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Category: Health Insurance
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Rules for FSA & HSA Accounts | Pennsylvania Employee Benefits
Overview According to the Internal Revenue Service (IRS), no permission or authorization to set up either an FSA or HSA account is required. Both accounts are intended to help provide you with financial assistance regarding medical care costs. An FSA (flexible spending account) is set up by your employer. An HSA (health savings account) is…
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6 Open Enrollment Considerations You Should Keep in Mind | PA Benefit Advisors
What better way to kick off our holiday-season stress than with talk of deductibles, coinsurance and high premiums? Welcome to open enrollment, where employees can re-evaluate their health care options each November. It’s a prime opportunity to secure better benefits and maximize savings; yet open enrollment is often underutilized. “Although it can be one of…
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Transitional Reinsurance (TRP) Contribution Form Due November 15 | PA Benefit Advisors
On October 3, 2016, federal officials posted the 2016 Transitional Reinsurance Program Annual Enrollment Contributions Form that health insurers and self-funded plan sponsors (employers) will use to make required payments under the Transitional Reinsurance Program (TRP). The 2016 report is due no later than November 15, 2016. Background The Affordable Care Act (ACA) prohibits insurers…
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Employer Medicare Part D Notices Are Due Before October 15 | Pennsylvania Benefit Brokers
Are you an employer that offers or provides group health coverage to your workers? Does your health plan cover outpatient prescription drugs — either as a medical claim or through a card system? If so, be sure to distribute your plan’s Medicare Part D notice before October 15. Purpose Medicare began offering “Part D” plans…
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Pennsylvania Employment Law Update | PA Employee Benefits
Mandated Health Benefits – Oral Chemotherapy Medication On July 8, 2016, Pennsylvania Governor Tom Wolfe signed legislation (H.B. 60) regarding health insurance coverage for oral chemotherapy medications. Pursuant to the bill, whenever a health insurance policy provides coverage that includes coverage for intravenously administered or injected chemotherapy medications which have been approved by the U.S.…
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Health Insurance Industry Terms You Need To Know | PA Employee Benefits
With the ever increasing amount of regulations in the Health Insurance industry – the amount of acronyms is rising rapidly. If you don’t follow the latest news religiously, then you could find yourself M.O. (missing out!). Even if you are a seasoned “insurance chooser” – some of the more common terminology could be just as…
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What is a health insurance exchange? | Benefits Broker Duncansville
Abridged from www.aetna.com Think of an exchange as an online marketplace. It’s a website where shoppers can research all their options and then buy health insurance. There are different types of exchanges. First, let’s talk about a public exchange. The Affordable Care Act requires every state to offer an exchange to its residents. States have…
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What You Need to Know About Student Loan Repayment and the Millennial Workforce | Benefits Specialist Pennsylvania
Millennials account for the largest demographic in the workforce today (Berman), and by 2025 will make up 75% of our working population (Forbes). With new technologies, more people deciding to branch out and start their own businesses and telecommuting jobs becoming popular, it’s important for employers to understand how they need to adapt previous HR…
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Advantages of Using Mail Order | PA Benefits Broker
www.uhctools.com Do you have medications that you take regularly? If so, you could have lower out-of-pocket costs and greater convenience with the mail-order pharmacy. Save money and time Depending on your benefit plan, you could save money by having your doctor prescribe a 3-month supply of medication by mail. You’ll have fewer refills and may…
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Difference Between Basic Insurance & Major Medical Insurance | PA Benefits Broker Services
www.livestrong.com By Jenni Wiltz Choosing a health care plan often comes down to cost, but don’t forget to compare the monthly premium with the amount of coverage you get. Major medical insurance is designed to cover you during everything from routine check-ups to major catastrophic events. Basic health insurance, by contrast, is a cash reimbursement…
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