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Battle Health Care Cost Increases With Alternate Funding

Battle Health Care Cost Increases With Alternate Funding

Battle Health Care Cost Increases With Alternate Funding This isn’t the 1st time you have seen this from the Omega Benefit Group team. We have been using the term “alternative funding” for several years now and the look of surprise on prospects faces still shocks us! Year after year, employers find themselves battling large increases on their health insurance plans with little to no warning.  Unfortunately, this creates an extremely...

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Millennials and Benefits

Millennials and Benefits

Millennials & Benefits Now that the millennials are a larger population than the baby boomers, they have positioned themselves to re-shape the workforce and economy in a way that most employers are not ready for. The discussion of millennials and their expectations in the workplace is a growing topic and should be a focus for employers if you wish to attract and retain this generation. Though many executives may have negative...

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The Skinny on Minimum Essential Coverage Plans: Are They Right For You?

The Skinny on Minimum Essential Coverage Plans: Are They Right For You?

Minimum Essential Coverage (MEC) plans or “skinny plans” may not be new, but they’re making news. In fact, 16 percent of large employers intend to offer one in 2015. These limited protection coverage plans have both pros and cons. How do you know if a MEC plan could be an option for you? Minimum Essential Coverage (MEC) plans or “skinny plans” may not be new, but they’re making news. MEC plans generally cover preventive and...

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2017 HSA Limits Released by IRS

2017 HSA Limits Released by IRS

We have good news and bad news for the changes to H.S.A contributions for 2017. So here is the good news… You won’t have to remember much! The bad news, the contributions didn’t go up very much at all so you can’t add more to your yearly contribution in 2016. The Internal Revenue Service (IRS) issued its new guidelines for contributions and out-of-pocket expenses for Health Savings Accounts (H.S.A’s) that are tied to a high-deductible plan...

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What Exactly Is a PBM?

What Exactly Is a PBM?

If your employer offers prescription medication benefits, you may think that you are getting your prescriptions directly through an insurance plan. The fact is that most health plans contract with a pharmacy benefits manager (PBM) to administer prescription drug benefits. So, what exactly is a PBM and what does it do for you? Simply stated, a PBM is a company that administers, or handles, the prescription drug benefit component of your...

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What You Need To Know: 1095 Filing

What You Need To Know: 1095 Filing

Another confusing part of Healthcare Reform (PPACA) is the 1095 filing that is taking place this year. There aren’t many things to do from an employer’s perspective but there are a few points that can help calm the frantic HR or CFO and your employees on the new IRS tax forms required for health insurance.  The Affordable Care Act (ACA) requires that health insurance carriers and some employers to provide new health insurance...

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5 reasons United Healthcare wants out of PPACA

5 reasons United Healthcare wants out of PPACA

I came across this great industry article in my inbox this morning and just had to share. Alson Martin does a great job of reviewing the latest news that United Healthcare has started to put it out there they would be leaving the health insurance marketplace due to the shortfalls in earnings on the PPACA exchanges. Take a look at the article and come to your own conclusions: On November 19, 2015, UnitedHealth, in a conference call for...

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