Should my organization self-insure?

Posted by Emily Kubis on Fri, Feb 16, 2018 @ 09:02

Are these myths keeping you from self-insuring?

Just because your group plan has always been fully-insured doesn’t mean this is still the best strategy for your organization. While self-funding has traditionally been reserved for large groups, new solutions are available that make it possible for groups with even 20 employees to self-fund.

First, what is self-funding, or self-insuring?

The major difference between self-insured and fully-insured plans are in regards to who operates the plan, and who pays the claims. With self-funded insurance, the employer operates the plan and pays the claims. With fully-funded insurance, the insurance company operates the plan and pays the claims.

The big benefit of self-insurance is the savings potential. Because employers pay the claims, they reap the benefit of low-claim years. Additionally there are also blended options, where employers can take on less risk and still benefit in low-claim years while minimizing risk in high-claim years.

But many small employers remain wary. Are these self-insurance myths keeping you from considering alternate funding methods? 

These ideas commonly keep small employers from considering self-insured health plans, but they aren’t the roadblocks many employers think they are.

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Tags: health insurance small employers, Self-Insured, employer digest, employee benefit adviser, self-funded, self-insurance

Three health care myths affecting consumers in 2018

Posted by Alex Tolbert on Wed, Feb 14, 2018 @ 09:02

Policy changes lead to confusion

When it comes to health care, things are as confusing as ever. Possible changes to the Affordable Care Act made plenty of headlines in 2017, but actual changes were few and far between. 

This disconnect has created a lot of misinformation. Polls show a third of Americans incorrectly believe President Trump has repealed the Affordable Care Act, and many other myths have cropped up around healthcare, especially regarding insurance and costs.

Here are three healthcare myths that could be costly for consumers in 2018.

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Tags: healthcare, aca, The Tennessean, individual mandate

Is Obamacare repeal over?

Posted by Emily Kubis on Mon, Feb 12, 2018 @ 07:02

Repeal train slows, but what’s next?

Is the GOP giving up on Obamacare? Healthcare stakeholders and political news entities are suggesting as much. Forbes reports “insurer profits rise as Trump waves white flag on Obamacare,” noting the President mentioned Obamacare only once during his State of the Union address.

Politico reported there were no discussions of repeal and replace at a recent House and Senate joint retreat, and BenefitsPro said Republican leaders in the House and the Senate see a lot of risk and little reward in trying repeal again.

While hardly anything is certain when it comes to U.S. healthcare policy, if the GOP does move on to new priorities in 2018, where does that leave brokers and employers?

Here are three things employers should consider.

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Tags: Affordable Care Act, obamacare, aca, employers, health insurance small employers, employer digest, employee benefit adviser, repeal and replace

What is the CHIP notice?

Posted by Emily Kubis on Fri, Feb 09, 2018 @ 08:02

Employers must notify workers of possible premium assistance

Employers providing group health insurance in states with premium assistance through Medicaid or the Children’s Health Insurance Program (CHIP) must provide annual notice of that assistance before the start of each plan year.

The notice explains how employees can find out if premium assistance is available, and how to apply for Medicare or CHIP coverage for dependents.

Here's what employers need to know.

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Tags: BerniePortal, HR, CHIP, compliance, employer digest, BernieHR, CHIP notice

Small employers—don't miss these three HR deadlines

Posted by Emily Kubis on Wed, Feb 07, 2018 @ 09:02

Get compliance peace of mind

Keeping track of the many regulatory guidelines and deadlines can be overwhelming for small to mid-sized employers. But overlooking even a small compliance item can lead to costly penalties for your organization.

Here are three upcoming can’t-miss HR deadlines.

Wondering if your company’s HR department is up to par? BernieHR provides on-demand HR consulting, allowing small organizations to focus on business growth and development while obtaining compliance peace of mind.

Three HR deadlines to watch:

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Tags: BerniePortal, HR, compliance, employer digest, BernieHR

How Bernard Health helps employers control their healthcare costs

Posted by Emily Kubis on Mon, Feb 05, 2018 @ 07:02

Software, strategy, service

Want to take control of your healthcare costs while giving employees more options than ever before? We can help.

Bernard Health goes above and beyond what other agencies can provide, and we do it through a three-pronged approach, providing solutions in software, strategy and service.

Here’s how Bernard Health helps employers and their employees.

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Tags: employers, health insurance small employers, employer digest, employee benefit adviser

Financial advisors—how to help your clients with annual Medicare reviews

Posted by Emily Kubis on Fri, Feb 02, 2018 @ 06:02

Medicare strategies should be evaluated annually

Healthcare costs are a big concern for Americans at all income levels. This is an issue financial advisors are well-positioned to address, which is why planners and wealth managers are increasingly integrating healthcare and health insurance advising into their practices, either in-house or through partnerships with noncommissioned advisors like Bernard Health.

Medicare presents particular challenges for financial advisors and their clients. We estimate there are 18 Medicare strategies, and the overwhelming number of options typically means most consumers don’t have the most cost-effective strategy.

Medicare is a reoccurring and long-term expense for your clients, so finding the right combination of plans and products is key. Further, Medicare policies change yearly, so reevaluating the strategy annually is also important.

Here are four reasons your clients should reevaluate their Medicare strategies yearly, and how financial advisors are positioned to help.

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Tags: Bernard Health, retirement, financial planner, financial advisors, healthcare extension, medicare costs

What to do after completing 1095-Cs

Posted by Gretchen Smitson on Wed, Jan 31, 2018 @ 06:01

Steps for employers 

You've gone through the pain of completing your 1094-C and 1095-Cs and the deadline to file and distribute is quickly approaching. What should you do to make sure you deliver the right documents to the proper location?

Here is everything you need to know about staying compliant in your distribution and filing oforms 1094-C and 1095-C:

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Tags: HR, employers, health insurance small employers, hr software, employer digest, employee benefit adviser, tax withholding

Three open enrollment takeaways for Nashville

Posted by Alex Tolbert on Tue, Jan 30, 2018 @ 08:01

Trying to beat the tax time rush?

The most recent open enrollment period for the Affordable Care Act marketplaces was unique. It was the first administered under anyone other than former President Obama, it was half as long as previous periods, and it was the last open enrollment for which the individual mandate applies.

These different circumstances may be signals of what’s to come for the ACA.

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Tags: healthcare, aca, HSA taxes, taxes, The Tennessean, individual mandate

How much should I contribute to my HSA in 2018?

Posted by Emily Kubis on Mon, Jan 29, 2018 @ 07:01

What individuals should know

Wondering about the best strategy to fund your HSA this year? There isn’t a one-size-fits-all approaches to Health Savings Accounts, but here are a few things to consider.

First—what’s an HSA? Consumers with high deductible health plans are eligible to fund Health Savings Accounts. These savings accounts allow consumers to contribute funds tax-free to be used for qualified medical expenses. You never pay any taxes on funds used for medical expenses, and unused funds roll over every year. After age 65, you can continue to use the funds for medical expenses, or you can withdraw the funds for any use and pay only income taxes.

So how much should you contribute?

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Tags: HSAs, HSA Plan, health savings accounts, HSA Advice, HSA questions, HSA-based plan, HSA-eligible plans

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