What are reimbursable out-of-pocket costs?

PeopleKeep

With the cost of health insurance coverage on the rise and consumers seeing their once low deductibles grow sky high, many Americans have been forced to pay more for their healthcare without the help of insurance.

Measure Would Cap Insured Out-of-Pocket Cost of Insulin at $35

InterWest Insurance Services

House of Representatives has passed legislation that would cap the out-of-pocket cost of insulin at $35 a month for people with group or private health insurance. This could mean thousands of dollars out of pocket before the insurer will cover the drug.

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Are Out-of-Pocket Costs on Their Way Out? At-Home COVID-19 Testing and Expanded Preventative Healthcare for Women and Children

McDermott Will & Emery Employee Benefits

The post Are Out-of-Pocket Costs on Their Way Out?

Should I Enroll in a High Deductible Health Plan with an HSA?

Stratus.HR

Considering they have lower premiums and provide the ability to use pre-tax dollars to pay for out-of-pocket costs, what’s not to love? Well, there’s a flipside of HDHPs and HSAs that includes a higher deductible and added out-of-pocket costs.

New Rules Expand Services Covered with No Cost-Sharing

InterWest Insurance Services

The Department of Health and Human Services has issued some new “frequently asked questions” for its Affordable Care Act pages, and new guidelines that require health plans to expand what they are required to cover with no cost-sharing. Coverage of contraceptives.

How Your Employees Can Get Free COVID Test Kits

InterWest Insurance Services

But for employees in your group health plan, they have many options for obtaining a test with no out-of-pocket costs. While we told you about these new rules a few months ago, it’s likely that a good many of your employees don’t know about it.

Why your integrated HRA shouldn't be tied to one carrier

PeopleKeep

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.

What to do if your zero-deductible health plan goes away

PeopleKeep

One of the biggest factors is how high your out-of-pocket costs will be. However, premium costs and deductibles are inversely related, so a plan with no or low deductibles means higher premiums.

How to tell if your HDHP is HSA-qualified

PeopleKeep

Employers offering a high deductible health plan (HDHP) have several ways to offset the higher out-of-pocket costs and make the benefit more meaningful for employees.

Managing Employee Healthcare Costs in 2021

Best Money Moves

Managing employee healthcare costs in 2021. What the average health insurance premium costs and changes employers are making to health benefits offerings in the new year. Indeed, many plan to add new resources to better support healthcare needs in light of COVID-19.

How a group coverage HRA and an HSA compare

PeopleKeep

If you’re looking to supplement your organization’s group health insurance plan to help cover your employees’ out-of-pocket costs, you have two main options: Section 105 plans , such as the group coverage HRAs (GCHRAs), and Section 125 cafeteria plans , such as health savings accounts (HSAs).

HSA Expansion Will Change How Employers and Employees Address Health Care Costs

Winston Benefits

Health savings accounts are growing in popularity as employees seek ways to cover out-of-pocket costs for high-deductible health plans and coverage gaps. With Congress putting forth proposals for HSA expansion, employers are going to face more demand to provide them as a workplace benefit. Additionally, employees are going to need more education as they choose how to finance their health care. high-deductible health care plans health care HSA

Hospital Indemnity Insurance a Key Voluntary Benefit

InterWest Insurance Services

But that still leaves workers and their families with significant exposure to financial hardship in the event of a serious medical emergency. This coverage offers a cash payment directly to the insured worker in the event of the hospitalization of themselves or a covered family member.

Strategies to Manage Increasing Healthcare Costs

Assurance Agency

Health care costs have jumped greatly over the past couple of years, showing a large spike of 6.3% Plans offering personalization are also growing in popularity as they give employers the ability to tailor offerings in a way that also minimizes costs.

Strategies to Manage Increasing Healthcare Costs

Assurance Agency

Health care costs have jumped greatly over the past couple of years, showing a large spike of 6.3% Plans offering personalization are also growing in popularity as they give employers the ability to tailor offerings in a way that also minimizes costs.

3 Ways to Strengthen Cost Management for Pharmaceutical Benefits

Griffin Benefits

When considering prescription drug cost savings, plan sponsors know where to look: the cost of specialty drugs. Specialty drug treatments accounted for approximately 52% of pharmacy spending in 2020, and when 2021 is fully accounted for, that number is expected to increase.

Digital Health Benefit Tools Can Help Your Employees Save Money, Stay Healthy

InterWest Insurance Services

It’s no secret that most employees do not fully understand all of their health insurance benefits, which can lead to worse health outcomes and them spending more money than they need to for some medical procedures. A focus on reducing the cost to employers of employee confusion.

How HRAs Can Help Your Employees Pay for Medical Expenses

InterWest Insurance Services

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. It generally reimburses out-of-pocket medical expenses.

December HR News Worth Review

Higginbotham

New Rule Requires Reporting of Medical and Prescription Drug Costs. This rule is a continuation of the Biden administration’s efforts to promote greater transparency in health care spending. 27, 2021, and to submit information by June 1 of each year thereafter.

Understanding Actual Cash Value vs Replacement Cost

AssuredPartners

Homes are one of the largest purchases that you make in a lifetime. Unfortunately, many homeowners do not learn the difference between Actual Cash Value, Replacement Cost and Depreciation until a claim occurs. It is the cost that you paid for the item minus any depreciation. This means at the time of a claim, the settlement from an insurance carrier traditionally will payout less than what it costs to replace the current item.

The Dire Need for a Meaningful Fringe Increase

AssuredPartners

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 higher of the two does not include the paid sick leave as outlined in Executive Order 13706.

