Higginbotham
FEBRUARY 21, 2023
Cost Sharing in Insurance Although insurance companies take responsibility for many of the costs that arise, policyholders are also responsible for some out-of-pocket costs on top of the premium. This is called cost sharing, and it’s common in many types of insurance. What about the out-of-pocket maximum?
InterWest Insurance Services
DECEMBER 28, 2021
But if you have an 80-20 plan, your worker is still responsible for her deductible (averaging over $1,600), plus 20% of that cost, or over $6,000. That leaves your worker exposed to a total out-of-pocket cost of over $7,600. Little or no cost to the employer. Few people can cover that.
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InterWest Insurance Services
JULY 13, 2023
Employers said they are looking to manage growing group benefit costs without shifting costs to employees, as they realize that their staff are likely dealing with inflation in all facets of their lives, including their medical bills, according to Mercer’s “Survey on Health and Benefit Strategies for 2024.”
Benefit Resource Inc.
FEBRUARY 21, 2024
HSAs enable employees to save pre-tax dollars for qualified medical expenses, including deductibles, copayments, and other out-of-pocket costs. This involves not only offering HSAs as part of their benefits package but also educating employees about their value and providing resources to help them make informed decisions.
InterWest Insurance Services
SEPTEMBER 27, 2023
With answers and feedback in hand you can create a benefits package that is more appealing to them, which in turn gives you a competitive edge when attracting and retaining workers. Engage employees and solicit feedback through quarterly employee-benefits round table meetings. Get an early start If your plan year starts Jan.
Best Money Moves
JUNE 1, 2022
Health care costs can often drag behind increases in consumer prices, so employees may face an increase in costs that will last throughout this year and next. According to the Kaiser Family Foundation, 46% of employees reported that they have less than $1,000 in out-of-pocket costs for any unexpected hospital/doctor visit.
AssuredPartners
FEBRUARY 17, 2022
Annually, in the early summer , The Department of Labor (DOL) issues a new memorandum modifying the fringe benefit rate on contracts covered by the McNamara-O’Hara Service Contract Act (SCA). The fringe rate is based on the latest Bureau of Labor Statistics Employment Cost Index summary of Employer Cost of Employee Compensation (ECEC).
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