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Author: Webber Advisors
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Trends and Insights: Social Inflation: What it is and why it matters | PA Benefits Advisors
“Social inflation” refers to the impact of rising litigation costs on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. While there’s no universally agreedupon definition, frequently mentioned aspects include: Proliferation of class-action suits and other lawyer- and government-driven actions (“runaway litigation”); Growing awards from sympathetic juries (“nuclear verdicts”); “Litigation funding”…
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Your Plan Fiduciary Must-Do and Should-Do Lists | PA Benefits Firm
When you’re a plan fiduciary, you are, of course, prioritizing what ERISA law requires of you. You have a checklist of Must-Dos. But there is also a list of things that you can do proactively that will keep the plan—and plan fiduciaries—out of trouble. These tasks aren’t required by law, but they are certainly worth…
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Benefits 101: Vision Insurance | PA Employee Benefits Agents
According to WebMD, the eyes are the most highly developed sensory organs in your body. Did you know that more of your brain is dedicated to the sense of sight than to all of the other senses combined? So, it makes sense that you would do all that you can to protect and care for these…
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Know Your Insurance: Navigating the Auto Insurance Marketplace in 2023 | PA Employee Benefits Advisors
Navigating the Auto Insurance Marketplace in 2023 Auto rates increased an average of 9% for drivers in 2022, with 1 in 5 US drivers reporting multiple auto rate increases over the 12-month period, according to Insurify. Unfortunately for drivers and auto insurance consumers, these rate increases are expected to continue in 2023. More accidents, rising…
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Fact Sheet for Consumers About the End of the COVID-19 Public Health Emergency | PA Employee Benefits Agents
The Centers for Medicare & Medicaid Services (CMS) issued a consumer-facing fact sheet to help people know what to expect at the end of the COVID-19 Public Health Emergency (PHE). The Department of Health and Human Services is planning for the federal PHE and the COVID-19 national emergency to expire at the end of the day on…
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Two Areas Impacting Benefits When the COVID-19 Emergencies End | PA Employee Benefits Agents
When the COVID-19 public health emergency and national emergency were declared in 2020, no one anticipated they would still be in place in 2023. On January 30, 2023, the President announced the intent to end the emergencies on May 11, 2023. The impact of the emergencies on employer-sponsored benefits affected certain coverages, reimbursements, and timelines.…
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COVID-19 National Emergency Ends Sooner Than Previously Announced | Pennsylvania Benefits Agency
On April 10, 2023, President Biden signed a resolution ending the COVID-19 national emergency that had been in place since 2020. The Biden administration had previously announced a May 11, 2023, end date to both the national emergency and the public health emergency (PHE), but the signing of the bipartisan legislation terminates the national emergency…
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Is Your Compensation Competitive? | PA Employee Benefits Agents
One of the most critical decisions an organization must make is determining its compensation strategy. In today’s job market, employees have access to more information than ever before about the salaries of comparable roles. As a result, companies must provide a competitive compensation package to attract and retain the best talent. A competitive compensation strategy…
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5 Questions about the Future of Work | Pennsylvania Benefits Agency
The future of work is here. First, advances in technology are changing the way people work and require additional training. Second, employees have different expectations of employers and that is influencing leadership, policies, and the type of work people do. Let’s not forget the decisions regarding remote work, hybrid work, and all in-person work. So,…
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Benefits Buzz April 2023 | PA Benefits Advisors
Gag Clause Attestations Are Due by Dec. 31, 2023 On Feb. 23, 2023, the Departments of Labor, Health and Human Services and the Treasury (Departments) issued FAQs on the prohibition of gag clauses under the transparency provisions of the Consolidated Appropriations Act, 2021 (CAA). These FAQs require health plans and health insurance issuers to submit…
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