As the economy continues expanding, companies need to be careful about properly managing their business risks, according to a report by Advisen Inc., an insurance research and data firm. Increased activity typically means proportionally additional losses. For example, more trucks driving more miles will inevitably result in more accidents. However, there are other kinds of…
Every late summer and early fall wildfires rage in many parts of the West and Southwest, as the fires running almost the length of California this year show. Thousands of homes have burned to the ground and thousands of people have been displaced. During this time of crisis, when you’ve lost what is for most…
A business owner’s policy, known as a BOP, can provide “package” protection against an array of risks — for a premium that’s significantly lower than the cost of the individual property and liability policies that you would need to cover all of these perils. Imagine the following costly scenarios: One of your staff embezzles $80,000…
How an Umbrella Policy Can Save You from Ruin An umbrella policy is designed to protect you from almost everything that your homeowner’s and auto insurance policies do not, as well as fill in gaps in coverage when the limits of these policies are exhausted. Lawsuits are filed daily against ordinary folks, with reasons…
The Centers for Medicare and Medicaid Services has issued new rules that require Medicare to cover medical devices that the Food and Drug Administration designates as “breakthrough” technology. The rule paves the way for giving Medicare recipients access to the latest technologies four years after they receive market approval by the FDA. The move…
The Equal Employment Opportunity Commission has affirmed that employers can mandate COVID-19 vaccines for employees, subject to some limitations. The EEOC’s updated guidance offers direction regarding employer-mandated vaccinations, accommodations for employees who cannot be vaccinated due to a disability or sincerely held religious belief, and certain implications of pre-vaccination medical screening questions under the…
There are new Summary of Benefits and Coverage notice requirements for health plans starting with the 2021 coverage year. The requirements, released by the Department of Labor, have new model templates, new instructions and new information that affects the coverage examples that are required to be in SBC documents that employers with group health plans…
As the COVID-19 pandemic drags on and many Americans see unmet needs outside of their health insurance, more and more workers are increasingly signing up for the voluntary benefits their employers offer. While many workers in the past had skipped on voluntary benefits, they have grown concerned that a good group health insurance plan may…
The $900 billion COVID-19 relief bill, passed by Congress and signed into law on Dec. 27, includes a number of provisions that affect employers and their workers in terms of paid sick leave and Emergency Family and Medical Leave Act provisions. The legislation also boosts unemployment benefits to out-of-work Americans, as well as reopening and…
With the COVID-19 pandemic weighing on employers and employees alike, businesses can help their staff by leveraging health savings accounts to pay for out-of-pocket expenses. Congress in 2020 untethered HSAs and flexible spending accounts by changing the rules that prohibited account holders from using the funds in their accounts for over-the-counter medicines and other non-prescription…
Part of the COVID-19 relief package that Congress passed in late December includes a notable provision that bans surprise medical bills when out-of-network doctors work on insureds at in-network hospitals. This so-called “balance billing” occurs when an out-of-network provider is involved in a patient’s care at a hospital that accepts their insurance, often without the…
The COVID-19 pandemic has impacted businesses and other organizations in multiple ways. Lost revenue and the overnight change to remote workforces, among other things, have caused significant changes to operations and finances. A new report shows that there will be long-term effects on employee benefit programs as well. Health insurers are forecasting continued cost increases…
The Trump administration has issued new interim final rules that set out accelerated coverage requirements for COVID-19 preventative services and covering out-of-network testing for the coronavirus. There are two parts to the interim final rules: One requires that COVID-19 preventative services – including vaccines – be covered without any cost-sharing on the part of…
The Trump Administration has issued a new rule that will require greater price transparency on the part of health insurers, including the rates charged by in-network physicians and copays and costs of drugs. The final rule requires health plans and health insurers to disclose on a public website their in-network negotiated rates, billed charges and…
U.S. employers are expecting their group health insurance costs to climb 4.4% in 2021, despite the ravages of pandemic and a likely uptick in health care usage next year, according to a new survey. The expected rate increases are on par with much of the last few years when insurance premium inflation has hovered between…
There are fewer Medicare Advantage plans receiving high-quality ratings for their 2021 offerings than for this year’s. The Centers for Medicare and Medicaid Services has reported that 49% of 400 Advantage plans with prescription drug coverage received four stars or more (the maximum is five), compared to 52% in 2020. Also, there are fewer people…
As health insurance costs rise and our workforce ages, fewer employers are providing retiree health insurance benefits to their older workers, and are instead asking them to sign up for Medicare. It’s a delicate situation as some older workers may resent being pushed to Medicare, especially if they’ve worked for their employer for a long…
One of the biggest mistakes people make in planning their health and life coverage is assuming they’ll never need long-term care services, or that if they do need these services, they will pay for them with their savings. And many people shy away from long-term care insurance because they worry about premium hikes or the…
The Department of Health and Human Services and the Food and Drug Administration have issued a final rule and guidance that paves the way for states to allow pharmacists and wholesalers to import prescription drugs in order to reduce costs for patients. The final rule implements a provision of federal law that allows FDA-authorized programs to import…
A heart attack, stroke or major organ failure can suddenly hit anybody. When it does, life changes in a second, at first being a struggle for survival and, if the person survives, they are faced with major expenses. While overall fitness and health is the best prevention against one of these events, it is still…
With open enrollment right around the corner, it’s time to review the health plan options available to you for the next year and prepare your workplace for signing up for the 2021 policy year. The big decision for employers is finding a plan that fits not only their budget but also the budgets of their…
Great perks and incentives packages can help attract top-notch talent, maintain employee morale and improve overall engagement and satisfaction with a company. The coronavirus pandemic has made perks and benefits even more important, particularly in light of so many workers feeling burned out, stressed from working at home or feeling isolated due to closures and…
Despite expected longevity increasing, more and more people will also need long-term care at some point in their life. Most people prefer to create their own reality about long-term care rather than face the truth. But, in the event of a long-term care need, it’s important that the family stays focused on the emotional and…
With large employers expecting health insurance rates to climb 5.3% in 2021, they are concerned about how the COVID-19 pandemic will affect overall health care costs in the coming years, a new survey has found. Those expectations gleaned from the survey by the National Business Group on Health would mean average premiums and out-of-pocket spending…
President Trump has issued executive orders aimed at reducing the cost of medications by tying Medicare payment for outpatient drugs to international prices, passing drug-maker rebates to patients and not middlemen, and allowing individuals to import prescription medications. Another executive order aims to force community health centers that receive 340B drug discounts to pass discounts…
Despite expected longevity increasing, more and more people will also need long-term care at some point in their life. Most people prefer to create their own reality about long-term care rather than face the truth. But, in the event of a long-term care need, it’s important that the family stays focused on the emotional and…
A heart attack, stroke or major organ failure can suddenly hit anybody. When it does, life changes in a second, at first being a struggle for survival and, if the person survives, they are faced with major expenses. While overall fitness and health is the best prevention against one of these events, it is still…
Most people think about purchasing long-term care insurance when they get into their 50s, or even their 60s or 70s. But if you purchase a plan when you are in your 40s you can enjoy significant savings on your premium, and even more if you purchase at an even younger age. Long-term care insurance provides…
While the COVID-19 crisis worsens, Congress has made a number of important changes to Medicare to help recipients cope with associated costs, should they be tested or receive treatment. If you are a Medicare recipient, here are the changes you should know about, thanks to the passage and enactment of the CARES Act: No out-of-pocket…