ACA Affordability Threshold Increases in 2019

AdminBlog, Health & Welfare

In order to determine coverage affordability under the Affordable Care Act (ACA), the IRS sets an “affordability percentage” annually. The affordability percentage is applied to the employee’s annual household income and the result is divided by 12 in order to determine the maximum “affordable” monthly contribution. Coverage is deemed to have met the ACA’s affordability standard if the employee cost for … Read More

Managing Prescription Drug Plan Costs: Pricing Tricks Employers Should Watch For

AdminBlog, Private Self-Funded Health Plan

Employers typically pay close attention to medical plan provider discounts, stop loss premiums, and administrative costs, but often overlook ways to manage prescription drug plan costs. Proactively controlling prescription drug costs in your self-funded group health plan can save your organization up to $40 per employee per month through better-negotiated pricing alone. For a 500-employee group, this amounts to over … Read More

Are you Prepared for a HIPAA Audit?

AdminBlog, Private Self-Funded Health Plan

The Health Insurance Portability and Accountability Act (HIPAA) protects the privacy and security of an individual’s protected health information (PHI) by governing how covered entities use, store, and share health information. As covered entities under HIPAA, self-funded plan sponsors must comply with HIPAA’s Privacy, Security, and Breach Notification Rules. The Department of Health and Human Services Office of Civil Rights … Read More

Which Will Better Serve Your Business: a Broker or an Actuarial Consultant?

AdminBlog, Private Self-Funded Health Plan

When it comes to employee benefits, your organization needs a benefits advisor that adds the most value to your business. While there are quite a few differences in the services provided by a broker or an actuarial consultant, a crucial consideration is the size of your business. Generally speaking, a business with fewer than 150 employees is better off with … Read More

Foster & Foster Actuaries and Consultants: Innovative Actuarial Solutions for Mid-Size Employers

AdminBlog, Private Self-Funded Health Plan

Mid-size employers have an unenviable position in employee benefits: large enough to have cost control options available, but too small to enact these solutions on their own. To address this, Geoff Marsh founded Marsh Consulting Group (MCG) in 2000 with a vision of strategic cost control, effective employee communications, and comprehensive regulatory compliance. Foster & Foster acquired MCG in 2018, … Read More

2019 HSA Limits and ACA Out-Of-Pocket Maximums

AdminBlog, Private Self-Funded Health Plan

On the heels of a recent announcement regarding changes to the 2018 Health Savings Account (HSA) contribution limits, the IRS has issued Revenue Procedure 2018-30 to announce the 2019 contribution limits and high deductible health plan (HDHP) design requirements. The new HSA contribution limits will become effective January 1, 2019 and the new HDHP design requirements will go into effect … Read More