6 Questions About Alternative-Funding to Ask Your Benefits Consultant by Chris Sill

As a CFO or HR Director, you likely get pummeled with marketing material about alternative-funding on a weekly basis. Most employers are accustomed to traditional fully-insured health plans, but alternative-funding (also known as self-funding) solutions for small to medium sized employers have expanded rapidly over the last decade. When researching alternative-funding, you will hear about…

Virginia Short-Term Disability Maternity Changes

The 2020 General Assembly Session passed Senate Bill 567 resulting in maternity benefit changes for Short-Term Disability plans in Virginia During the 2020 General Assembly Session, Senate Bill 567 – Disability Insurance: coverage for disability arising out of child-birth (SB567) was passed. The Commonwealth of Virginia established a new 12-week maximum benefit period for Short-Term…

Benefits Payroll Deductions Best Practices

SIMA proudly provides your company with comprehensive financial services allowing you to focus on your business. Below we have outlined some best practices related to maintaining your company’s employee benefit deductions. These practices are intended to support your existing company procedures and enable your team to find any discrepancies in a timely manner. As always,…

Employee Benefits Plan Limits for 2021

Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure their…

Final Rule on Health Care Transparency Issued

The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets. Specifically, the final rule requires plans and issuers to disclose: Price and cost-sharing information to participants, beneficiaries and enrollees…