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Less Than A Month Away For A January 1st Enrollment Date

December 21, 2022 / By / All Posts, Did You Know?, Health Insurance, In The News

There is less than a month left for a January 1st start date so don’t miss out on the December 15th enrollment deadline. If you are someone that understands health insurance plans backwards and forwards then you are way ahead of the game, but many Americans do not understand the other language that is “health insurance.” I encourage you to reach out to a broker that is well versed on the language and let the help you understand. Once you enroll in a health plan during Open Enrollment for 2016 you are locked into that plan for the entire calendar year unless …

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Opposing View for Insurance Premium Rates

December 21, 2022 / By / All Posts, Health Insurance, In The News

It’s not often that an article written asks itself to be pitted against somebody with an opposing view, but that is exactly what USA Today did when they asked The Galen Institute to write their view on next years insurance premium rates. USA Today’s camp states that premium increase will be at a minimum and that for Obamacare critics there is never any good news, and that critics think “Obamacare is a ready to-implode disaster.” The article goes on to quote several rate requests submitted for 2016, and says that any large rate hikes are due to miscalculated rates from …

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More Co-Ops Go Flop

December 21, 2022 / By / All Posts, Health Insurance, In The News

Last week a webinar was given by several well informed professionals on the Affordable Care Act and the topic at hand, co-op shut downs. We are 8 down and counting stated Scott Harrington, Wharton School at UPenn Professor of Health Care Management, echoing the sentiments of the other panelists. After several more health co-ops have shut their doors just before the opening of the 2016 enrollment period one can’t help but say who is next. Many of the cooperatives seemed to fail before they even started, but with the prospect of true governmental help they could have survived. As stated during the …

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Common Misconceptions with Defined Contribution

December 21, 2022 / By / All Posts, Did You Know?, Health Insurance, In The News, Small Business

There are common misconceptions with defined contribution plans as to their legality and how to set them up to comply with regulations. One of the common questions comes from understanding that the employer is not directly paying for an employee’s individual health insurance. When a company sets up a defined contribution plan it must be compliant with IRS, ERISA, HIPPA, and ACA guidelines. We typically recommend using an administrator when setting up these plans. So why do you need to set up a formal plan to be in compliance versus giving the employee funds directly? To maintain compliance employers aren’t involved in …

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Help is Coming for Small Businesses

December 21, 2022 / By / All Posts, In The News, Small Business

When the ACA was written the law has come with its fair share of challenges and there have been many changes. When the law was passed the I.R.S. drafted a regulation that imposes fines on small business for doing what the very law is meant to do, help individual and families afford health insurance. Kevin Kuhlman, policy director for the National Association of Independent Business said, ” Reimbursing employees for the cost of insurance or medical services is a way for small businesses to help their workers without the administrative headaches of setting up a costly group plan.” The IRS has said for doing …

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Could There Be Medicare Savings In Prescriptions?

December 21, 2022 / By / All Posts, Health Insurance, In The News

Several thoughts this morning arose as I was considering the cost of premiums versus the cost of doctors and prescriptions. What if there were regulations and guidelines that set parameters on all of the costs? Premiums increase due to the cost of care, and prescriptions remain high due to pricing set by pharmaceutical companies. It becomes an endless cycle of inflation year after year, but will there every be an end to the vicious increase? An article posted on the Wall Street Journal offers a solution with a savings bolstered at $16B. The government regulates both Medicaid and Veterans healthcare expenses and price negotiations …

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