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Leverage Forward-Thinking Insurance Solutions to Boost Your Recruiting Efforts

… employee demographics while managing medical cost inflation and relieving your HR team to focus on employee recruiting and engagement. Our experienced Employee Benefits team can assist with: Managing escalating pharmacy costs to offer candidates more coverage options Identifying solutions that meet your candidates where they are (remote or hybrid working arrangements, new to the workforce, aging parents, or nearing retirement) Developing professional benefits communications to share with potential employees early in the recruiting process Navigating complex and ever-changing human resource compliance requirements. EPIC can help you stand out in a crowded space to attract and secure top talent with …

https://www.epicbrokers.com/insights/boost-your-recruiting-efforts/

Compliance Alert: Machine-Readable TiC File Requirement Is Looming

… providing additional guidance. On April 19, 2022, the Departments released another set of FAQs providing technical guidance on MRFs and providing two safe harbors for group health plans and issuers who use alternative payment arrangements. Machine-Readable Files As part of the TiC, non-grandfathered group health plans and insurance issuers must make available to the public three separate machine-readable files (MRFs) related to: Negotiated rates for all covered items and services between the plan or issuer and in-network providers. Historical payments to, and billed charges from, out-of-network (OON) providers. For privacy purposes, historical payments …

https://www.epicbrokers.com/insights/compliance-alert-tic-file-requirement/

DOL Provides Q&As for CAA Broker Compensation Disclosure Requirements

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, included a requirement that starting December 27, 2021, brokers and consultants supplying services to Employee Retirement Income Security Act (ERISA) group health plans disclose to plan fiduciaries (typically the plan sponsor), in writing, direct and indirect compensation they receive for providing services to such plans. This disclosure requirement was effective for “contracts or arrangements entered into, extended, or renewed on or after December 27, 2021.” See our Compliance Insights article, “Employee Benefits Broker Compensation Disclosure Requirements Are Coming Soon,” for more information. On Thursday, December 30, 2021, the …

https://www.epicbrokers.com/insights/dol-provides-qas-caa-broker-compensation-disclosure-requirements/

Thoughts on Law Firm Engagement Letters

… front. Of course, before relying on any form of conflicts waiver, the lawyer should be satisfied that the conflict is one that can be waived and that the likelihood of the lawyer having to withdraw mid-matter to the detriment of one or more clients is not unduly high. Matter/File Closings and Obligations Many if not most lawyers employ language that specifies the number of years after which the firm will or may destroy documents unless the client makes different arrangements in writing. File storage costs being what they are, this saves time and confusion at a later date.

https://www.epicbrokers.com/insights/law-firm-engagement-letters/

Employee Benefits Broker Compensation Disclosure Requirements Are Coming Soon

As part of the Consolidated Appropriations Act (CAA) signed into law by President Trump in December 2020, contracts or arrangements for services between a “covered plan” and a “covered service provider” (CSP) entered into, extended, or renewed on or after December 27, 2021, must include specific disclosures for broker and consultant compensation. Covered service providers and plan fiduciaries should take a good faith reasonable interpretation of the statue in order to comply, beginning December 27, 2021. On December 30, 2021, the Department of Labor (DOL) released a Field Assistance Bulletin providing some clarifying guidance on the new requirements. We expect …

https://www.epicbrokers.com/insights/employee-benefits-broker-compensation-disclosure-requirements-coming-soon/

No Surprises Act Part II Interim Final Rule: The Independent Dispute Resolution Process

… created Surprise Billing webpages that provide information on the NSA. HHS created the IDR Entity Certification Application Web Form Quick Reference Guide that explains the process for an arbitration organization to become a certified IDR entity. To be certified, an IDR entity must possess (directly or through contracts or other arrangements) and demonstrate sufficient expertise to conduct dispute resolution. Once certified the entity can act as a third-party responsible for settling NSA payment disputes between payers and providers. The NSA requires the Departments to publish certain information regarding the surprise billing IDR process on a public website every calendar …

https://www.epicbrokers.com/insights/no-surprises-act-part-ii-independent-dispute-resolution/

Why Now Is the Time to Leverage Your Benefits Strategy to Recruit & Retain Talent

… compliance and to have a positive impact on employees. Consider using “golden handcuffs” – plans that reward employees while tying them to the company long-term can be very helpful with retention and aligning employees’ goals with yours. Reward key employees for their efforts in building company profitability through deferred compensation arrangements that lower their taxable income. Consider arrangements that have a vesting schedule or are lost if your employee goes to a competitor. Deferred compensation plans can be designed to have no long-term cost to the organization. Cash may be king, but tax-free (or tax-advantaged) usually wins …

https://www.epicbrokers.com/insights/leverage-benefits-strategy-recruit-retain-talent/

IRS Releases Additional COBRA Subsidy Guidance

… Reinvestment Act (ARRA) COBRA subsidy guidance, but there are several significant clarifications and new information that we will summarize in this review. Assistance Eligible Individuals (AEIs) and Eligibility for the Subsidy Generally, individuals are not subsidy eligible if they are eligible, or become eligible, for other group health plan coverage or Medicare. The Notice addresses several specific eligibility issues. Q&A #9 clarifies that an individual is only considered eligible for other group health plan coverage if the individual can enroll in the coverage during the April – September 2021 time frame. Examples in the Notice include: If the individual …

https://www.epicbrokers.com/insights/irs-releases-additional-cobra-subsidy-guidance/