Affordable Care Act mandates and rising medical costs both contribute to growing claim trends. Self-funded groups can implement cost-containment programs and protect with Stop Loss insurance to help manage the increase in costs. Learn more about the importance of monitoring claim trends in this short video.
In early 2016, employers with 50 or more full-time equivalent employees are required to submit new tax forms to employees and the IRS for the 2015 plan year. (Note that in December 2015, deadlines for 1095 employee distribution and 1094 filings were extended.*) In the video, Don Garlitz, Senior Vice President, bswift, answers key compliance questions including: Should taxpayers receive Form 1095 if they are not covered? What effects do employer wellness programs have on reporting plan affordability to the IRS? And more.
*Learn more about these changes from U.S. News and World Report.
Benefits administration is an onerous task for businesses of any size, and the passage of the Patient Protection and Affordable Care Act (PPACA) has added a further layer of complexity to the process, particularly for small and mid-size companies. Whereas once employers had the freedom to decide whether or not to offer health care to their team, now businesses with 50 or more workers are bound by a federal mandate to provide insurance coverage. For SMBs, the added expense of benefits plans combined with the resources needed to administer programs successfully can have a dramatic impact on the bottom line.
Healthcare costs are increasingly unsustainable for employers and employees. Could an entirely new approach—one that leverages a benefits platform to reach employees when and where they make healthcare decisions—help bend the trend?y