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Insurance Companies Don’t Give It Away for Free

… plan does not bear the burden of over-age-65 adults (the ones who are the most likely to suffer hospitalization due to COVID-19). The Federal Government, through Medicare, will bear the brunt of those costs – not the commercial carrier insuring your company. As such, the “giveaway” of no-employee-cost COVID-19 coverage is a small handout for the money your carrier will make during this crisis as services are delayed. Likewise, the dental carriers are profiting even more. Dental offices around the country are simply closed, except for emergency procedures. For every month a dental office is …

https://www.epicbrokers.com/insights/insurance-companies-dont-give-it-away-for-free/

Benefit Plans Are Changing to Help Consumers

Last week, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion relief package providing emergency assistance and healthcare response for individuals, families and businesses affected by the 2020 coronavirus (COVID-19) pandemic. For more of our coronavirus coverage, visit epicbrokers.com/coronavirus  Health plan sponsors should look more closely at a few of the CARES Act details. Through December 31, 2021, CARES allows HSAs to be used for first-dollar telehealth benefits for any condition without disqualifying the high deductible health plan. Telehealth services are already considered an eligible expense for use with a …

https://www.epicbrokers.com/insights/benefit-plans-are-changing-to-help-consumers/

Self-Funded Medical for Middle-Market Customers

… has become much more accepted as the purchase decision now includes the top financial executive level, and vehicles such as lifestyle-based contribution models have become mainstream, allowing the full impact of these strategies to fall directly to the organization’s bottom line. Self-insuring is a method to fund employee benefits where the employer pays the insurer an administration fee to process claims and use their provider network to access discounts. However, self-insurance does not mean unlimited liability. To protect against catastrophic loss, the employer purchases stop-loss insurance to shelter the employer from large claims on any …

https://www.epicbrokers.com/insights/self-funded-medical-for-middle-market-customers/

Community Wellness is Now Understood – for the Worst Reason

For more of our coronavirus coverage, visit epicbrokers.com/coronavirus  Thoughts from Claire Letourneau Each fall, we encourage everyone to get a flu vaccination. Each fall, we hear, “I don’t need a flu shot, I never get sick.” And each fall, I cringe! I cringe because I’m frustrated that people don’t understand the importance of community wellness – doing something that you may not want to do, for the good of the community. Unfortunately, the world is learning about community wellness through the coronavirus pandemic and the fatal consequences of ignoring it. What most people don’t comprehend …

https://www.epicbrokers.com/insights/community-wellness-is-now-understood-for-the-worst-reason/

Coronavirus & Workplace Wellbeing: Dispelling Panic and Misinformation

For more of our coronavirus coverage, visit epicbrokers.com/coronavirus  Viewpoints from Craig Schmidt I hope everyone is doing well, is healthy and practicing safe social distancing and hygiene habits. I’m working remotely with my two pups for the next couple of weeks to do my part in controlling this pandemic. Who would have thought this would escalate so rapidly? Concerning to me is the fact that we’re being bombarded daily with info about coronavirus (COVID-19) right now – some of it good, some of it not – and no doubt the escalating level of mass hysteria is due …

https://www.epicbrokers.com/insights/coronavirus-workplace-well-being-dispelling-panic-and-misinformation/

Families First Coronavirus Response Act: Q&A with EPIC and Fisher Phillips

The Recent Legislation, And What It Means  Q&A with EPIC and Labor & Employment Attorneys from Fisher Phillips The Families First Coronavirus Response Act (FFCRA) addresses specific costs associated with COVID-19 testing and includes several other acts, each of which aims to lessen the severity of the COVID-19 outbreak in certain critical areas relating to employment and health coverage. EPIC’s Carl Pilger, National Director of Employee Benefits Compliance Services, moderated a Q&A style presentation with Bert Brannen from Fisher Phillips, trusted labor and employment attorneys. Presentation Focus: How The Act Impacts Employers with 500 or Fewer …

https://www.epicbrokers.com/insights/families-first-coronavirus-response-act-qa-with-epic-and-fisher-phillips/

Marketplace Options for Employees If They Lose Employer-Provided Health Insurance

Many businesses are realigning and reducing their workforce due to the spread of coronavirus (COVID-19). If you’ve lost, or are losing, your group health coverage as a result, you may be able to elect Marketplace coverage under a Marketplace Special Enrollment Period. A Marketplace Special Enrollment Period is a time outside of the standard yearly Marketplace Open Enrollment Period when you can sign up for health insurance. You qualify for a Marketplace Special Enrollment Period if you’ve had certain life events; including losing health coverage, moving, getting married, having a baby, or adopting a child. Involuntary loss …

https://www.epicbrokers.com/insights/marketplace-options-for-employees-if-they-lose-employer-provided-health-insurance/

How Will Coronavirus Costs Impact Health Plans?

… acute cases. The Kaiser Family Foundation recently presented a brief outlining the average costs of pneumonia (found in acute cases) treated on an inpatient basis in 2018: $20,292 with major complications or comorbidity; $13,767 with minor complications or comorbidity and $9,763 for a case without complications, with employee costs for those covered by employer-sponsored plans of $1,300, $1,365 and $1,464 respectively (the inverse relationship is due to employees with more severe cases reaching deductibles earlier). These costs would be trended up for increases in employee cost-sharing, but do give an indication. HM …

https://www.epicbrokers.com/insights/how-will-coronavirus-costs-impact-health-plans/