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48 Matching News Items

1.  Reimbursement Rates Paid to Medical Providers: A Tug-of-War in North Carolina
Hill, Chesson & Woody Link to more items from this source
Apr. 19, 2019
"The [North Carolina State Health Plan (SHP)] is looking for ways to control healthcare cost and it has its eyes set on the reimbursement rates paid to medical providers.... [The SHP] has an estimated unfunded liability of $35 billion leading to potential insolvency by 2023. Currently, medical providers are reimbursed based on negotiated rates, which are set by insurance carriers.... The proposed plan would reimburse healthcare providers at 182% of Medicare reimbursement rates. By making this change, North Carolina could save approximately $300 million per year; and an additional $60 million per year for the approximately 720,000 members with lower out of pocket expenses."
2.  Retirement Plan Fees: Small Percentages Can Have Big Impacts
Hill, Chesson & Woody Link to more items from this source
Oct. 23, 2018
"[An] employee with a 401(k) balance of $25,000, averaging a seven percent return on investment with half a percent in fees will have $227,000 in 35 years. If, however, the fees and expenses were instead one and a half percent the balance is only $163,000 after 35 years. The one percent difference in fees annually reduces the account balance by twenty-eight percent ($64,000) in retirement."
3.  The Total Rewards Needle Is Moving -- Are You on Target?
Hill, Chesson & Woody Link to more items from this source
Mar. 13, 2018
"What occupational magnets do employers need to provide to remain competitive? ... When is the last time your organization benchmarked your health and welfare plan? How does your 401(k) plan 'stack-up' to the market? When is the last time you performed a compensation study?"
4.  Top 5 Things to Do If You Receive IRS Letter 226-J
Hill, Chesson & Woody Link to more items from this source
Dec. 19, 2017
"[1] [R]eview the accuracy of the information contained in the Letter 226-J.... [2] Act quickly ... [3] [M]ake sure you can access the information you need to defend against the proposed penalty.... [4] Notify the appropriate internal teams, as well as your legal counsel or tax advisor.... [5] Notify your Benefits Consultant."
5.  The Workforce is Aging: Have You Given Your Benefit Plan a Proper Checkup?
Hill, Chesson & Woody Link to more items from this source
Nov. 1, 2017
"[E]nrollment in Medicare Part A conflicts with the HSA rules and they are no longer permitted to deposit money into this type of account. The individual may defer enrollment into Part A, but many individuals are not aware of this option.... [Life and disability] benefits often have age reduction schedules that come into play when individuals turn 65, 70 and beyond.... Keeping your wellness plan in tune with an aging workforce is also important."
6.  Is Your HDHP Ruining Your Disease Management and Wellness Program Outcomes?
Hill, Chesson & Woody Link to more items from this source
Oct. 17, 2017
"[A recent study] suggests that HDHPs resulted in participants accessing preventive healthcare less, even when the preventive visit was completely covered with no cost sharing. Office visits to medical providers were noted to decrease, with subsequent reductions in imaging and lab studies. These reductions appear to be related to both inappropriate and appropriate care. Furthermore, a reduction in medication adherence was noticed -- that is, participants were less likely to fill and use medications they were prescribed."
7.  The Potential Impact of Association Medical Insurance Plans
Hill, Chesson & Woody Link to more items from this source
Oct. 10, 2017
"If the ERISA regulations are relaxed, more association insurance plans may be implemented -- especially targeting those industries or associations employing a younger and healthier population. The healthier demographics will lead to lower association medical insurance premiums and may provide a significant benefit for those participants."
8.  UNC Health Care Set to Merge with Carolinas Healthcare, But Is This Good for Consumers?
Hill, Chesson & Woody Link to more items from this source
Sept. 17, 2017
"Both systems emphasized that a merger will improve patient access, create efficiencies, provide better outcomes, and lower costs.... Leading healthcare policy experts from Duke, Carnegie Mellon, and Johns Hopkins have expressed doubts that a merger of this magnitude will result in any patient savings."
9.  Can Better Health Insurance Literacy Reduce Employer Medical Costs?
Hill, Chesson & Woody Link to more items from this source
Aug. 8, 2017
"If your employees do not understand how to utilize their healthcare benefits, they may avoid seeking care when it is indicated, resulting in more complicated conditions and higher costs to the employer. Likewise, if they are unable to understand what different plan structures provide for the employee (and their family), individuals may choose a plan that results in a greater cost burden to them, producing additional financial stressors and inhibiting their wellbeing and engagement. It is likely that up to 60% of your employees have limited or below average health insurance literacy with the lowest competency in their ability to manage benefits."
10.  New Law Permits Individual Premium Reimbursement HRAs for Small Employers
Hill, Chesson & Woody Link to more items from this source
Dec. 13, 2016
"[The 21st Century Cures Act] offers small employers the opportunity to reevaluate this benefits approach. However, it does not give employers free rein to reimburse all manner of individual health insurance premiums. Numerous limitations appear in the law that did not apply prior to 2013[.]"
11.  IRS Publishes Draft ACA Reporting Forms for 2016
Hill, Chesson & Woody Link to more items from this source
July 31, 2016
"[T]he instructions for 2016 [are expected] to clarify the definition of a conditional offer to a spouse. The instructions will also include any additional codes in Series 2 for 2016. Reporting systems may be able to streamline the data collection process and formulas used to populate the forms, resulting in fewer errors. Nevertheless, employers should use the remaining months in 2016 to ensure data is accurate and uploaded timely to a vendor's system."
