Uncertainty is a latent variable. It is difficult to quantify however, if you are a small business owner and looked into alternatives to traditional group health insurance for your business over the last few years, you have no doubt experienced your fair share of elevated uncertainty. Continue reading
Increases to premium for individual health insurance may be on the horizon for 2017. Insurers everywhere are citing financial losses under Obamacare or ACA. The rates of these increases vary from state to state. In North Carolina, for example, Aetna is requesting 24.5% increase and Blue Cross by 18.8% while United Healthcare has decided to withdraw from the exchange market entirely. Many should not feel the hit of these increases due to the numerous tax credits available on the exchange. Continue reading
Too many Americans graduate high school, earn their college degrees, and land a job, yet still lack basic education or experience in financial planning. Additionally, large numbers of Americans have accumulated massive debt for a variety of reasons, including education, car repairs, or medical bills. This combination of excessive debt and financial illiteracy creates stress and decreases an employee’s ability to properly focus on and engage in his or her work. Such stress also contributes to increased healthcare costs. Companies have the power to mitigate the consequences of this financial illiteracy by providing financial education and guidance – in addition to typical work benefits – to their employees. Continue reading
The Affordable Care Act gives small businesses the option to offer a group healthinsurance plan through the Small Business Health Options Program (SHOP) Marketplace. Certain small businesses participating in the Marketplace are eligible to receive a tax credit. This Small Business Health Care Tax Credit, which can be obtained solely through the SHOP Marketplace, is only available for two consecutive taxable years. While the use of the SHOP Marketplace has been attractive to some small businesses, it is possible that coverage procurement through the Marketplace will drop after the expiration of the two-year tax credit. Continue reading
The U.S. Food and Drug Administration, in partnership with international regulatory and law enforcement agencies, said that it took action last week against 4,402 websites that illegally sell potentially dangerous, unapproved prescription drugs to U.S. consumers.
This effort was part of Operation Pangea IX, the Ninth Annual International Internet Week of Action, a global cooperative effort, led by INTERPOL, to combat the sale of illegal and potentially counterfeit medical products on the internet. Continue reading
Considering how much we already pay for health care, you have to wonder why doctors, hospitals and insurance providers so often fail to coordinate their patients’ care.
Your primary care doctor, the hospital you visit and the various specialists you are sent to are typically part of different organizations that do not communicate effectively with one another. Balls get dropped and care suffers. In part, it’s a consequence of siloed medical practice. Continue reading
A 2015 Glassdoor survey noted that 79% of employees favor more benefits/perks to a pay increase. Most small businesses lean toward a one-size-fits-all employee benefits package. However, such benefit packages are not a favorite among employees, or business owners who want to meet the diverse needs of their workforce. This has brought about an increase in the number of employees favoring consumerized employee benefits. With consumerized employee benefits, employees can pick and choose benefits that complement their lifestyle and financial goals. Heading the list of must-have benefits are Health Insurance Reimbursement and Retirement Saving Plans. Continue reading
One continuing issue is the problem that health care reform poses for the staffing industry and similar employers. This type of business may find they are now obligated to offer health coverage to relatively short-term and employees who work variable hours. This will continue to be a learning curve for companies such as temp agencies.
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