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EPIC Team Members Join Class of 2023 Power Brokers

Awards Highlight Standout Client Service and Outcomes in Transportation, Employee Benefits, Cybersecurity, and Renewable Energy Sectors We’re proud to announce that five team members earned recognition in Risk & Insurance Magazine’s 2023 Power Brokers awards. Karen Harris and Patrick McGrade have been named Power Brokers; and Thompson Mackey, Vinny Perricone, and Matthew Rist were recognized as finalists. Power Brokers stand out among their peers for their exceptional client service, industry knowledge, and problem-solving acumen. Harris, Mackey, McGrade, Perricone, and Rist were among thousands of applicants reviewed by the Risk & Insurance editorial team, ultimately earning this distinction on the …

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

Way to Wellness Newsletter | April 2023

Simple Eco-Friendly Swaps to Reduce Your Environmental Impact We’ve Got a Plastic Problem! Virtually every piece of plastic ever made still exists in some form. The same goes for Styrofoam and other difficult-to-recycle materials. It’s an environmental challenge for our communities, country, and global community. It’s just one way humans negatively affect our planet’s delicate ecosystem.   But there’s a lot we can do to help reduce our impact on the earth we all share. These tips are a good place to start: Copy the Employee-Facing Email Help the Planet, Help Yourself …

https://www.epicbrokers.com/insights/way-to-wellness-newsletter-april-2023/

Pharmacy Pricing Is a High-Cost Chess Game. You Need a Life Master on Your Side.

Viewpoints from Craig Hasday Affordability is the single biggest issue in healthcare. There is no greater challenge for plan sponsors than managing the cost of pharmacy benefits. For some groups, pharmacy costs exceed 30% of total cost accruals. Specialty pharmacy is growing faster than the rate of medical inflation, potentially representing 50% of this expense. The pipeline for specialty medications includes treatments with price tags in the six- and seven-figure ranges. For many participants in the health insurance ecosphere, pharmacy is an area where the greatest margin can be achieved since the distribution and component costs are complex and …

https://www.epicbrokers.com/insights/pharmacy-pricing-high-cost-chess-game/

EPIC Welcomes Scott Boring

… with more than 25 years of experience developing and implementing strategies to drive growth and profitability. During his expansive career, Boring has demonstrated leadership, as well as sound internal financial management while controlling operational costs across complex projects to drive profitability and margin gains. “We are pleased to welcome Scott to our growing West operations,” said KJ Wagner, President of EPIC’s West region. “Scott will be a great addition to our employee benefits expertise in the territory, and his extensive background brings a wealth of knowledge and rich experience to the team.” Learn more about our Employee Benefits Practice.

https://www.epicbrokers.com/insights/epic-welcomes-scott-boring/

Compliance Matters Newsletter | March 2023

Prescription Drug Data Collection (RxDC) Reporting, Round Two The next round of prescription drug data collection (RxDC) reporting is due June 1, 2023. Employers may have more involvement than they did during the first round of reporting that was initially due December 27, 2022. No additional good faith relief or transition relief has been extended at this time. Employers should work with their carriers, third party administrators (TPAs), pharmacy benefits managers (PBMs), and brokers to ensure compliance. End of Emergency Periods Sparks Health Plan Compliance Requirements On January 31, 2023, the President announced that the Public Health Emergency (PHE) and …

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

Way to Wellness Newsletter | March 2023

Doomscrolling and How to Break the Cycle Social media is part of everyday life; many people turn to social media to get their news. But when the news is challenging, it’s easy to start “doomscrolling” – spending too much time (usually on a mobile phone) focusing on negative news. That can lead to anxiety and depression, and can contribute to employee burnout, decreased engagement and lower productivity. But there are ways for employees to avoid doomscrolling and protect their emotional wellbeing, just by creating a few new habits. Share these tools and tips: Copy the Employee-Facing Email Doomscrolling and …

https://www.epicbrokers.com/insights/way-to-wellness-newsletter-march-2023/

Navigating the Maze of Employee Leave Programs

… benefits. Explaining these benefits to employees can create confusion or ill-will if they are misinterpreted, especially for an employee who is unable to work due to illness or injury, whether to themselves or a close family member. To start at the beginning – six jurisdictions have statutory short term disability benefits: New York, New Jersey, California, Hawaii, Rhode Island and Puerto Rico. The terms of these plans are written into state laws and can be expanded, but the regulations spell out the minimum benefits. Many employers augment these plans in states without a statutory requirement, or for those jurisdictions whose …

https://www.epicbrokers.com/insights/navigating-the-maze-of-employee-leave-programs/

Student Loans and SECURE Act 2.0

… 0, as part of the Consolidated Appropriations Act of 2023, student loan payments may now be treated as 401(k) elective deferrals for purposes of company matching contributions. As an example, a common 401(k) employer matching formula is 50 cents on a dollar up to six percent of an employee’s pay. Using this matching formula, an individual earning $50,000 a year with a six percent deferral of salary contributed into a 401(k) plan would result in a $3,000 salary-deferred 401(k) contribution and a $1,500 employer matching contribution. The new law would allow …

https://www.epicbrokers.com/insights/student-loans-and-secure-act-2-0/