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Projecting Healthcare Costs – Not an Easy Assignment

Viewpoints from Craig Hasday & Davin Millholland There’s no doubt that current-year medical claims costs will be dramatically impacted by the pandemic we face. From mid-March to mid-June, we expect claims to drop precipitously. Much of this is due to medical care being viewed by many as non-essential, and between mandatory shutdowns and simple fear of exposure, medical care utilization has ground to a halt. The impact has been so acute that health insurance carriers are voluntarily rebating premiums to their policyholders. For example, Anthem is providing 10%-15% discounts worth $2.5 billion to its …

https://www.epicbrokers.com/insights/projecting-healthcare-costs-not-an-easy-assignment/

Coronavirus & Workplace Wellbeing: Staying Connected

… to or seen in a while. A short conversation to let each other know that you care should boost your mood. Engage Virtually  Your favorite artists and DJs are hosting watch parties – join the fun and dance and sing the stress away. The EPIC Wellness & Health Management practice will continue to share ways to support the social, physical and community wellbeing of your workforce in the new normal. EPIC also has a dedicated coronavirus webpage with links to additional employer resources for employee benefits and risk management. Stay tuned for more from us, take care, and stay well! Join the

https://www.epicbrokers.com/insights/coronavirus-workplace-well-being-staying-connected/

Patient-Centered Outcomes Research Institute (PCORI) Fee Payment Due July 31

Quick Facts: Federal law imposes an annual fee on health plans to help fund the Patient-Centered Outcomes Research Institute (PCORI). The fees are calculated using the average number of lives covered under the policy or plan, and the applicable dollar amount for that policy or plan year. For insured health plans, the carrier or HMO is responsible for reporting and paying the fee. Employers that sponsor a self-insured health plan must pay the fee for that plan. Payers – insurers or employers – use IRS Form 720 to report and remit the fee. PCORI fees were initially scheduled to sunset …

https://www.epicbrokers.com/insights/pcori-fee-payment-due-july-31/

IRS Releases 2021 HSA and HDHP Limits

The IRS recently released Revenue Procedure 2020-32, which includes the 2021 inflation-adjusted amounts for health savings accounts (HSAs) and high-deductible health plans (HDHPs). These limits include the maximum HSA contribution limit, the minimum deductible amount for HDHPs, and the maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. The IRS limits for HSA contributions and HDHP maximum out-of-pocket limits will increase effective January 1, 2021, while the HDHP limits will increase effective for plan years beginning on or after …

https://www.epicbrokers.com/insights/irs-releases-2021-hsa-and-hdhp-limits/

Back to Work: Employee Testing and HIPAA

… such as workplace safety activities. Therefore, health information collected by an employer for reasons unrelated to its group health plan – such as health screening results to return to work – is not PHI and is not subject to HIPAA. However, other federal and state laws may apply to using and disclosing employee medical information, and employers should carefully safeguard such information as a best practice. Many employers are currently reopening, or preparing to reopen, worksite locations that were forced to close due to COVID-19 pandemic. With the return to work, many employers are implementing new safety protocols to prevent the …

https://www.epicbrokers.com/insights/employee-testing-and-hipaa/

EPIC Honored With Communicator Awards of Excellence

The Communications & Engagement team at EPIC Brokers was presented with two Communicator Awards of Excellence for a benefit guide they created for Sierra Club and for the EPIC benefits communication campaign. The Award of Excellence, the Communicator Awards’ highest honor, is given to entrants whose ability to communicate positions them as the best in the field. The team also received an Award of Distinction, presented for projects that exceed industry standards in quality and achievement, in recognition of a communications campaign they created for Ensign Energy Services. The Communicator Awards is the leading international awards program recognizing big ideas in …

https://www.epicbrokers.com/insights/epic-honored-with-communicator-awards-excellence/

Now Is the Time to Make Incremental Changes to Healthcare

Viewpoints from Craig Hasday The Fortune 500 list is out, and I was slightly surprised to see that the big four health insurance companies: UnitedHealthcare, CVS-Aetna, Cigna and Anthem are all in the top 30 U.S. companies ranked by revenue. These companies represent nearly $757 billion in revenue and include the three largest pharmacy benefit managers (PBMs): Optum, Caremark, Express Scripts, and Anthem has now started Ingenio, a new, but certain to be powerful, PBM. They represent $437 billion in market value, $30 billion in profits, and have about 759,300 employees. The revenue results do not factor …

https://www.epicbrokers.com/insights/now-is-the-time-to-make-incremental-changes-to-healthcare/

Covering Coronavirus: Risk Considerations Volume 1, Issue 14

… Coronavirus Supply Chain and Business Risks U.S. Borders Open for Truck Traffic Federal Motor Carrier Safety Administration Updates Hour of Service Rules Insurance Products and Coverage Information Potential Liability Issues Lurking in FFCRA Hyperactive Hurricane Season May Be Approaching Hospitality Market Update Legislation and Litigation Roundup Human Resources and Employee Benefits Telehealth: Here to Stay? Insights from Across the Firm Additional Benefit Offerings Are there any new value-added benefits you are considering that could help address employee needs specific to the pandemic? Take Survey Wellness Have you shifted any of your wellness initiatives to a virtual approach, and …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-14/