In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this risk, insurers offer key person insurance. Under a key person…
If your company offers an Anthem medical plan that complies with health care reform law, you may notice that the name of the plan’s drug list (also called a formulary) has changed. The new name is the Traditional Open Drug List. The medications included on the drug list have not changed. The goal of the…
UPDATE 3/27/17: Despite days of intense negotiations and last-minute concessions to win over wavering GOP conservatives and moderates, House Republican leaders Friday failed to secure enough support to pass their plan to repeal and replace the Affordable Care Act. House Speaker Paul Ryan pulled the bill from consideration after he rushed to the White House…
Earlier Anthem announced that they have agreed to provide a customized credit freeze program for minors who were under the age of 18 on January 27, 2015, when they first discovered indications of the 2015 cyber attack. Anthem announced that, as part of the Minor Credit Protection program, they will: Cover the one-time costs to…
New versions of the Summary of Benefits and Coverage (SBC) template, instructions, uniform glossary, and related documents are required for use on or after April 1, 2017. Under the Affordable Care Act, group health plans and health insurance issuers are generally required to provide a written SBC to plan participants and beneficiaries at specified times…
A revised model notice is now available for all employers that provide group health coverage in states with premium assistance through the Children’s Health Insurance Program (CHIP), or Medicaid, to inform employees of potential opportunities for assistance in obtaining coverage. The employer CHIP notice must be furnished to all employees annually before the start of…
SIMA was delighted to share information and good times with the members of the Association of Legal Administrators at their annual retreat this past month in Williamsburg, Virginia. Consultant Chris Nagle and Marketing Coordinator Kerri White discussed ways in which administrators in legal offices can work smarter, not harder, to alleviate many of the burdens…
A good basketball team is at its best when its top players are on the floor. Similarly, a company is the most productive, efficient and innovative when its best employees are in the right positions, doing great work. Unfortunately, it’s not uncommon for good employees to battle personal problems, such as substance dependence, financial and…
The Medicare Modernization Act requires employers that provide prescription drug coverage to Medicare-eligible individuals to complete the Online Disclosure Form to the U.S. Centers for Medicare & Medicaid Services (CMS) to report whether such coverage is creditable prescription drug coverage (“creditable coverage”). Creditable coverage is coverage that is expected to pay, on average, as much…
The U.S. Department of Labor (DOL) has extended the effective dates of its model Employer CHIP Notice, General Notice of COBRA Rights, and COBRA Election Notice through December 31, 2019. Previously, these model notices expired on December 31, 2016. No other changes have been made to these notices. For the latest guidance regarding these notices,…