5 ways you can help employees get the most from their benefits

Insperity

But as incredible as it may seem, many employees don’t take full advantage of all the benefit options their employer offers. So, what leads to this lack of participation? It’s likely a result of ineffective communication and education. Be sure to provide each new hire with: A detailed, printed overview of available benefits and out-of-pocket costs, if any. Help employees truly understand their out-of-pocket costs.

Health Expenses a Major Source of Mental Health Issues for U.S. Workers

InterWest Insurance Services

The report on the study by the health care consulting company Centivo urges employers to consider new ways to reduce the medical financial burden some of their employees may be experiencing. It found that only 10% of those surveyed had a health plan with a zero deductible.

Changing Your Benefits Plan? Consider the Soft Costs

Total Employee Benefits

Benefits brokers have seen a significant increase in the number of clients who want to change their benefits plans every year as they attempt to avoid annual price increases. The shadow price of a benefit is the opportunity cost associated with that service. Administrative Costs.

Download our HR Pain Points and Challenges eBook

Benefit Resource Inc.

Fill out the form to the right to download our eBook. With the pandemic, businesses have been impacted across all industries, and HR departments have faced their fair share of challenges. The number one priority for HR teams is undoubtedly “Managing Cost Increases” Despite implementing many cost-curbing measures, premiums have gone up an average of 49% over the past seven years. So how can employers stay ahead of the curve?

2022 New Compliance Considerations Keep Popping Up 

HR Professionals Magazine

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Coverage of COVID-19 Tests.

Having a Baby? Use Your Pre-Tax Funds to Save

Benefit Resource Inc.

The cost of having a baby is no small fee. Even with health insurance, labor and delivery can cost around $5,000, and without insurance, it can be upwards of $40,000. Fortunately, one great way to help with out-of-pocket costs is utilizing a Health Savings Account (HSA). Benefit Resource (BRI) is here to help you use your pre-tax funds to combat some of the costs that come with welcoming your new addition.

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5 Must-Have Benefits for Millennial Employees

Best Money Moves

MAVY Poll surveyed recent graduates on behalf of the American Institute of CPAs to determine which employee benefits would most help them achieve their financial goals as they begin their job search. Anton, Chairman of AICPA’s National CPA Financial Literacy Commission. 401(k) Retirement Fund Match was in the top three desired employee benefits for more than 35 percent of millennials. Working Remotely was in the top three benefits for nearly 40 percent of millennials.

How to Retain Hourly Employees

Best Money Moves

Half of hourly employees would take a pay cut for more control over their schedule or better health benefits, according to recent research by Shiftboard. and they make up more than half of the American workforce,” said Steve O’Brian, Vice President of Marketing at Shiftboard. Nearly every sector of the U.S. Close to 80 percent of hourly workers agreed that work-life balance was necessary for job satisfaction. How to retain hourly employees.

How to Help Employees Prepare for Open Enrollment 2020

Best Money Moves

This level of apprehension may explain why employees make hasty benefits decisions. Another survey by UnitedHealthcare found nearly 40 percent of employees devote less than one hour to the open enrollment process. It’s unfortunate employees are rushing benefits decisions, especially when employers are taking a more active role in driving down healthcare costs. Out-of-Pocket Maximum – The maximum amount a person must pay for covered health expenses during a plan year.

March HR News Worth Review

Higginbotham

These rules require plans and issuers to disclose certain price and cost information to participants, beneficiaries and enrollees. 1, 2023: A list of 500 shoppable services must be available via the internet-based self-service tool for plan years beginning on or after Jan.

Top 3 Hiring Trends for 2020

Best Money Moves

More than 80 percent of employers are ready to offer higher salaries for sought-after candidates and give pay raises to ensure their current staff is happy, according to the third-annual hiring trends report by Hays, a global recruitment firm. . “It’s Top 3 hiring trends for 2020.

3 questions employees should ask before Open Enrollment 2020

Benefit Resource Inc.

Healthcare is complicated, so how can you get the most out of Open Enrollment 2020? Start by using this list of three questions you should ask yourself before signing up for your pre-tax benefits. It’s good to start with a general concept of what your overall medical expenses were last year. Add an extra 10-20% to your estimated costs to account for unexpected expenses. Question 2: How much will I spend on out of pocket expenses this year?

FSA eligible expenses — what purchases count?

Business Management Daily

For employees, figuring out exactly what expenses are FSA eligible can be a bit confusing. Many employees are coming to the end of the year and realizing that they still have a lot of money in their FSA accounts that they need to spend. Types of FSA Plans.

Little-Known Things to Consider When Shopping for Group Health Insurance

Insperity

The main oversight: Ruling out HSA-qualified plans. Since the HSA is owned by the employee, it is not affected by a termination of employment, and unused amounts roll over from year to year. HDHPs are health insurance plans with lower premiums and higher deductibles and out-of-pocket maximums than traditional health plans. Health care cost transparency is increasing; employees can more easily choose between providers for the best value and treatment option.

16+ types of employee benefits you should consider

Genesis HR Solutions

This list of benefits (and their definitions) can help; compare the 16 types we’ve listed here to what you currently have available, and see if you’re offering things prospective employees are really looking for. 16+ types of employee benefits you should consider.

8 Ways Employers and Employees Can Save On Prescription Medications

Griffin Benefits

With over half of today's workforce enrolled in high-deductible health plans (51%), a majority of insured individuals are now on the hook for deductibles of at least $1,400. Today there are hundreds of OTC drugs that were previously only available by prescription.