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Covering Coronavirus: Risk Considerations Volume 1, Issue 5

… we are taking a focused look at: General Information on Coronavirus Supply Chain and Business Risks Insurance Products and Coverage Information Will Business Insurance Policies Cover Coronavirus Claims? Cyber: Coronavirus is Not the Only Danger Going Viral Insurance Solutions: Cyber and Crime Coverage with Risk Management Tips Human Resources and Employee Benefits Essential Functions According to CISA Wellness Tips for Workforces Now Working From Home Telecommuting and Possible Workers’ Compensation Claims Employee Benefits Insights The information below is intended to provide a high level overview of critical areas of concern for businesses around coronavirus. Consult your EPIC insurance broker for …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-5/

DOL Releases FFCRA Q&A

… Act and the Emergency Family and Medical Leave Expansion Act? The FFCRA’s paid leave provisions are effective on April 1, 2020, and apply to leave taken between April 1, 2020, and December 31, 2020. 2. As an employer, how do I know if my business is under the 500-employee threshold and therefore must provide paid sick leave or expanded family and medical leave? You have fewer than 500 employees if, at the time your employee’s leave is to be taken, you employ fewer than 500 full-time and part-time employees within the United States, which includes …

https://www.epicbrokers.com/insights/dol-releases-ffcra-qa/

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/

Compliance Alert: Feds Provide Relief To Employers For Costs Associated With Families First Coronavirus Response Act

QUICK FACTS The Families First Coronavirus Response Act (FFCRA), which became law March 18, will soon require employers with fewer than 500 employees to begin paying employees who cannot work or telework, or who need to take a leave of absence to care for their children, due to certain reasons relating to COVID-19. The FFCRA implemented a tax credit system under which affected employers can recoup the costs of paying employees for these types of leaves. Many small and midsize employers faced with having to make these payments at a time when their businesses are struggling voiced concern that …

https://www.epicbrokers.com/insights/compliance-alert-feds-provide-relief-to-employers-for-costs-associated-with-families-first-coronavirus-response-act/

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/

Financial Impact of COVID-19

A Message from EPIC’s Employee Benefits Financial Team We are monitoring the potential impact that the novel coronavirus (COVID-19) will have on costs for employer-sponsored health plans. The costs associated with the virus are still emerging, so providing a concise percent impact to costs is premature at this time; however, please see the following general facts regarding COVD-19: Per the Society of Actuaries (SOA), initial mortality rates related to COVID-19 range from 3.0% to 4.0%, but these are very dependent on age, with mortality for older groups reaching up to 15.0%. Some …

https://www.epicbrokers.com/insights/financial-impact-of-covid-19/

Compliance Alert: Congress Passes Families First Coronavirus Response Act

QUICK FACTS The U.S. House of Representatives passed a bill Saturday, which it modified late Monday, to provide certain relief to American workers dealing with the financial fallout from the COVID-19 outbreak. The Families First Coronavirus Response Act (FFCRA) will, among other things, expand certain protections under the Family and Medical Leave Act of 1993 (FMLA), provide for emergency paid sick leave, and expand state unemployment insurance. The Senate passed the House bill today after rejecting several late amendments. The President has stated his support for the legislation, and is expected to sign the bill into law as …

https://www.epicbrokers.com/insights/compliance-alert-congress-passes-families-first-coronavirus-response-act/