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Small employers looking for ways to control their group health insurance costs are more closely examining what it means to be “ fully insured.” What Is a Fully Insured Health Plan? These individuals or employers are then free to accept the new premium rates or shop around with other insurancecarriers.
Insurance brokers and professional employer organizations (PEOs) are supposed to be competitors, right? Working independently or as part of a larger brokerage group, brokers earn a commission on the insurance plans they sell to clients. PEOs, however, don’t sell insurance. Let’s explore how.
In 2021, many health insurance plans may be eligible for a rebate. Your organization may qualify if you've sponsored a fully-insured health plan in the past three years. What other factors are impacting your chances of receiving a rebate in 2021? Find out more.
In December 2023, the National Association of Insurance Commissioners (NAIC) adopted a Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers. The model bulletin reminds insurancecarriers that they must comply with all applicable insurance laws and regulations (e.g.,
The post Covid-19 InsuranceCarrier FAQ appeared first on Total Employee Benefits. Aetna Large Group (100+) COVID-19 FAQ interim FINAL.pdf. Aetna Small Group COVID-19 FAQ interim FINAL.pdf. CIGNA FAQ 1.pdf. CIGNA FAQ 2[2].pdf. UHC faqs-member_support_3-30_v2.
Acting as an intermediary between employers and insurance providers, benefit brokers help design, implement and manage employee benefits programs. Their expertise lies in understanding the insurance landscape and creating benefits packages that meet the unique needs of an employer’s workforce.
This can lead to costly problems and loss of insurance coverage. Insurance implications. If a building is actively occupied and someone conducts business there, the risks of vandalism and what insurers term “malicious mischief” against that property are relatively low. The dangers.
Here is how CorpStrat can help: CorpStrat is working with employers and employees to share how health insurance companies are helping those affected by the fires. Insurancecarriers have staffed hotlines to help. Affected by the SoCal Fires? Reach us if we can help you in any way. These plans have their own guidelines.
In addition, new rulemaking is likely to be introduced in 2022 that will affect health plans, including non-discrimination rules for wellness plans and new rules governing what must be included on insurance plan ID cards. The CAA created a number of new requirements that affect health insurance and coverage. More guidance coming.
Health insurance is often the biggest-ticket item in any company’s benefits package, and the cost of health insurance rises on average each year , historically. Companies spend a lot of money, time and effort to make their benefits competitive and provide quality group health insurance plans to employees.
The platform offers a wide range of benefits administration solutions, including health and wellness programs, retirement planning, and employee insurance plans. The company works with some of the largest insurancecarriers in the country, making it easy for employers to offer a range of benefits to their employees.
The platform integrates with popular payroll providers and insurancecarriers to provide real-time data and insights into benefits and HR programs. Zenefits’ platform offers a wide range of benefits products including health, dental, and vision insurance, life insurance, 401(k) plans, and other voluntary benefits.
The business case for employee wellness Your business should prioritize employee wellness if leadership cares about: Reducing healthcare claims and containing benefits costs (particularly health insurance). Many of these services may be available through current insurancecarriers as value-add programs.
Both can result in one or more of the following: The claim being denied, Settlement costs exploding, Your premium increasing substantially or Your insurer non-renewing your coverage. Filing an accident claim late can make it harder to reach a resolution, and it could lead to the insurer denying the claim.
Hoops HR also offers benefits administration features, allowing users to manage employee benefits such as health insurance, 401(k) plans, and more. With the ability to integrate with insurancecarriers and other benefit providers, Hoops HR can help businesses manage their employee benefits more efficiently.
For many employers offering a group health insurance plan, adding a supplemental benefit in addition to the group plan can help offset your employees’ out-of-pocket costs. This is especially true with high deductible health plans (HDHPs) that require employees to pay a higher amount on their own before their insurance kicks in.
Connect with Aptia on our website or LinkedIn About Flimp Flimp is a premier provider of employee benefits communications, educational content, texting, and decision-support tools for employers, consultants, enrollers, and insurancecarriers.
It’s best to collect the employee’s report about their injury as soon as possible after the incident and to pass it along to your insurancecarrier promptly. That pace allows the insurance adjuster and the employee to have their follow-up discussions while the facts are still fresh.
An insurance broker serves as an intermediary between insurance companies and their clients, helping individuals and businesses find, secure and maintain the best possible coverage. The Role of an Insurance Broker Insurance brokers help guide clients through the complexities of the insurance process.
Dependent eligibility audits are essential for maintaining adherence to insurancecarrier requirements and minimizing potential litigation. The IRS requires this testing for Section 125 plans, HRAs, FSAs, and self-insured medical plans. December 31, 2025: Complete end-of-year testing for compliance.
By confirming youre only covering eligible expenses, you maintain compliance with insurancecarrier eligibility requirements while minimizing litigation risks and reducing stop-loss exposure. Reduce HR teams workload Dependent management can be a difficult and time-consuming task if youre doing it all on your own.
