New Transparency in Coverage Requirement

In 2020, the federal government finalized requirements for health insurance carriers and employer-sponsored health plans to provide greater transparency in medical claims costs. Effective July 1st, 2022, insurance carriers and health plans will be required to provide a searchable database that allows members to proactively search and review the cost of certain procedures covered within…

Differences Between a PPO, HMO, POS & EPO

As a business owner or HR director, open enrollment can be stressful. With the plethora of acronyms used in the health insurance industry, it’s easy to get overwhelmed when deciding which plans are right for your company. While cost, employee preference, and plan designs are all vital when deciding the best fit, it’s important to…

House Passes “SECURE 2.0” Bill

On March 29, 2022, the U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 with a bipartisan vote of 414-5. The act is often referred to as “SECURE 2.0” because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.   Key SECURE 2.0 proposals include:…

PCORI Fee Amount Adjusted for 2022

The Internal Revenue Service (IRS) has issued Notice 2022-04 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2021, and before Oct. 1, 2022. The updated PCORI fee amount is $2.79 multiplied by the average number of lives covered under the plan. PCORI Fees Background…

Is Referenced Based Pricing Right for My Company?

Every year it seems like healthcare costs keep skyrocketing. As an employer, it’s important to consistently look at different health insurance alternatives to determine what works best for your company. In this article, we will walk through a “newer” healthcare model called Reference Based Pricing (RBP). What is Referenced Based Pricing? RBP is an alternative…

DOL Releases New Model Employer CHIP Notice

The Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), has released a New Model Employer CHIP Notice with information current as of Jan. 31, 2022. As a reminder, the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA) imposes an annual notice requirement on employers that maintain group health plans in states…