Author: Cleveland Benefits Partners
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PCORI Fee Filing Deadline
The Patient-Centered Outcomes Research Trust Fund fee, often referred to as the PCORI fee, can be a source of confusion for employers offering health insurance plans. This article aims to simplify what the PCORI fee is, why it exists, and how it impacts your business. What is the PCORI Fee? The PCORI fee is an…
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Benefits 101: What Is an HDHP?
In today’s world of complex health insurance options, High Deductible Health Plans (HDHPs) have become increasingly popular. But with a name like “high deductible,” it’s natural to have questions. Let’s break down the basics of HDHPs: What is an HDHP? An HDHP is a health insurance plan with a higher deductible than traditional plans. This…
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Investing in Health Prevention and Wellness: A Smart Bet
The old adage “an ounce of prevention is worth a pound of cure” rings truer than ever in today’s world. While reactive healthcare plays a crucial role in treating illness, a growing emphasis is being placed on the power of health prevention and wellness. Investing in preventive measures and promoting overall well-being isn’t just about…
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Compliance Recap May 2024
PREPARE NOW TO PAY THE PCORI FEE The Patient-Centered Outcomes Research Institute (PCORI) fee funds research that evaluates and compares health outcomes, clinical effectiveness, and the risks and benefits of medical treatments and services. Effective through 2029, the IRS treats this fee like an excise tax, applied to all covered lives, including employees, retirees, spouses,…
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Form 5500: What You Need To Know
Attention Employers: Don’t Miss Your Form 5500 Deadline! Here’s a simplified breakdown of what you need to know about filing your employee benefit plan report: Who Needs to File? Employers subject to ERISA (Employee Retirement Income Security Act) with employee benefit plans, unless exempt. What to File? Form 5500 (annual report) for each employee benefit…
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Empowering Baby Boomers: Building a Competitive Benefits Package
A Baby Boomer is someone born between 1946 and 1964. This generation is currently between 58 and 78 years old (in 2024). They tend to have a strong, loyal work ethic and excel at face-to-face communication and building relationships with colleagues. Boomers have a wealth of experience accumulated over long careers. They value jobs that…
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Protect Your Mental Health with an EAP
Mental health isn’t just the absence of illness. It’s a continuum ranging from severe symptoms such as panic attacks and major depression to excellent mental strength and well-being. Sometimes you’re not ill, but you aren’t well either – and you need help. If you’re feeling down about work or a problem in your life and…
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Compliance Recap April 2024
FEDERAL TRADE COMMISSION BANS NON-COMPETE CLAUSES On April 23, 2024, the Federal Trade Commission (FTC) finalized a rule banning most employers and employees from entering into non-compete clauses, effective 120 days post-publication in the Federal Register. This move aims to eliminate these clauses across all levels of workers, with a narrow exception for senior executives’ pre-existing agreements.…
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Caring for Your Mental Health
Overview Mental health includes emotional, psychological, and social well-being. It is more than the absence of a mental illness—it’s essential to your overall health and quality of life. Self-care can play a role in maintaining your mental health and help support your treatment and recovery if you have a mental illness. How can I take…
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Benefits 101: What Is Voluntary Life Insurance?
Life Insurance at Work: Your Guide to Voluntary Coverage We all juggle life’s different responsibilities, and ensuring our loved ones are financially secure in case of our passing should be a top priority. Life insurance offers a safety net but typically the amount of coverage included as a standard company-paid life insurance policy isn’t enough…
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Benefits Check-up: 6 Compliance Issues Affecting Your Clients’ Health
A health plan is more than a product or service; it’s a relationship. All productive and healthy relationships—especially in the benefits space—rely on trust. When an employer extends trust in a broker or insurance carrier to purchase something as critical as healthcare—for people as critical as their workers and families—we’re obligated to raise all factors…
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Health Insurance Basics: Part 3
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…
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Compliance Recap March 2024
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,…
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Benefits 101: What Is Hospital Indemnity Insurance?
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…
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8 Unique Employee Perks That Don’t Require a Big Budget
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…
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Compliance Recap February 2024
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…
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Health Insurance Basics: Part 2
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…
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Benefits 101: Personal Leave
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…
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Compliance Recap
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,…
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Compliance Recap January 2024
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…
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Health Insurance Basics: Part 1
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…