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Small Employers Can Use Stand Alone HRA’s

Small Employers Can Use Stand Alone HRA’s

President Obama on Dec. 13 signed into law the 21st Century Cures Act, which will let small businesses use health reimbursement arrangements (HRAs) to fund employees who purchase individual health plans on the open market. The bipartisan bill, which Congress passed Dec. 7, focuses primarily on speeding up drug approvals and making innovative treatments more accessible. But it also includes provisions that affect employer-provided health...

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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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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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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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PPO’s are a dying breed…

PPO’s are a dying breed…

I came upon the latest batch of articles from Benefits Pro and immediately thought of our readership and the need to get this out. There has been a lot of “movement” in the health insurance market especially in the narrowing of network access. This is especially true as insurance companies try to stay not only relevant but cost effective in the Health Care Reform era. With the narrowing of doctor networks we are seeing a...

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Small Businesses No Longer Allowed to Reimburse

Small Businesses No Longer Allowed to Reimburse

As a small to medium sized group benefits broker we see a lot of difference cost savings techniques in benefits packages.  This is specifically true in the under 50 employee market. Our account and sales team analyze hundreds of plans a year and have pinpointed that an employer who isn’t overly thrilled with the cost of employer-sponsored health coverage will drill down in unique approaches to say the “offer” health...

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