Medical-only claims are an important factor in the experience modification rating process. In many states, these claims, also known as injury or IJ code type 6 losses, are reduced by 70 percent for the mod calculation. This reduction is known as the experience rating adjustment (ERA). The ERA was implemented in many states in the […]
What is a section 125 Plan? Should my company have one?
Many employers struggle with the challenge of providing an attractive compensation package at an affordable price. One tool available to meet this challenge is the Section 125 plan. Section 125 plans are also commonly referred to as cafeteria plans. While there are different types of Section 125 plans, each provides the opportunity to save money […]
What do you do when an employee refuses workers’ compensation treatment?
Based on the geographic location of your business, many state workers’ compensation statutes limit and mandate certain employer actions when a worker is injured. Depending on the state, there are specific timelines to follow and forms to complete. But what about when a worker is injured and refuses to accept treatment or file a claim? […]
Pay or Play Penalty. When Should Our Company Start Tracking Employee Hours?
The Affordable Care Act (ACA) imposes a penalty on applicable large employers (ALEs) that do not offer health insurance coverage to substantially all full-time employees and dependents. Penalties may also be imposed if coverage is offered, but is unaffordable or does not provide minimum value. The ACA’s employer penalty rules are often referred to as […]
Are You Prepared if Disaster Strikes? Creating A Disaster Plan for Your Business.
From fires to floods, earthquakes to hurricanes, disaster can strike anytime, anywhere, and often with little to no advance warning. According to the Insurance Information Institute, as many as 40 percent of businesses forced to suspend operations due to a natural or human-caused disaster never reopen their doors. Try to imagine the challenges and struggles […]
New SHOP Exchange Tools for Employers
On April 23, 2014, the Department of Health and Human Services (HHS) released two new tools for small employers purchasing coverage through a Small Business Health Options Program (SHOP) Exchange. The SHOP Tax Credit Estimator can help determine the potential amount of any Small Business Health Care Tax Credit an employer may be eligible for. […]
Obtaining Group Health Insurance Plans
Making decisions about health insurance probably isn’t at the top of your list of favorite things to do. However, health insurance is an important part of your finances and medical care, so you want to make an educated choice about which plan to enroll in. If you are offered group health insurance through your employer, […]
HHS Delays Online Enrollment for Federal SHOP Exchanges
Beginning with the 2014 plan year, individuals and small employers will be able to purchase health insurance through online competitive marketplaces, or Exchanges. Each state’s Exchange includes a Small Business Health Options Program (SHOP) component that small employers can use to provide health insurance options for their employees. The Department of Health and Human Services […]
ACA Marketplace FAQ’s
The Affordable Care Act (ACA) requires employers to provide all new hires and current employees with a written notice about the ACA’s health insurance exchanges (Exchanges), effective Oct. 1, 2013. On Sept. 11, 2013, the Department of Labor (DOL) issued a frequently asked question (FAQ) on the penalties for failing to provide an Exchange Notice. […]
Health Care Reform FAQ: Getting Lower Costs on Coverage
How much will Marketplace health insurance cost? Prices of Marketplace plans have not been set yet. Prices will be available Oct. 1, 2013, when open enrollment starts and you can begin shopping. How will Marketplace health plans be priced? All insurance plans available through the Marketplace will be offered by private insurance companies. The insurance […]