Benefits Buzz
Small employers able to provide simple, effective program with defined contribution strategy and online insurance marketplace.
InsureXSolutions® recently announced more small businesses in the Chicagoland area are looking to adopt a private health insurance exchange as an alternative to increasing healthcare costs. Through a defined contribution benefits strategy and the use of a private insurance exchange, businesses can now take control of their healthcare spending and offer a personalized insurance buying experience for employees.
Approximately 75 percent of Illinois employers have fewer than 50 employees, according to Kaiser Family Foundation. Of those employers, only a third currently offer group health coverage due to expensive premiums, participation requirements or other challenges that exist in today’s marketplace.
The U.S. Department of Health and Human Services (HHS) posted final regulations about the deductible and out-of-pocket limitations to the Federal Registrar on February 25, 2013. Section 1302(c) of the Affordable Care Act (ACA) specifies that the maximum deductible for a qualified insurance plan cannot exceed $2,000 for single coverage and $4,000 for family coverage.
The U.S. Department of Health and Human Services (HHS) released the final regulations about Essential Health Benefits (EHB) on February 20, 2013. The guidance defines the benefits that must be included with all fully insured plans sold inside and outside of the public exchanges in 2014. This will impact all individual health plans and most small group health plans. Grandfathered plans and self-insured plans are exempt from the EHB requirements; however, self-insured plans that cover any EHB must provide coverage without any annual or lifetime dollar limits.
Important milestones are a special time to reflect on the past, celebrate achievements, create a vision for the future, and express appreciation.
This year, we at Flexible Benefit Service LLC (Flex) expect to do no less as we proudly mark our 25th anniversary.
The Affordable Care Act (ACA) mandates that all Americans have health insurance or pay a penalty. If you’re an American, just look to the mirror to see who’s going to be affected.
