Managed care is essentially a system where health care costs are controlled while still maintaining high-quality care for the patient. This generally means that a party other than the doctor or patient (such as an employer or insurance company) influences the medical treatment provided by controlling the delivery and financing of health services. How to […]
Open enrollment is the time of year reserved for you to make changes to your benefit elections and unfamiliar terms can make this process confusing. Use these definitions of common open enrollment terms to help you navigate your benefits options. Coinsurance – The amount or percentage that you pay for certain covered health care services […]
Life insurance is one of the most common employer-provided benefits. Let’s cover the basics of life insurance and the different types employers can offer to employees. Types of Life Insurance Life insurance is divided into two categories: term and permanent (sometimes also referred to as whole). Term life insurance Term life insurance has a specified […]
Most individuals go through a number of life events that affect their health benefit needs and the choices they make. There are several important federal laws that affect your benefits under a job-based health plan. Below is a list of life events and a brief description of federal laws that may protect your rights when […]
Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under the HDHP until their deductible has been met, or they can use their HSAs to pay for qualified medical expenses that […]
Confused about common health insurance benefit terms? These FAQs cover the basics to eliminate the mystery surrounding coverage terms. What is a Deductible? A deductible is the amount of money you or your dependents must pay toward a health claim before your organization’s health plan makes any payments for health care services rendered. For example, […]
The Affordable Care Act (ACA) has made a number of changes to health insurance coverage over the last few years. Some provisions of the ACA are focused specifically on expanding health coverage options for young adults. Prior to the ACA, many young adults faced great difficulty finding full-time jobs in the post-recession job market, […]
On May 23, 2019, the Senate Health Committee proposed a bipartisan bill called the Lower Health Care Costs Act. The goal is to address surprise medical billing, reduce transparency, and reduce the cost of prescription drugs as well as the overall cost of delivering health care. The Department of Health and Human Services (HHS) announced […]
On May 28, 2019, the IRS announced the inflation-adjusted limits for HSAs for 2020. Nearly all of the dollar limits currently in effect for 2019 will change for 2020. What are the adjustments? The HSA contribution limit for self-only coverage will increase by $50 to $3,550. The HSA contribution limit for family coverage will increase […]