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Top Five Compliance Assessment Surprises | Ohio Benefit Consultants

Our Firm is making a big push to provide compliance assessments for our clients and using them as a marketing tool with prospects. Since the U.S. Department of Labor (DOL) began its Health Benefits Security Project in October 2012, there has been increased scrutiny. While none of our clients have been audited yet, we expect … Continued

Ask the Experts: Dealing With FSA Carryover Funds | Ohio Benefit Advisors

Question: If an employee has a small health flexible spending account (FSA) balance with a carryover to the next year, and the employee chooses not to participate in the new FSA year, can the employer force the employee to use those funds so as not to incur additional administrative fees in the next plan year? Answer: … Continued

The New HSA Under Trump’s Proposed Health Plan | Ohio Benefit Advisors

With the election of a new President, health care plans and the fate of the Affordable Care Act are a hot topic of discussion. As part of his 7-tier health plan, President-Elect Donald Trump has proposed a shift in the way health savings accounts (HSAs) are offered to working Americans. Simply put, an HSA is … Continued

Do You Know Who Your Primary Care Physician Is? Well, You Should. |Ohio Benefit Advisors

The Affordable Care Act (ACA) has brought about many changes to the health insurance industry. As we are now in the sixth year of implementation of the Act, we are seeing more changes coming just around the corner. Generally speaking, most health plans can be classified into two categories: HMO and PPO. With an HMO … Continued

Which Employers Are Incentivizing Generic Drugs Over Brand Name? | Ohio Employee Benefits

According to UBA’s new Special Report – Trends in Prescription Drug Benefits, 61.8% of plans required employees to pay more when they elect brand-name drugs over an available generic drug (a 5.5% increase from 2014); 37.9% of those plans require the added cost even if the physician notes “dispense as written.” On the other hand, … Continued

Which Employers Are Aggressively Increasing Rx Tiers for Cost Savings | Ohio Employee Benefits

The Latest UBA Survey data shows employers are flocking to two strategies to control rising prescription drug costs: moving to blended copay/coinsurance models vs. copay only, and adding tiers to the prescription drug plans. Almost half (48.9%) of prescription drug plans utilize three tiers (generic, formulary brand, and non-formulary brand), 4.3% retain a two-tier plan, … Continued

Top Five Best and Worst States for Group Health Plans | Ohio Employee Benefits

Health insurance premium renewal rates increased an average of 6.2 percent for all plans in 2015, up from the previous year’s 5.6 percent increase, according to UBA’s Health Plan Survey. Small businesses with fewer than 25 employees, which account for five million U.S. employers, were hit the hardest—see our breaking news with the details. When … Continued

Cafeteria Plans: How to Handle Participant Contributions | Team Kaminsky

By Danielle Capilla, Chief Compliance Officer at United Benefit Advisors Cafeteria plans, or plans governed by IRS Code Section 125, allow employees to pay for expenses such as health insurance with pre-tax dollars. Employees are given a choice between a taxable benefit (cash) and specified pre-tax qualified benefits, for example, health insurance. Employees are given … Continued

The Rise of Four-Tier Drug Plans and Prescription Copays

Remember when you used to pay a $15 copay for prescription drugs and that was the end of the story? Those days are quickly disappearing and in their place is a complex four-tiered prescription drug plan, with copays becoming less of an option for many.

IRS Issues Regs on Wellness Program Incentives

Financial incentives that employers provide to employees participating in wellness programs generally could not be included in determining if an employee is exempt from a healthcare reform law requirement to enroll in a plan offering minimum essential coverage under newly proposed regulations.

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