Archives:

Health Insurance Basics: Part 3

April 16, 2024 | By Cleveland Benefits Partners

Insurance Costs Consumers typically pay the following types of costs when they have insurance. Premium: The premium is an amount of money a consumer pays for a health insurance plan. The consumer and/or their employer usually make this payment bi-weekly, monthly, quarterly, or yearly. The premium must be paid regardless of how many services, if • Read More »

Compliance Recap March 2024

April 12, 2024 | By Cleveland Benefits Partners

AFFORDABLE CARE ACT INFORMATION REPORTING Beginning in 2024, most employers obligated to report under the Affordable Care Act (ACA) must file returns electronically by March 31, 2024. Employers filing fewer than 10 returns a year are allowed to use paper filing. Since March 31 falls on a weekend, the deadline this year is April 1, • Read More »

Benefits 101: What Is Hospital Indemnity Insurance?

April 8, 2024 | By Cleveland Benefits Partners

No matter whether it is anticipated or unexpected, a hospital stay is expensive.  According to HealthCare.gov, the average 3-day hospital stay in the United States costs around $30,000.  Health insurance will cover some of the costs if you are admitted to the hospital, but you may have other out-of-pocket costs.  Hospital Indemnity Insurance can help • Read More »

8 Unique Employee Perks That Don’t Require a Big Budget

April 3, 2024 | By Cleveland Benefits Partners

Free and low-cost employee benefits are perks that don’t cost you much financially. These perks are often simple to provide and help enhance an existing employee benefits package. Including non-traditional benefits in a job offer shows employees your values; they’re a promise to both current and potential employees that you’ll support them and treat them • Read More »

Compliance Recap February 2024

March 18, 2024 | By Cleveland Benefits Partners

In early February, a federal class action lawsuit was filed against Johnson & Johnson (JNJ) and its plan fiduciaries, alleging overpayment for prescription drugs within its prescription drug plan. The complaint alleges that under the Employee Retirement Income Security Act of 1974 (ERISA), JNJ’s plan fiduciaries are obligated to diligently compare service providers, seek cost-effective options, and • Read More »

Health Insurance Basics: Part 2

March 12, 2024 | By Cleveland Benefits Partners

Does a Health Plan Typically Pay for Services from Any Doctor? Not always. Some types of plans encourage or require consumers to get care from a specific set of doctors, hospitals, pharmacies, and other medical service providers who have entered into contracts with the plan to provide items and services at a negotiated rate. The • Read More »

Benefits 101: Personal Leave

March 5, 2024 | By Cleveland Benefits Partners

A better work/life balance is at the top of the list for many employees.  However, with the absence of nationwide paid leave regulations for American workers, employers typically determine the extent of paid time off for their employees.  In an increased effort to remain competitive and improve employee attraction and retention, a new survey found • Read More »

Compliance Recap

February 28, 2024 | By Cleveland Benefits Partners

QUESTION OF THE MONTH Q: My wife and I work in the same small company. Is having her on my plan as spouse allowed? Can we both contribute separately from our own paychecks into our own Health Savings Account (HSA)? Or does it need to be my deduction only since I am the policy holder? A: Yes, • Read More »

Compliance Recap January 2024

February 19, 2024 | By Cleveland Benefits Partners

NEW EMPLOYEE CLASSIFICATION RULE In January, the Department of Labor (DOL) Wage and Hour Division introduced a rule that changes the way workers are classified under the Fair Labor Standards Act (FLSA). This Final Rule, effective March 11, 2024, offers a more comprehensive test to determine a worker’s status, potentially making it more challenging to classify • Read More »

Health Insurance Basics: Part 1

February 12, 2024 | By Cleveland Benefits Partners

What is Health Insurance and Why is it Important? Health insurance is a legal entitlement to payment or reimbursement for your health care costs, generally under a contract with a health insurance company. Health insurance provides important financial protection in case you have an accident or sickness. For example, health insurance may help to pay • Read More »

Benefits 101: What Is Critical Illness Insurance?

