Employer medical benefit costs projections for 2020
Employer-provided medical benefit costs are forecast to rise 6.5% in 2020, outpacing general inflation by 3.8%. The expected increase for medical plans is due to a combination of higher costs for specialty drugs, moderate price increases for care and flat or decreasing health utilization. (Medical costs in the U.S. will rise more slowly compared to […]
What Is Blue Light? Why You Need to Protect Your Eyes
If you spend any time during the day looking at a screen, whether it be a smartphone, tablet, e-reader, LED TV, or computer, your eyes are exposed to blue light. What is blue light? Natural sunlight is made up of many colors of light, from red to indigo to violet. We can’t see these colors because […]
Preventive Care Benefits Expanded
A new IRS notice expands the list of preventive care benefits that may be covered. Expansion provides coverage without a deductible for some chronic conditions. “This notice expands the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) under section 223(c)(2) of the Internal Revenue Code (Code) without […]
Is transparency coming to healthcare pricing?
President Trump recently signed an executive directing federal agencies to increase healthcare price and quality transparency. The order specifically directs the of Departments of Labor, Treasury and Health and Human Services to issue guidance and propose regulations that would disclose negotiated rates, cost-of-care and de-identified federal healthcare data, and to expand the availability of Health […]
Silver-loading
Silver-loading refers to health insurers loading premium increases on the popular silver-level exchange plans to make up for the loss of Cost Sharing Reduction (CSR) payments. Loading premium surcharges onto silver plans boosted the size of the premium tax credits available to people with incomes below 400% of the federal poverty level. – The Trump […]
E-cigarettes: an effective quit smoking aid?
This may seem like a common sense Q&A. However, with the increasing popularity among younger employees you might want to arm yourself with solid stats and a good non-smoking educational program. Part of the appeal is pod vapes look like a sleek high tech. Users try pod vapes because of the flavors. Problem is with […]
2020 Cost Sharing Limits
Out-of-pocket expenses may not exceed $8,150 for self-only coverage or $16,300 for family coverage in 2020. – Ouch! Employers will need creative solutions to help employees afford these limits. Hint: EBA can help. Employee Benefit Advisors provides employee benefits, tax-advantaged healthcare, compliance guidance for ACA and Health & Welfare DOL Audits, and PEO Advisory & Consulting Services.
AHPs are out – For Now
A federal judge has ruled that two parts of the Department of Labor (DOL) rule expanding employers’ ability to join in Association Health Plans (AHPs) violate ERISA. The DOL AHP rule was formed to allow employers to band together to create health plans based on industry or geography. The federal court opinion stated that the rule was […]
Telemedicine – Impact your health care costs
Group health insurance premium are expected to rise 15-18% in 2019 and Telemedicine can be an important cost containment tool, for both employer and employee. In a study of 17,000 telemedicine participants, hospital admissions dropped by 30% and doctor visits were reduced by 60%, for a savings of 45% in unnecessary doctor and emergency room […]
Group health insurance premiums to rise by 15-18% in 2019
Actuaries are predicting group health insurance premiums to increase 15-18 percent increase in 2019 due to a rise in health inflation. Medical inflation is in the range of 18-24 percent across the country due to a rise in costs for medicines, medical equipment and hospitalization. Inevitably this will lead to a direct impact on the […]