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Tag: health benefits
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The IRS Clarifies Tax Treatment of Fixed-Indemnity Health Plans | PA Benefit Advisors
While many Americans will remember January 20, 2017 as the day the 45th President of the United States was sworn into office, employee benefits experts will also remember it as the day the IRS Office of Chief Counsel (OCC) released this memorandum that clarifies, among other things, the tax treatment of benefits paid by fixed-indemnity…
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The Average Cost of Health Insurance for Families | PA Benefit Advisors
Family health insurance is a policy that helps cover the cost of medical treatment. It may be used to cover treatment for illnesses, therapy, preventive care, prescription medicines etc. The coverage received depends on the specific policy. There are many types of family health insurance and costs vary for each type. Overall Average Cost According…
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What Are the Advantages of Having a Corporate Office Gym? | PA Benefit Advisors
Employers benefit from a healthy and fit workforce. Although employees may be individually motivated to lose weight and maintain physical fitness on their own, employers can offer incentives to encourage their workers to do so. One common method is to open an onsite fitness center. A corporate office gym offers advantages for employees, and their…
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President Trump Makes First Moves Towards ACA Repeal- What Employers and Plan Sponsors Should Know Now |PA Benefit Advisors
One of President Donald Trump’s first actions in office was to make good on a campaign promise to move quickly to repeal the Affordable Care Act (ACA). He issued Executive Order 13765, Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal. The one-page executive order (EO) is effective immediately and…
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Difference Between Basic Insurance & Major Medical Insurance | PA Benefit Advisors
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 service that can help…
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DOL Increases Penalty Amounts to Adjust for Inflation | Pennsylvania Employee Benefits
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For the second time in less than a year the Department of Labor (DOL) has increased the civil monetary penalties assessed or enforced by the DOL. The increases were announced in a final rule issued by the DOL on January 18, 2017. The increases were made pursuant to the Federal Civil Penalties Inflation Adjustment Act…
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CMS Disclosure Requirement for Employer Health Plans | Pennsylvania Employee Benefits
Do you offer health coverage to your employees? Does your group health plan cover outpatient prescription drugs? If so, federal law requires you to complete an online disclosure form every year with information about your plan’s drug coverage. You have 60 days from the start of your health plan year to complete the form. For…
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2017: What HR Can Do to Prepare for a Big Year of Change | PA Employee Benefits
Employers saw unprecedented changes to human resources management in 2016, including Affordable Care Act (ACA) compliance, new Fair Labor Standards Act (FLSA) regulations, parental leave laws and a push for equal pay. With a new year and a new president taking office, 2017 is sure to usher in some major changes and HR challenges that…
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Federal Employment Law Update – January 2017 | Pennsylvania Employee Benefits
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FAQs About Affordable Care Act Implementation Part 35 On December 20, 2016, the Employee Benefits Security Administration (EBSA) issued frequently asked questions (FAQs) addressing special enrollment for group health plans, coverage of preventive services under the Affordable Care Act (ACA), and qualified small employer health reimbursement arrangements. The FAQs were prepared jointly by the Department…
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Officials Provide New ACA Guidance in FAQ #35 | Pennsylvania Employee Benefits
On December 20, 2016, federal officials released FAQs About Affordable Care Act Implementation Part 35 (FAQ #35) in an ongoing series of informal guidance regarding the Affordable Care Act (ACA). This FAQ addresses several topics: Special enrollment rules. Preventive services. Qualified small employer health reimbursement arrangements. A summary of the key points from FAQ #35…
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