February 6, 2024 | By Cleveland Benefits Partners

Critical illness insurance is known by many names: heart attack insurance, catastrophic illness insurance and sick insurance are just a few. No matter what it’s called, it’s designed to guard against the financial costs of a serious disease or condition. As the average life expectancy in the United States continues to increase, insurance brokers are • Read More »

Top Benefit Trends for 2024

February 1, 2024 | By Cleveland Benefits Partners

The challenges that influenced the benefits landscape in 2023 persist—perhaps even more so. Rising costs, due to inflation and increasing health care prices, will continue to present challenges this new year.  But employers who understand the benefits landscape for 2024 can mold their approach for the upcoming year. A new year means revisiting your existing • Read More »

Compliance Recap December 2023

January 23, 2024 | By Cleveland Benefits Partners

WORKPLACE POSTERS The U.S. Department of Labor (DOL) enforces the posting of employee notices in the workplace to comply with various DOL statues. The posters are available for free in multiple languages. To determine which posters are needed for your business, the DOL  FirstStep Poster Advisor can help. Employers can download and print the posters directly from • Read More »

New Year, New You: Mental Health Tips for 2024

January 15, 2024 | By Cleveland Benefits Partners

As we begin to settle into 2024, many of us are thinking about New Year’s resolutions.  The start of a New Year signals a time for change, reflection and a sense of ‘starting afresh’. This year, you can seize the new year’s spirit of renewal and make mental health your top priority! A healthy mind • Read More »

Year-Round Benefits Education

January 8, 2024 | By Cleveland Benefits Partners

For most organizations, employee benefits communication kicks into high gear during open enrollment season. During this time, there is a surge in emails, educational webinars, fliers throughout the office, and a barrage of forms demanding signatures. Post open enrollment, however, employees often receive minimal information about their benefits. While sporadic email updates or new laminated • Read More »

8 HR Trends for 2024

January 1, 2024 | By Cleveland Benefits Partners

With the arrival of 2024, Human Resources professionals are contemplating the future. Everyone is looking into that crystal ball to try and understand what the most pressing issues in talent management will be. HR Exchange Network is no different, so we turned to the experts on Featured to ask what they think will be the biggest trend of • Read More »

Why Health Insurance is Important

December 20, 2023 | By Cleveland Benefits Partners

Protection from high medical costs Health insurance provides important financial protection in case you have a serious accident or sickness.  People without health coverage are exposed to these costs. This can sometimes lead people without coverage into deep debt or even into bankruptcy. It’s easy to underestimate how much medical care can cost: Fixing a • Read More »

Compliance Recap November 2023

December 18, 2023 | By Cleveland Benefits Partners

NEW ACA FAQS RELEASED The Affordable Care Act (ACA) Implementation FAQ Part 63, issued by the U.S. Departments of Labor, Health and Human Services, and the Treasury focuses on the Public Health Service Act, which mandates that non-grandfathered group health plans and health insurance issuers provide culturally and linguistically appropriate summaries of benefits and coverage (SBC) • Read More »

What Businesses Need to Know about the U.S. Executive Order on AI 

December 14, 2023 | By Cleveland Benefits Partners

Recently, U.S. President Joe Biden issued an executive order designed to install guardrails on generative artificial intelligence (AI), and there are many implications for businesses. Human Resources must be mindful about these new regulations as they apply to the workforce. The comprehensive order provides guidance on the development and use of a technology that has been unregulated • Read More »

Ho, Ho, Ho-ld Off on the Bad Habits This Holiday Season

December 4, 2023 | By Cleveland Benefits Partners

‘Tis the season for family, festivity, and food—lots of food. The holidays dish up a triple whammy of wintry weather, irresistible foods, and stress, which can cause even the strongest-willed person to reach for another festive goodie. While the notion of enjoying “healthy holidays” has a nice ring to it, reaching that goal can be • Read More »