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Employment Law & Benefits Update

Learn about upcoming changes to employment law with EPIC’s Annual Employment Law & Benefits Update webinar or at the in-person seminar. Join us to better understand compliance under federal, state and local employment laws taking effect January 1. Hear about business policies you need to have and key legislation to keep up with – and what you need to do – from EPIC’s Compliance Director, Liz Mann and employment law attorneys from Berliner Cohen Partners, Susan Bishop, Eileen Kennedy and Christine Long. Covering these topics and more: California Family Rights Act (CFRA) Updates for 2023 Requirements for: Pay Range Reporting …

https://www.epicbrokers.com/insights/employment-law-benefits-event/

Compliance Alert: Get Your Employer-Sponsored Group Health Plan Ready for 2023

… when the cost for self-only coverage does not exceed the percentage set by the Internal Revenue Service. This percentage is updated annually. In 2023, the percentage will be 9.12% of household income. Coverage is also considered “affordable” for purposes of satisfying §4980H(b) requirements so long as the employee contribution satisfies at least one of three available safe harbors: federal poverty level (FPL), rate of pay, or Form W-2. ALEs should review affordability annually to determine the potential risk for penalties due to offering unaffordable coverage. Preventive Services Under the ACA, non-grandfathered health plans must provide …

https://www.epicbrokers.com/insights/compliance-alert-get-your-employer-sponsored-group-health-plan-ready-for-2023/

Compliance Alert: §4980H Employer Mandate Requirements & Penalties

Quick Facts Applicable large employer (ALE) status is determined year-by-year on a calendar year basis. All ALEs are subject to §4980H offer of coverage requirements and §6056 employer reporting requirements on Form 1094-C and Form 1095-Cs. ALEs may count hours of service using one of two measurement methods, the monthly measurement method or the look-back measurement method. ALEs must provide minimum essential coverage to employees that is affordable and offers minimum value to avoid penalties under the Affordable Care Act (ACA). Background As the Internal Revenue Service (IRS) continues to actively enforce the employer shared …

https://www.epicbrokers.com/insights/compliance-alert-%c2%a74980h-employer-mandate-requirements-penalties/

Compliance Alert: Internal Revenue Service Updates PCORI Fee for 2023

Quick Facts The Internal Revenue Service (IRS) recently released IRS Notice 2022-59 updating the Patient-Centered Outcomes Research Institute (PCORI) fees for plan years ending on or after October 1, 2022, through September 30, 2023. The payment for the respective plan years will be $3.00 per covered life. Plan sponsors may use one of three methods to determine the average number of covered lives for reporting and paying the PCORI fee. Background On November 14, 2022, the IRS issued Notice 2022-59, providing the adjusted PCORI fees for plan years ending in October 2022 through September 2023. Employers …

https://www.epicbrokers.com/insights/compliance-alert-internal-revenue-service-updates-pcori-fee-2023/

Take a Closer Look at the Complexities of PBM Satisfaction

Choosing, negotiating a contract, and navigating a relationship with a pharmacy benefit manager (PBM) isn’t one size fits all. No single PBM is “best” across the board, and customer needs and priorities vary based on many factors – organization type, plan size, member demographics, etc. Our Pharmacy Solutions team at Pharmaceutical Strategies Group (PSG) highlights the intricacy of plan sponsors’ relationships with their PBMs in their latest market research, the 2022 Pharmacy Benefit Manager Customer Satisfaction Report. It outlines high-level satisfaction ratings and dives even deeper into ratings for over 30 services and functions, a dozen clinical and cost …

https://www.epicbrokers.com/insights/complexities-pbm-satisfaction/

EPIC Continues Strategic Expansion - Acquires Larry Gordon Agency

Expanding National Footprint Across our Life Insurance, Executive Benefits, and Financial Advisory Distribution Businesses EPIC has acquired Larry Gordon Agency (“LGA”). The acquisition continues the strategic expansion of EPIC’s geographic footprint in the Midwest across its life insurance, executive benefits, and financial advisory distribution businesses under the Vanbridge Life and Executive Benefits umbrella. Established in 1965, the Larry Gordon Agency was one of the first independent brokerage agencies in the country and pioneered the concept of providing brokers with a diversified mix of life insurance options with access to multiple carriers. Today, LGA services its customers with industry-leading …

https://www.epicbrokers.com/insights/epic-acquires-larry-gordon-agency/

Securing Life Insurance After Surviving Breast Cancer

A common misconception is that any cancer history automatically makes an applicant uninsurable. Advances in breast cancer research, treatment and awareness have produced considerably more survivors who are now thriving and winning the battle. More good news – the opportunity for breast cancer survivors to secure life insurance has become more achievable than ever before. Viewpoints from Tom Dignan The insurance underwriting process is all about risk assessment and gathering the necessary medical information. Applicants are reviewed on a case-by-case basis since each breast cancer case is unique. Underwriters consider several aspects to determine mortality risk, such as family …

https://www.epicbrokers.com/insights/securing-life-insurance-after-surviving-breast-cancer/

Compliance Alert: Guide to Compliance Considerations for Level-Funded Plans

… funded plans PCORI Fees A level-funded plan sponsor is required to pay the Patient Centered Outcomes Research Institute (PCORI) fee each year. Occasionally, the level-funded plan vendor may include the PCORI fee in the monthly payment amount and submit the payment to the Internal Revenue Service (IRS) on the employer’s behalf. Wrapping the PCORI fee into the monthly payment amounts, which may be paid in part by employee contributions, can be problematic. Accordingly, in most cases, the level-funded plan sponsor is responsible for reporting and paying the PCORI fee each year. ACA Reporting Because it is

https://www.epicbrokers.com/insights/compliance-alert-guide-considerations-level-funded-plans/