telemedicine: An Employee Benefit Trend
Telemedicine is becoming one of the most popular employee benefits for many reasons. While many major medical plans offer “nurses on call,” telemedicine is very different. Telemedicine uses today’s cutting edge technology to facilitate care between a physician and a patient to evaluate, diagnose and treat conditions that may not require a face-to-face doctor appointment. Think of conditions like colds, flu, allergies and other minor conditions. Certainly, telemedicine will not replace your … [Read more...] about Telemedicine: An Employee Benefit Trend
IRS Change May Affect the Individual Mandate for Health Insurance
The Internal Revenue Service (IRS) has signaled a change in how it monitors compliance with the Affordable Care Act’s (ACA) individual mandate. Under this change, tax returns will no longer be automatically rejected if they do not certify whether the individual had health insurance for the year. The new IRS policy on accepting “silent returns” is based on President Donald Trump’s executive order directing federal agencies to provide relief from the burdens of the ACA. However, this change is … [Read more...] about IRS Change May Affect the Individual Mandate for Health Insurance
New Year Brings New Employee Benefit Options For Small Businesses
On Dec. 13, the 21st Century Cures Act was signed into law. The act allows small employers that do not maintain group health plans to establish stand-alone health reimbursement arrangements (HRAs), effective for plan years beginning on or after Jan. 1, 2017. This new type of HRA is called a “qualified small employer HRA.” Due to the Affordable Care Act (ACA), most stand-alone HRAs have been prohibited since 2014. This new law creates a special exception for small employers that are not … [Read more...] about New Year Brings New Employee Benefit Options For Small Businesses
Understanding the Pros and Cons of Technology-Based Benefit Enrollment
The annual open enrollment period is a daunting time for both employers and employees; it is a lot of work for companies and can be a confusing process for workers. For instance, if you have 20 employees and offer five benefit plans with several documents correlated to each plan, you will be sifting through many documents during open enrollment, not to mention trying to get everyone together to hear the same information. However, by using technology-based enrollment, you can save time and money … [Read more...] about Understanding the Pros and Cons of Technology-Based Benefit Enrollment
