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! 

Colorado’s reinsurance program received federal approval this summer. We first reported on the program in April while the proposal was being debated in the Colorado legislature.

The Medicare Part D Notice is just one of the many compliance responsibilities to which most employer health plans are subject. Since this notice is due in just a couple of weeks, here’s what you need to know: 

Having a baby can be extremely exciting, and there are so many things to prepare for and think about! In addition to the many other things going through your mind, here a few reminders regarding insuring your new bundle of joy: 

Many employers have benefitted greatly from having some type of self-funded arrangement where they participate in the actual claims experience of their employees with protection from catastrophic claims. At Fall River, self-funded plans are one of our major areas of expertise, and we view self-funding as a five-step spectrum, rather than just a yes/no question. Register for our Advanced Self Funding Webinar here. 

Many employers are offering High Deductible Health Plans (HDHPs) to their workforce these days, and they sometimes express concern that members with chronic conditions may delay much-needed routine care because of the financial burden they experience while meeting their deductible.

Good news is on the horizon! On July 17, 2019, the IRS expanded the list of services considered preventive and therefore able to be covered by insurance before or at a reduced deductible.