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What’s on Employers’ Minds...

… along to our employees, knowing plan costs in 2020 typically ran way under budget? This is a challenging question that largely hinges upon how far under budget costs ran, the economic condition of the client, and the risk tolerance given uncertain 2021 plan costs. Are there non-intrusive coverages or benefits we can introduce to employees at little to no cost that are simple to implement remotely? Things like voluntary benefits, technology-based medical services and previously overlooked state mandates/plan enhancements are front-of-mind. Where can we extract savings with little pain to participants? Pharmacy and dental are …

https://www.epicbrokers.com/insights/whats-on-employers-minds/

IRS Releases Draft Forms for 2020 ACA Reporting

… C to report information required under Section 6056, as well as information required under Section 6055 for ALEs who sponsor self-insured plans. The draft 2020 forms are largely similar to the final 2019 versions. On Form 1095-C, Part II is modified to include a field to report an employee’s age as of January 1 of the reporting year. Part II now includes new fields to report an employee’s ZIP Code, by month, by which may be used by employers that sponsor Individual Coverage Health Reimbursement Arrangements (ICHRAs). The embedded instructions also outline a number of new …

https://www.epicbrokers.com/insights/irs-releases-draft-forms-for-2020-aca-reporting/

Checklist for Strategic and Compliant Employee Benefit Plan Communications

Background For employees to fully understand the valuable investment that your company makes in their benefits, you should convey benefit plan information during annual enrollment in an engaging, compelling manner. At the same time, annual enrollment is a great chance to distribute required health plan notices and legal information regarding employee benefits. The below checklist will help you meet these important goals. The checklist includes recommended content for compliant enrollment communications and required health plan notices that you may wish to provide at enrollment. In addition, the checklist outlines considerations for successfully communicating the value of — and encouraging enrollment in …

https://www.epicbrokers.com/insights/checklist-for-strategic-and-compliant-employee-benefit-plan-communications/

IRS Increases 2021 ACA Affordability Contribution

Quick Facts Employers subject to the Affordable Care Act’s (ACA) employer shared responsibility rules may be subject to penalties if they offer unaffordable coverage to full-time employees. Employees (and family members) who are eligible for coverage under an employer-sponsored plan that is affordable and provides minimum value are not eligible for the premium tax credit the ACA provides for Marketplace coverage. For plan years beginning in 2021, an employer’s offer of coverage is affordable if an employee’s required contribution for self-only coverage does not exceed 9.83% of the employee’s household income for …

https://www.epicbrokers.com/insights/irs-increases-2021-aca-affordability-contribution/

Executive Orders Aimed at Drug Costs Miss the Mark

Viewpoints from Craig Hasday Trying to regain momentum in the election polls, President Trump released four executive orders that he claims will “completely restructure” the prescription drug market. However, most analysts agree that there is not much new and nothing revolutionary in these orders. The most potentially impactful of these orders is a rehash from a prior Presidential Blueprint in May 2018. One order requires middlemen to pass along all discounts received to Medicare patients. Good idea, except for the provision that requires the Secretary of the Department of Health and Human Services (HHS) to confirm the order will not …

https://www.epicbrokers.com/insights/executive-orders-aimed-at-drug-costs-miss-the-mark/

Covering Coronavirus: Risk Considerations Volume 1, Issue 19

EPIC Risk Advisory Bulletin Volume 1, Issue 19 The global COVID-19 (coronavirus) pandemic remains both dynamic and fluid. We continue to see unprecedented disruptions at home and abroad. In this issue, we take a focused look at: General Information on Coronavirus Insurance Products and Coverage Information Pandemic Insurance – Public Private Partnership? D&O Insurance Impacts of Coronavirus Claims Cyber Rates May Continue to Rise London’s Role in U.S. Business Interruption Cases News of Note Human Resources and Employee Benefits OSHA Answers to Frequently Asked Questions Guidance for Employers on Managing Leave, Closures Presumptive Compensability Legislation Update Insights …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-19/

Community Wellness: Considering Paid Sick Leave

See more of our COVID-19 employer resources for employee benefits and risk management on the EPIC dedicated coronavirus webpage Viewpoints from Claire Letourneau This summer, I look around and see a strange battle with community wellness playing out. Often misunderstood or ignored, the heart of community wellness is doing something likely to be good for you, but is definitely good for those around you. It’s debatable whether wearing a mask helps to protect you from coronavirus, but it is indisputable that it will keep those around you safer. I just had my birthday (don’t all send me …

https://www.epicbrokers.com/insights/community-wellness-considering-paid-sick-leave/

Health Insurers Are Making a Lot of Money – Will You Get Your Share?

Viewpoints from Craig Hasday It was no surprise to me that UnitedHealth Group (UHG) reported a second-quarter surge in earnings for 2020. During the onset of the pandemic lockdown, non-COVID-19 medical care screeched to a halt. UHG’s earnings from operations doubled to $9.2 billion on $62.1 billion of reported revenue for the three months ending on June 30. Margins increased to 10.7% up from 5.4% in Q2 2019 and 5.2% in Q1 2020. Of particular interest to me were the reported enrollment statistics. Despite historic unemployment, domestic covered lives decreased by …

https://www.epicbrokers.com/insights/health-insurers-are-making-a-lot-of-money-will-you-get-your-share/