The next 401(k)? Why Student Loan Repayment May Soon Be a Standard Benefit

“The average tenure of Millennials is around 16 months, and the bulk of these workers are saddled with a tremendous amount of student loan debt ($30,000 on average). That revolving door mentality among younger workers hurts employers’ retention rates and costs a fortune in extra recruiting and training costs. Plus, because student loan debt makes […]

By | 2017-06-08T13:08:15+00:00 March 2nd, 2017|2017 News, News|

Documents Updates

Dear Valued Client/Partner,

Effective February 27, 2017, we have incorporated the following revisions into our templates:

Plan Document and SPD:

  1. Updated definition of HIPAA-excepted benefit to incorporate DOL, HHS and Treasury Department final regulations
  2. Added MLR Premium Holiday language
  3. Enhanced subrogation language
  4. Enhanced general claims procedure, special rules for group health plan claims, and disability claims language
  5. […]

By | 2017-06-08T12:45:29+00:00 February 27th, 2017|2017 News, News|

Time to Revisit Electronic Distribution Rules for SPDs

“Employers interested in using electronic distribution methods must solicit consent, track responses, store e-mail addresses and monitor delivery — an administrative headache few want to take on…. In the almost 15 years since the regulations were last updated, Internet access has skyrocketed — 84 percent of adults now use the Internet (up from 60 percent […]

By | 2017-06-08T11:33:21+00:00 February 14th, 2017|2017 News, News|

DOL Highlights Growth in MHPAEA Enforcement

“Of the 330 health plan investigations closed in the 2016 fiscal year by the EBSA, 191 included Mental Health Parity and Addiction Equity Act (MHPAEA) compliance audits because they involved plans subject to the MHPAEA … EBSA conducts compliance reviews in all open cases where MHPAEA applies. Many of these stem from individual plan participants’ […]

By | 2017-06-08T11:31:08+00:00 February 7th, 2017|2017 News, News|

Lawmakers Interested in Student Loan Repayment as Employee Benefit

“The average debt per borrower has nearly doubled since 2004, increasing from roughly $18,000 to more than $35,000 for a 2015 graduate. As millennials become a larger share of the workforce, the student loan debt dilemma is attracting more attention from employers. Legislative proposals would allow employers to establish a variety of tax-preferred student loan […]

By | 2017-01-19T10:22:12+00:00 January 13th, 2017|2017 News, News|

DOL Releases Final Regulations for Disability Benefit Claims Procedures

The DOL has issued final regulations governing the claims procedures requirement for ERISA-covered plans that provide disability benefits.  In particular, the final regulations require applicable plans to satisfy additional procedural and notice requirements for disability claims.  The regulations apply to disability claims filed on or after January 1, 2018.  [The Wagner Law Group]

By | 2017-01-19T10:22:23+00:00 January 11th, 2017|2017 News, News|

DOL Ramps Up Mental Health Parity Investigations

“MHPAEA violations can result in a breach of fiduciary duty under [ERISA] and an IRS excise tax of $100 per covered individual per day…. The final regulations specify that parity analysis should be performed within each of six classifications of benefits: [1] Inpatient, in-network. [2] Inpatient, out-of-network. [3] Outpatient, in-network. [4] Outpatient, out-of-network. [5] Emergency […]

By | 2017-01-19T10:22:33+00:00 January 9th, 2017|2017 News, News|

Narrow Provider Networks for Employer Plans

“In 2016, only 7 percent of employers with health plans offered a narrow network. Also, in 2014, employers ranked narrow networks the least effective among several strategies to manage health insurance costs…. More than one-third of employers with health plans that have 5,000 or more workers now offer some type of alternative network, including tiered […]

By | 2017-01-19T10:22:41+00:00 January 7th, 2017|2017 News, News|

HSA vs FSA: Which is Better?

“The Health Savings Account is like an IRA. You get to fund it with pre-tax dollars and it’s typically administered by a financial institution. But unlike an IRA, you get to use the funds when you need them (not just in retirement) towards qualifying medical costs…. The Flexible Spending Account is a pre-tax-dollars savings account […]

By | 2017-01-19T10:22:53+00:00 January 5th, 2017|2017 News, News|