It’s been quite an eventful year for legislators both at the Colorado Capitol and in Washington, DC. Though Congress has been largely unable to pass any comprehensive legislation addressing healthcare or employment concerns in 2019, the Colorado Legislature was busy this year working on several must-know laws which could impact your business. 

At Fall River we’re always keeping our eyes on hot topics in the benefits world. As 2019 closes out, we are bringing you news on three potential developments: legislation preventing surprise hospital bills, the Texas v U.S. court case regarding the validity of the ACA, and the potential for a paid parental leave policy for federal workers. 

Most HR professionals are aware that the ACA’s individual mandate no longer exists, meaning that most Americans will no longer need to verify on their 2019 tax return that they had health insurance. Not all are aware, however, that there are five states plus the District of Columbia where your employees ARE still subject to their state or District’s individual mandate, most of which are new in the last year. 

It’s renewal season, a time when we are all painfully reminded that the cost of healthcare keeps going up. In order to stay competitive, employers want to keep their benefits packages extensive and their contributions generous, but how to manage that desire against the reality of cost? One way to tackle this is by considering alternate contribution structures for spousal coverage. 

On October 23, 2019, The House Ways and Means Committee voted to send two bills to the House floor for a vote that could favorably impact healthcare consumers.

Most HR professionals have heard of a Health Reimbursement Arrangement (HRA), but may be unsure about the different types and how they can help both employers and employees save significantly on healthcare costs. There are now several types of ACA-compliant HRAs, but this month we’re focusing on Group Coverage HRAs. 

Despite numerous attempts over recent years to repeal The Affordable Care Act (ACA), the requirement for certain reporting is still the law of the land. The deadline of January 31^st, 2020 to distribute 1095-Bs or 1095-Cs to employees is fast approaching, and vendors get booked up early to complete the filings. Are you ready, and do you have your reporting vendor lined up yet?

Jared Polis signed a new law in May 2019 that caps the cost of Insulin at $100 for a 30-day supply, regardless of the supply an individual requires. This is great news for the Colorado diabetic community, but critics speculate on a resulting rise in premiums as insurance companies are left to pay the balance. 

Evaluating your current benefit plans with the intent to attract and retain top talent is more crucial than ever. Benefits benchmarking gives employers the chance to compare their current plans and contribution strategy to that of the competitors. Fall River helps our clients understand how they stack up, and we will soon be sharing a new benchmarking document. When was the last time you measured your benefits package against other Colorado employers?

Another year has zoomed by and 2020 will be here before we know it! For many employers, the end of the year means another renewal season. Even if your company does not renew on January 1, our tips for a successful renewal will help guide you to success!