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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/

Covering Coronavirus: Risk Considerations Volume 1, Issue 4

… and individuals work toward a new normal for the immediate future, we continue to examine how coronavirus is impacting the insurance industry. In this issue, we are taking a focused look at: Steps to take to assess and track damages in the event that policies will provide coverage Updates on Employee Benefits issues: self-funded health plans, telehealth, and STD claims Ways to comply with the SEC’s directive on coronavirus disclosures 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 more in …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-4/

The Future of Wellness – Make it Personal

Viewpoints from Ayana Collins I read a lot of articles on the latest wellness trends in my downtime, and my most recent search results page yielded titles alluding to the end of traditional wellness programs. And I agree – programming with a one-size-fits-all approach has run its course. Wellness providers have responded by creating digital ecosystems with access to multiple resources to make the participant experience more personalized. Employees are more likely to participate if they feel the wellness program aligns with their needs and provides appropriate support. Clients frequently ask me how can they create an engaging …

https://www.epicbrokers.com/insights/the-future-of-wellness-make-it-personal/

Covering Coronavirus: Risk Considerations Volume 1, Issue 3

… of any deductibles, copays, or coinsurance. Additionally, insurance regulators in Oregon have reached an agreement with several insurance carriers to waive costs related to testing. We expect other states will join in this trend over the coming weeks. Regardless of these state mandates, several major insurance carriers have opted to offer testing cost-free. Impact to Employers with Self-Insured Health Plans With certain limitations, the Employee Retirement Income Security Act (ERISA) broadly preempts “any and all State laws insofar as they may now or hereafter relate to any employee benefit plan” covered by ERISA. Consequently, employers with self-insured

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-3/