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Five Reasons Why Captives Can Be Your Saving Grace in Funding Employee Benefits

… reservations about change. We get it if you’re skeptical or you feel as if you’re too busy to explore this option. We really do. But playing it safe is sometimes the riskiest choice when it comes to serious business, like finance and healthcare. If you would like to lower your costs by increasing your purchasing power, and if transparency is important to you, a captive arrangement is your is your way to smooth risk and reduce the effects of inflation. Your EPIC broker was made for this. We have the expertise – and the data and analytics – to …

https://www.epicbrokers.com/insights/captives-funding-employee-benefits/

Compliance Matters Newsletter | December 2023

… cautious not to differentiate benefits design or eligibility due to Medicare entitlement or eligibility, nor should employers incentivize employees to take Medicare over the group health plan. Special Alert: IRS Releases 2024 FSA Limits On November 9, 2023, the Internal Revenue Service (IRS) released updated limits for health flexible spending arrangements (FSAs) and commuter benefits. These limits are adjusted annually for inflation. Limits for Dependent Care Assistance Programs (DCAP) are set by statute and not adjusted annually for inflation. Considerations for Compliant Family-Building Benefits Family-building programs, also commonly referred to as fertility or infertility benefit programs, are becoming …

https://www.epicbrokers.com/insights/compliance-matters-newsletter-december-2023/

There Are Options When Your Healthcare Premium Blows Up

… those where maximum costs are capped. Under these programs, the employer is not responsible for paying excessive amounts if these projected costs do not materialize, yet there is downside protection if they do. Captive Insurance programs can also mitigate individual client risk. Another alternative is using Individual Coverage Health Reimbursement Arrangements (ICHRAs). These plans allow employers to provide employees with a fixed amount of money to purchase individual health insurance coverage. This empowers employees to choose a plan that best suits their needs while potentially reducing costs for both employers and employees. However, these plans are administratively complex, and selecting …

https://www.epicbrokers.com/insights/healthcare-premium-options/

Compliance Matters Newsletter | August 2023

… ACA), even if those services would otherwise be considered out-of-network. As a reminder, services subject to the prohibition against balance billing are air ambulance claims, emergency services, and services provided by an out-of-network provider at an in-network facility.    Additionally, the FAQs clarify that any contractual arrangement with an air ambulance provider, direct or indirect, makes the air ambulance provider a “participating provider” for purposes of the NSA. Separately, the FAQs indicate that facility fees fall under the definition of “items and services” which are protected under the NSA (and subject to in-network cost-sharing …

https://www.epicbrokers.com/insights/compliance-matters-newsletter-august-2023/

Compliance Matters Newsletter | June 2023

… HSAs. Revenue Procedure 2023-23 also updated the IRS maximum limit for an excepted benefit health reimbursement arrangement (HRA) in 2024. WEBINAR Join our 2023 Compliance Webinar Series Stay up to date on employee benefits compliance Find Out More  Additional Updates & Resources Reminder! PCORI Fee Due July 31 Employers who sponsored self-funded medical plans that ended sometime during 2022 are required to report and pay the ACA Patient-Centered Outcomes Research Institute (PCORI) fees no later than July 31. Fully insured plan sponsors can rely on their carriers to submit the fee on their behalf, but fully insured …

https://www.epicbrokers.com/insights/compliance-matters-newsletter-june-2023/

Large Claims Alarms Are Signaling Healthcare Cost Spikes

Viewpoints from Craig Hasday Regardless of your plan’s size or funding arrangement, prepare yourself. Large claims are coming. According to a QBE report, claims over $200,000 increased by 17% from 2020 to 2021. While it was harder to see through the crystal ball during the COVID-19 years, it is starting to get clearer again. This trend will continue. There are several factors in play. COVID-19 claims are expected to diminish, however, the cost of deferred care is emerging. Circulatory claims are on the rise, but more acutely, the cost of high-cost therapies is expected to …

https://www.epicbrokers.com/insights/large-claims-signaling-healthcare-cost-spikes/

Compliance Matters Newsletter | April 2023

… released several frequently asked questions (FAQs) that address whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account (HSA), health flexible spending arrangement (FSA), Archer medical savings account (Archer MSA) or health reimbursement arrangement (HRA). The information has been available in the Internal Revenue Code (IRC) and various IRS publications for quite some time, but the FAQs provide clarifying guidance to the existing IRC. Section 213 of the IRC generally allows a deduction for expenses paid during the taxable year for medical care if certain …

https://www.epicbrokers.com/insights/compliance-matters-newsletter-april-2023/

EPIC Team Members Join Class of 2023 Power Brokers

… been focused on the review and transition of Professional Employer Organizations (PEOs) for employers. As companies and organizations grow, they often search for insurance arrangements with more flexibility and customization. McGrade’s work has been instrumental in guiding maturing businesses from the PEO model to more traditional insurance arrangements. Thompson Mackey, CCIC, CRM, ARM, CIC, Vice President, Risk Management based in Duluth, Georgia is 2023 Power Broker finalist in the Cyber category.  Mackey and his team built a process to analyze the insureds’ cybersecurity risk posture, challenge risk assumptions made by the insured, and quantifies potential security issues through …

https://www.epicbrokers.com/insights/epic-team-members-2023-power-brokers/