About Flimp Flimp is a premier provider of employee benefits communications, educational content, texting and decision-support tools for employers, consultants, enrollers, and insurancecarriers.
For example, I follow my insurancecarrier. Maybe it’s a blog post about leadership, an update about the new Windows 10, or a law that’s going to impact your industry. DAY 2 – Like a business brand page. My guess is at least one of the vendors you currently do business with is on Facebook.
Commercial insurance companies are raising rates in most of their lines to account for increasing claims as well as the cost of claims, but another factor is forcing them to increase their rates further: reinsurance. When insurance companies underwrite policies, they will often not retain all of the risk. What’s happening.
Be sure to check with your insurancecarrier to see what employee benefits may be offered under your policy, and whether an EAP is available to you. Employee Assistance Programs are a valuable benefit that, as stated above, can be necessary for certain employees to receive the help they need.
HR departments must navigate legal requirements, work with insurance companies, and ensure that the injured employee receives the necessary care. Once the initial steps are completed, the next phase involves submitting the claim to the insurance company and making sure the injured worker receives the necessary treatment.
Many group health insurance plan sponsors and administrators have the mistaken belief that the law allows employees enrolling in Section 125 cafeteria plans to change their elections, as long as they do so within 30 days of the plan becoming effective. This is not correct. And this misconception can have serious consequences.
Other employers, especially those who are self-funded, are conforming to this rule by accessing and posting links on their websites, which are being provided by insurancecarriers or third-party administrators (TPAs) who are hosting these rates and historical payments on their own websites. In-Network Charges. WHAT TO DO NOW?
While health plans will be required to post this information, employers who sponsor their group health insurance for their employees will need to take steps to ensure that their plans comply with the law, if they have not already done so. You should confirm the date your insurer will make available the machine-readable files each month.
You as an employer can help by offering group disability insurance to your employees. This insurance helps replace a portion of a worker’s income if they lose their income due to an injury or illness. Typically, disability insurance policies will replace between 50 and 65% of a worker’s income. What it covers.
Flimp Campaigns offers customized benefits content combined with white-glove managed services to clients to ensure their benefits communication programs are a success.
Check with your InsuranceCarrier. Your insurancecarrier is generally able to provide you with an Explanation of Benefits (EOB) for any services that have run through your insurance. If you did not receive an EOB automatically by mail, you can also contact the carrier and request to have one sent to you.
This is your best estimate of what your insurancecarrier paid in insurance claims last year, plus any deductibles and out-of-pocket expenses. InterWest offers a free, easy-to-use Financial Leakage Calculator. The only information needed is your Total Incurred Amount of Claims.
Increasing retirement plan-focused litigation has put insurancecarriers and fiduciary service providers in difficult positions. In this article published in PLANSPONSOR, McDermott Partner Erin Turley said such litigation continues to be a “major focus” in the fiduciary insurance marketplace.
And the majority of documents criminals steal are the same ones your employees receive from their group health insurers. If the thief’s health information is mixed with the victim’s, it could affect the medical care the victim is able to receive, or the health insurance benefits they are able to use. Alert your staff.
Having virtual care options can also be help reduce employees’ stress about their own health-insurance costs. It’s possible that these benefits are already available through your company’s health insurance plan or employee assistance program (EAP) – if so, you should promote these benefits and their pros to your employees!
When catastrophic claims rise, stop-loss insurancecarriers take notice. The post Stop-loss Insurance Changes Create Hurdles for Employers appeared first on Corporate Synergies. Here’s a game plan for plan sponsors.
Lately, we’ve seen an uptick in questions around the roles of responsibilities of your company’s broker, your TPA (that’s us), and your health insurance provider. And where does your health insurancecarrier play into this? What is a health insurancecarrier? Let’s break it down.
There are challenges with ditching traditional employment, however, such as: No health insurance No job security Unpredictable income Fewer legal protections for workers On top of all that, using an app can make it hard to speak with actual humans when you encounter an issue. No interviews or HR runaround—just open the app and go.
In recent years, home and car owners across the United States have been facing an uncomfortable reality: rising insurance rates. In this article, we’ll explore why home and auto insurance rates are rising and ways you can help mitigate this increase. Why are car insurance rates going up? Why are home insurance costs increasing?
Homeowners’ insurance can help protect your house from perils like theft or fire, but what about flood water that enters your home? Do I need flood insurance? Flood insurance isn’t a niche product for the select few; it’s a valuable safeguard for homeowners, renters and business owners across the country.
This is when clinical trial insurance can supply a safety net for trial sponsors, investigators and participants. Who needs clinical trial insurance? These stakeholders may be exposed to various risks during the trial phases, making insurance coverage crucial for their protection. What does clinical trial insurance cover?
Insurance helps business owners cover their risks – but what if the risk is so great or unique that traditional insurance companies don’t want to cover it? When this happens, business owners may need to look beyond the admitted market to explore non-admitted carriers and the excess and surplus insurance market.
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