Displaying items by tag: employee benefits
Health Reimbursement Arrangements: The Basics
2021 is right around the corner, and employers with calendar year plans are deciding on their benefit changes for 2021. Health Reimbursement Arrangements (HRAs) can be a great option for reducing healthcare costs while keeping employees’ benefit level the same or better. They can also help you to create greater consumerism within your plan as well as offer a way to take a small step towards self-funding your plan. A fantastic recent article (weekly wrap-up) from our national partner Alera will help you get familiar with HRAs, point out some compliance aspects to be aware of, and highlight some important factors to consider when deciding if it’s the right move for your company.
Improving Medication Compliance with PillPack
The ever-growing prescription drug industry has long been ripe for innovation and disruption. At the same time, members struggle to manage the many prescriptions they may need to take at the same time. As the cost of many prescription medications continues to be very high, Americans are increasingly looking outside traditional pharmacies for purchasing alternatives. One of these newer alternatives is PillPack, which was purchased in May 2018 by Amazon, and may actually help members improve their medication compliance, a key metric in improving health.
What will 2021 Renewals Look Like After COVID?
The COVID-19 pandemic has created uncertainty for many employers who worry that expensive Coronavirus testing and treatment could lead to a spike in premiums in 2021. But is it a foregone conclusion that we’ll see large renewals, or a myth?
Introducing AleraHR, Your People Risk Management System
Clients for whom Fall River is the health insurance broker were recently given free access to our new HR support tool, AleraHR. For those of you who have used ThinkHR before, AleraHR is our white-labeled version of that system. AleraHR is a very robust HR and compliance system that offers many valuable and time-saving modules related to just about any HR topic you can think of! Best of all, you can submit questions by email or phone and get answers fast from certified HR professionals you can rely on.
HIPAA Compliance Catches Some Employers Off Guard
All health plans are required under HIPAA to distribute certain notices, such as the Notice of Special Enrollment Rights when employees become eligible, and the CHIP notice which must be sent to employees annually. But there are quite a few other requirements that sometimes catch employers off guard.
Affordability for ALEs Impacted by COVID-19
COVID-19 has thrown a wrench in many aspects of our professional lives, but Affordability safe harbors for Applicable Large Employers (ALEs) might not be the first to enter our minds.
Slash Healthcare Costs Without Slashing Benefits
Healthcare costs have increased faster than inflation almost every year for at least the last 30 years. Switching carriers, raising out-of-pocket costs, and asking employees to pay more out of their paychecks should be your last resort.
Colorado Paid Sick Leave Bill Passes the Legislature
After Colorado’s Legislature returned in late May to one of the most unusual legislative sessions in recent history, a flurry of bills was introduced and passed in an abrupt end to the legislative cycle. Among the approved pieces of legislation was SB-205 or “Healthy Families and Workplaces Act” requiring new paid sick leave rules for Colorado employers.
Employer Survey Results: Returning to the Workplace
In mid-April, CO SHRM and the Denver Regional Council of Governments conducted a survey about how employers are handling returning to the workplace and teleworking after COVID. The survey was completed by over 350 human resource professionals from across the state of Colorado.
2021 HSA Limits and HSA FAQs
The IRS recently announced the changes to the cost sharing and contribution limits for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs) in 2021. Also in this article, we’ve included some of the most common questions that group insurance brokers like us receive on HSAs.