Each year, the Internal Revenue Service (IRS) sets contribution limits for Health Savings Accounts. These limits determine the maximum amount an individual or family can contribute to their HSA for a given tax year. It’s essential to adhere to these limits to avoid penalties or potential tax consequences. Let’s explore the contribution limits for 2024: […]
Continue ReadingEmployee Benefits
The Trendiest Benefits for 2023
There’s no denying that employees’ needs have changed over the past few years. As such, employers can offer benefits to meet evolving worker needs shaped by lingering effects of the COVID-19 pandemic, a tight labor market and rising inflation. Many workers are paying more attention to their benefits and wondering how to stretch their dollars […]
Continue ReadingNYS Extends Marketplace Special Enrollment Period through end of 2020
Governor Cuomo announced on September 16, that New York State residents can enroll in a qualified Marketplace plan using the current COVID-19 Special Enrollment Period (SEP) through the end of 2020. “The COVID-19 pandemic is far from over and it’s more important than ever for New Yorkers to have access to high-quality, affordable health insurance,” […]
Continue ReadingExpress Scripts – Parachute RX Program
If you find yourself uninsured and have no access to affordable healthcare, CIGNA and Express Scripts has rolled out a program called Parachute RX, during this pandemic. This is a way to lower your costs on certain generic medications and select brand name medications. Extra prescription savings for extraordinary times: Express scripts is launching a […]
Continue ReadingNY Dept of Financial Services: Premium Payment Deferral
On April 7, 2020, The Department of Financial Services issued Emergency Regulation 62, which requires your insurer to provide a 90 day grace period for certain policies that are written in New York State. Policy Types: Individual Life Insurance Policies, Annuity Contracts, and Fraternal Benefit Society CertificatesFind the notice here: Life Annuity – Producer Notice […]
Continue ReadingOxford Health Plans & Medicare Part B
Effective for 2020- Oxford is changing its contract to coordinate benefits with Medicare Parts A & B, starting July 1, 2020. If you are an employee and are currently eligible for Medicare, enrolled in Part A but not enrolled in Part B, this could affect you. Please be sure to review the details of this […]
Continue Reading6 Ways A Self-Insured Plan Will Benefit You
1.) Pay Only for Healthcare Your Members Consume Self-Insured employers pay for only the healthcare claims their members consume, a low stop-loss insurance premium for catastrophic claim coverage, and an administrative fee to a third party administrator who will administer their program. For comparison purposes, fully insured employers pay insurance premiums that are primarily based […]
Continue ReadingEmployers that are looking for peace of mind, a Fully Insured plan might be the way to go
1.) Payments The company pays a premium, typically fixed for a year, to the insurance carrier. The monthly premium normally only changes during the year if the number of enrolled employees in the plan changes 2.) Assumption of Risk The insurance carrier collects the premiums and pays the health care claims based on the coverage […]
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