COBRA is the Consolidated Ombinus Budget Reconciliation Act that has been around since 1986. Since that’s quite a mouthful, let’s stick to the acronym: COBRA. It’s purpose is to give employees and their families who lose medical, dental, and vision coverage, the right to continue benefits provided by that employer for limited periods of time under a number of circumstances.
Read MoreAn insurance plan is like an agreement between an individual and the insurance carrier, also known as the insurance company. Because the insured individual pays a monthly premium/cost, the insurance company partially or fully covers the cost of the individual’s medical expenses, including doctor’s visits, prescriptions, surgeries, etc.
Read MoreHealth care costs continue to rise each year, and 2022 will be no exception. In the new year, experts predict a 6.5% increase in medical costs alone, according to PricewaterhouseCoopers. Employers are also anticipating health plan premiums to rise more than 5% in 2022, a Willis Towers Watson survey reports. With these increases in mind, employers will want to strategize methods to rein in benefits spending.
This article offers three ways to help.
For plan years beginning on or after Jan. 1, 2022, the following limits have increased. Employers can view this to update their plan designs and ensure that their plan administration will be consistent with the new limits.
Read MoreIf you partner with Apex Benefit Group, we provide you with access to an easy-to-use company-specific intranet portal that streamlines onboarding and enrollment. This employee portal will allow you to focus more of your time on growing your business, rather than keeping track of papers and HR tasks.
Read MoreIn 2020, there was a significant increase nationally in telehealth utilization. Now, many providers and hospitals are encouraging patients to utilize telehealth services instead of coming to the office or hospital for non-life-threatening care.
Read MoreThe deadline for furnishing statements to individuals under Sections 6055 and 6056 has been extended to March 2, 2021. Employers should become familiar with these forms and instructions for reporting for the 2020 calendar year.
Read MoreThe 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 plan administration will be consistent with the new limits. Although some of the limits will increase for 2021, most of the limits remain the same.
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