12.  Takeaways from the ACA Nondiscrimination Final Regs
Hill, Chesson & Woody Link to more items from this source
July 10, 2016
"If the employer (non-health care provider) sponsors a self-insured health plan, the regulations do not apply directly to the group health plan. If the self-insured employer uses a third-party administrator (TPA) or administrative-services-only (ASO) provider that is also an insurance company, the TPA/ASO is subject to the regulations and must administer the employer's plan in a nondiscriminatory manner or risk enforcement action by OCR."
13.  Managing Marketplace Notices: Action Required by Employers
Hill, Chesson & Woody Link to more items from this source
July 6, 2016
"Rumor has it that nearly 500,000 Marketplace Notices dated June 21, 2016 were sent to employers from [HHS].... [1] determine if any of the information contained in the notice is incorrect ... [2] determine if an appeal is necessary.... [3] if filing an appeal, be sure to provide only the information necessary to demonstrate the information contained in the notice is incorrect.... [4] be careful not to include personally sensitive information.... [5] be sure you have a well-defined process for managing these notices."
14.  Final ADA Wellness Rules: Five Important Changes for Wellness Programs
Hill, Chesson & Woody Link to more items from this source
May 19, 2016
"[1] No gateway plans ... [2] New notice requirement ... [3] Incentive limitations -- not tobacco related ... [4] Incentive limitations -- tobacco related ... [5] Confidentiality."
15.  Employers Finalize Preparations for ACA Reporting
Hill, Chesson & Woody Link to more items from this source
Oct. 7, 2015
"It is important for ALEs and employer sponsors of self-insured group health plans to note that although the IRS has proposed a good faith compliance standard for the 2015 filing cycle, the type of documentation necessary to prove qualification for this good faith standard in the event of an audit is unknown. Additionally, the good faith compliance standard does not apply to late filings.... Carriers, self-insured plans, and ALEs required to file Forms 1094 and 1095 will be required to use a new electronic filing system for these filings."
16.  Preparing for the Cadillac Tax in 2018: Highlights for Employers
Hill, Chesson & Woody Link to more items from this source
Aug. 25, 2015
"If the total cost exceeds the applicable threshold, the employer is ... obligated to determine the proportion of the excise tax for any amounts in excess of the threshold attributable to each specific coverage provider. The employer must then notify the IRS and each coverage provider of the amount owed.... Note that the tax is calculated on an employee-by-employee basis. Depending on elections, HSA contributions (both employer and employee), FSA contributions (both employer and employee), and amounts available through an HRA, the applicable cost of coverage may be different for each employee. This will place a significant new burden on employers[.]"
17.  In the AIR Tonight: First Look at New ACA E-Filing System
Hill, Chesson & Woody Link to more items from this source
May 3, 2015
"The acronym AIR refers specifically to the electronic system developed to accept electronic filings of the Forms 1094-B, 1095-B, 1094-C, and 1095-C. AIR will process the submissions and provide a status and acknowledgment for transmitters and issuers.... Employers who utilize a payroll vendor, CPA, or other entity may have a limited role in the filing process if the payroll vendor, CPA or other entity is considered a transmitter.... Employers who process payroll in-house that plan to file the forms on their own should familiarize themselves with draft Publication 5165. The slide deck provides a helpful overview ... ACA Information Returns are only accepted electronically in XML format. The IRS does not intend to develop an Excel-based e-filing system."
18.  ACA Reporting for 2014 Individual Tax Returns: Employer Statements Not Required
Hill, Chesson & Woody Link to more items from this source
Feb. 4, 2015
"[T]he IRS encourages preparers to review their client's documentation to determine the portion of the year during which the individual and any dependents did have qualifying coverage. The [IRS Fact Sheet on Best Practices] lists a statement or document from an employer indicating health coverage as substantiation that coverage was in effect for a portion of the year.... Employers are not required to provide any such statement or documentation relating to the 2014 tax year, although employers may choose to do so voluntarily. Employees utilizing a tax preparer may ask employers to provide documentation regarding coverage for the 2014 tax year, but this is not a requirement this year."
19.  New ACA Affordability Rules Impact Cafeteria Plan Flex Credits
Hill, Chesson & Woody Link to more items from this source
Feb. 2, 2015
"Prior to this guidance, many employers had assumed the entire flex credit could be counted as an employer contribution for affordability purposes. After this rule, that is no longer the case. Now, employers may need to designate a portion of the total flex credit amount that may only be spent on benefits providing medical care (such as medical, dental, vision and health FSA) in order to be able to count the flex credit in the affordability calculation, including application of the affordability safe harbors under the Code 4980H regulations."
20.  Wrap Coverage Gets an Update with Second Round of Proposed Rules
Hill, Chesson & Woody Link to more items from this source
Dec. 29, 2014
"The opportunity to sponsor health coverage that qualifies as an excepted benefit is important for two reasons: [1] the employer sponsor does not risk penalties for violating the market reform requirements that apply to group health plans but not to excepted benefits and [2] the employees who are offered the excepted benefit are still eligible for tax credits in the Exchange (which is not the case when offered group health coverage)."
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