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Benefit Mall Shares the 2020 Employee Benefit Update

2020 Employee Benefits Update As we head into a new year, there will be some noticeable changes in employee benefits that you and your clients should be made aware of. The following list encompasses a few of the items you may expect to change: Required Reporting Effective January 1, 2020, Medicare Secondary Payer reporting will now include prescription drug coverage. Right now, this is an optional procedure. It is handled by insurance carriers and third-party administrators. Employers should be aware that they may get requests for information from those carriers and third-party administrators. A more detailed explanation can be found here. PCORI Fee Elimination The PCORI fee will be eliminated for plan years ending before October 1, 2019. If an employer’s plan year ends between October 1, 2018 and December 31, 2018, then the last PCORI fee for that plan should have been paid by July of 2019. This would generally include plans that have plan years beginning November 1, December 1, or January 1. All other plans will make their last PCORI fee payment by the end of July 2020. Out-of-Pocket Maximum Increase In 2020, out-of-pocket maximums will increase to $8,150 for self-only coverage and $16,300 for family coverage. This represents an increase of about 3.20% from last year. HHS requires that the individual out-of-pocket maximum be embedded for each individual within the family OOPM. You can refer to the 2020 Benefit and Payment Parameters found here. Health Insurance Tax The Health Insurance Tax (HIT) which has been on a moratorium for 2019, will make a return in 2020 unless Congress acts on pending legislation to delay or repeal. This would result in increased premiums ranging from 2.7% to 4% according to actuarial experts. Employer Mandate Affordability The affordability percentage used in the safe harbors will be reduced to 9.78% in 2020. Employers should review their contribution levels to make sure they are within the new percentage requirement. Individual Mandates in the States Effective January 1, 2020, California and Vermont will have an individual mandate that will require employer reporting to be completed in 2021. New Jersey, which already has an individual mandate in place, will have to complete the employer reporting in 2020. Self-Funded Plans Employers that self-fund may have different benefits that cannot be subject to annual and lifetime limits. Self-insured employers should reevaluate which state plan they use as their benchmark for purposes of determining which benefits cannot be subject to annual and lifetime limits. 2020 Employer Mandate Penalties As they do each year, the Department of Health and Human Services (HHS) calculates the health insurance premium growth rate. That rate is then used to adjust the amount of the ACA employer mandate penalties. Although not finalized, the 2020 employer mandate penalties could be $2,570 for the (a) penalty and $3,860 for the (b) penalty. There is a lot of pending legislation that Congress could still take up before the recess. Issues pertaining to a Cadillac Tax repeal, transparency in prescription drug prices (H.R.3), redefining a full-time employee, surprise billing, and employer reporting can all be potentially addressed in the coming weeks. Compliments of Benefitmall

Integrated Disability and health programs yield fewer absences

What's New This Month

Legislation Aims to Tackle Health Care Costs

The Senate Health Committee in May 2019 released a draft bill that aims to reduce health care costs, taking particular aim at the lack of transparency in the system and the scourge of surprise medical bills. The draft legislation is the first serious attempt at addressing the drivers behind costs in a system that is starting to see double-digit inflation again.  Here’s what is in play. Read More

New Health Savings Account, HDHP limits for 2020

The IRS has announced new health savings account contribution maximums for the 2020 health insurance plan year. Employees who have an HSA linked to a high-deductible health plan will be able to contribute to their HSA up to a certain level to help pay for health care and pharmaceutical expenses. Here are the new HSA contribution limits and minimum and maximum deductibles for attached HDHPs. Read More

Integrated Disability and Health Programs Yield Fewer Absences

Lost productivity due to an employee’s disabling injury or illness can have a serious effect on a business. But a study has found that if an employer integrates its health plan with a long- and short-term disability program, they can greatly reduce the amount of time an employee stays away from work after an incident. Here’s how it works. Read More

Articles from our Previous Issues

• Surprise Medical Bills and 'Balance Billing' in Crosshairs
• An Insurance Agent Is There For You When You Have a Claim
• Critical Illness Insurance Provides Vital Protection to Employees
• Judge Shoots Down Association Plans
• Teach Millennials the Sanctity of Their 401(k)s
• Proposed Rules Would Affect Prescription Drug Plans
• Most Drugs Inflation Covered in Increased Premiums
• Employers Double Down on Employee Benefits
• Benefits in a Multi-generational Workplace
• Adults Need 150 Minutes of Exercise a Week; How to Get Started

Final Expense Insurance is so Important !

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July 2019 Welcome Hello ALL, I hope you are having a FANTASTIC summer so far! This month I have shared some information about the importance of Long Term Care. Lets face it. We aren't getting any younger. So, in order to SECURE your FURTURE you have to start planning NOW. Ask me about Long Term Care Insurance or Life Insurance so you can protect your family from having to take on your late life debts. I can easily get you some quotes together so you can see what it may cost to protect your future! It is never to late even if you are 60 years or older. There is Final Expense Life Insurance that can be Guaranteed Issue despite what your health conditions may be. JUST ASK! Take care, Matt & Michele Contact Us Michele & Matt Boland M & M Insurance Agency 11024 Montgomery Blvd NE Suite #261 Albuquerque, NM 87111 505-881-2638 info@mminsuranceagency.com Ask us about these Benefits! We don't just do Health Insurance. We do it all! JUST ASK about: Dental Vision Life Insurance Final Expense  Accident Insurance Critical Illness Long Term Care Long Term Disability Short Term Disability Group Insurance Annuities Pet Insurance JUST ASK me how I can help and I will get you pricing and benefits! We always appreciate your valuable feedback! We value our relationships and would like your opinion about our agency. Any suggestions? improvements? compliments? We would appreciate hearing from you. What's New This Month Congress, Administration Serious About Tackling Health Care Costs As more people struggle with their medical bills, Congress has been introducing a raft of new legislation aimed at cutting costs and making pricing more transparent. The multi-pronged, bipartisan effort targets the lack of transparency in pricing particularly for pharmaceuticals, as well as surprise medical bills that have left many Americans reeling, and there are also other efforts aimed at reducing the cost burden on payers: the general public and employers. And since consumers are affected regardless of their political affiliation, congresspersons are reaching across the aisle to push through legislation to address this crushing problem. Read More Why Final Expense Coverage Is So Important Dying can be an expensive business. Many families are burdened by the final expenses for loved ones and sometimes they are stretched to make the final preparations. But you can help your family by securing final expense insurance, which is designed to cover the bills that your loved ones will face after your death. Costs include medical bills and funeral expenses. That said, if you are considering this type of insurance, you have to make sure you get it right. Read More Social Security Scams Growing Social Security scams targeting seniors have been growing thanks to technology making it easier for hackers and identity thieves to target the unsuspecting. As the cyber security problem grows and hackers get craftier at stealing people’s and organizations’ money, the Social Security Administration is a prime target. Your retirement benefits could be at risk. Take these steps now. Read More