Affordable Care Act
Buy Sell Agreement
Critical Illness Insurance
Employee Assistance Programs
Health Savings Account
Minimum Essential Coverage
Reference Based Pricing
Term Life Insurance
For many businesses, the Affordable Care Act (ACA) was a mixed bag. Reacting to such sudden changes to the health insurance market proved difficult. It was the biggest healthcare overhaul in decades, after all. In addition, there were a number of externalities — such as businesses choosing to cut hours for workers instead of providing coverage — that few saw coming.
As a business, it's important to keep up with the constantly changing pool of laws and regulations. Generally, this is thought of as a way to stay compliant. However, there are other, more direct benefits to this as well. One way of conceptualizing this is by looking at recently enacted regulations regarding association health plans (AHPs), but first, let's talk a little bit about what an association health plan actually is.
With the recent health reform, it's not unusual to feel unsure if your company's health reimbursement plans for employees are compliant with the current laws. We're finding that employers are making a number of mistakes regarding health reimbursements, and here are three of the most common health insurance mistakes that we come across:
Open enrollment season is officially here. For those in a human resources role, you're likely doing everything that you can to make sure that your employees understand the benefits that are available to them.
Many employers are right in the height of open enrollment season. Considering that your employee benefits package is one of the most effective ways to attract and retain top talent, it's important that you take the time to educate your employees about their benefits options.
Are CDHP Enrollees Really Saving More Money Than Those Enrolled In Traditional Health Benefits Plans?
There's no denying the popularity of consumer driven health plans (CDHPs) in recent years, particularly with the younger and healthier generation of employees that don't need all of the bells and whistles that a comprehensive health care plan offers.
While CDHPs come along with high deductibles, they are usually paired with tax advantaged health savings accounts to help offset the deductibles and higher out-of-pocket expenses. With this type of plan, employees are able to choose the health benefits that they need and don't have to pay the high monthly premiums for services that they'll likely never use.
If your company is going to offer group health insurance, it's important that you make an accurate employee count. While this may initially sound straightforward, there are a number of laws for how employees should be counted based on the size of the company. Failure to adhere to these regulations could result in serious penalties.
Here's a quick overview of the employee counting rules:
What constitutes a full time employee?
Any employee that works at least 30 hours per week is considered to be a full time employee under these new regulations.
While we're fortunately on our way out of the Great Recession, the economy is still recovering, which makes it more challenging for recent college grads to land a job. As a result, U.S. households still have a lot of 20-somethings living at home with their parents.
Because of this, you may get a lot of questions as an employer from parents that want to keep their adult children on their health insurance policy. This is why you should consider covering this topic in your employee benefits education.
Under the Affordable Care Act (ACA), parents can keep their adult children on a health insurance policy that offers dependent care until they reach 26 years of age.
Under the Affordable Care Act (ACA), employers with 50 or more full-time employees are required to offer health insurance to employees. Employers that choose not to abide by this ACA requirement will be subject to steep penalties.
While offering health insurance to all full-time employees can be incredibly costly, one solution to help ease this financial burden is to offer minimum essential coverage, which is also referred to as a "skinny plan."
A hot topic on the minds of most business owners today is how to be compliant with the Affordable Care Act (ACA) and, more specifically, minimum essential coverage.
Large companies (categorized by having 50 full-time employees or more) are now required by law to offer a group health insurance plan that meets the minimum standards. This is what is referred to as minimum essential coverage.
There are a number of companies that fall into the category of "large employer" because they have 50 or more employees, but they don't have the budget to offer a group health insurance plan. As a result, these employers are faced with making the decision to offer a costly benefit plan or pay hefty fines for failure to offer minimum essential coverage.
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