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Government maintains national insurance contributions freeze

Employee Benefits

Autumn budget 2022: The government has decided to maintain the current freeze on employers’ national insurance (NI) contribution thresholds for a further two years. In addition, the employment allowance will be retained at a higher level of £5,000 until March 2026.

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Insurers Make Changes to Prior Approvals Ahead of Rulemaking

InterWest Insurance Services

a number of the country’s largest insurers announced their own steps to improve the process. Meanwhile, insurance giant Cigna said it has been in the process of reducing the prior authorization for about 500 services and devices. If the requested care or item is urgent, the insurer must render a decision within 72 hours.

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RSA Insurance to introduce equal parental leave

Employee Benefits

RSA Insurance is to introduce equal parental leave from January 2024 in order to add to its family-friendly provision. It’s also the latest step in our ambition to be leading in our sector on diversity, equity and inclusion by 2026. The post RSA Insurance to introduce equal parental leave appeared first on Employee Benefits.

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New Rule Aims to Expedite Prior Authorization Requests

InterWest Insurance Services

The Centers for Medicare and Medicaid Services has published a final rule aimed at improving how prior authorizations are handled by health insurers. The measure primarily limits the time insurers have to approve or deny requests.

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Moves Afoot to Improve Prior Authorization Times, Efficiency

InterWest Insurance Services

Under the proposal, starting in 2026, insurers would be required to render a decision within seven days for a non-urgent service or item (compared to the current 14 days), and 72 hours if it is urgent. Additionally, if the insurer denies the request, it would be required to include a specific reason for doing so.

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Useful Information from Recent Webinars- Part 1

Money Talk

Most neobanks partner with chartered banks, which provides access to FDIC insurance. As a result, tax rates (applied to converted IRA dollar amounts) are scheduled to increase in 2026. The #1 neobank is Chime, with over 13 million customers. Other neobank names are Aspiration, Current, and Varo. Financial knowledge is power.

Banking 245
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Contractors Will Need Comp Coverage Even If They Have No Workers

InterWest Insurance Services

As a result, the worker would have to pay out of pocket for medical care and would be out lost wages, which workers’ compensation insurance would cover. Currently, only roofers are required to carry workers’ comp insurance even if they claim to have no employees. There is also a competition issue. Two-phase introduction.