Election Recap and 2017 Benefits Planning
12-14-2016 10:00 am
Category: Fall River
About Fall River
Fall River understands your current concerns about group health insurance in Colorado. Employers face rising costs and compliance issues with the ACA and other ongoing regulations, and they need a year-round partner to empower their team and demystify employee benefits.
We help Front Range employers save time, money, and headaches on their employee benefits. Our deep expertise, innovative strategies, and proactive service guarantee you the best results possible. Welcome to the Fall River Experience!
Recent Blog Posts
Ready for Amendment 69?
Amendment 69: Know Before you VoteBy now you’ve most likely heard of Amendment 69, but maybe don’t know much about it. Amendment 69 will be the first option on the November ballot, so now’s the time to educate yourself and your employees about this important healthcare bill!The Amendment proposes that Colorado implement the first single-payer healthcare system in the nation, called ColoradoCare. This universal healthcare system would cover all Colorado residents and provide the same benefit level to everyone, regardless of taxpayer or citizenship status. To finance the plan, a new 10% payroll tax would be created, with employers paying 6.7% and employees paying 3.3%. Self-employed persons would pay the 10% on income, state tax returns, and retirement income. $25 billion would be raised per year to fund the initiative, and those taxes could go up in the future. It would actually amend our constitution, creating a large government subdivision and doubling the size of the state government. It would replace most employer-based group coverage, individual insurance plans (and associated subsidies in the Exchange), and absorb Medicaid and Worker’s Comp medical benefits. ColoradoCare would essentially be a new healthcare insurer governed and operated largely on its own, with 15 Trustees initially appointed to determine the exact levels of coverage and other specifics.Read 296 times Read more...
- Drug Price Relief may be Fleeting Despite “Patent Cliff”Employers spend approximately 18-20% of their healthcare costs on prescription drugs, and the rapidly increasing cost of specialty drugs is causing this to inch ever up. To offset these cost hikes, we’re always keeping our eyes on expensive drugs that are coming off patent and facing cost-slashing competitors soon. There are eight blockbuster drugs (those with a billion dollars or more in sales) coming off patent in 2016.Read 107 times Read more...
- Important Medicare Part D Deadline October 15thThe Medicare Modernization Act (MMA) requires Employers with prescription drug coverage to complete two items each year regarding Medicare Part D. The first deadline is October 15th annually, and the other is 60 days from the beginning of each new plan year.The only employers exempt from this requirement are those that are small enough to be certain that their plan does not cover anyone eligible for Medicare such as employees or spouses over 65, anyone in end stage renal failure, or any disabled individuals. If you’re not positive – we recommend you comply to be safe.Read 101 times Read more...
- Proposed 5500 Revisions Create Burdens for Small BusinessesOn July 11, 2016, the Department of Labor (DOL) and Internal Revenue Service (IRS) announced a proposal to implement significant changes to the forms and regulations that govern annual employee benefit plan reporting on Form 5500.Most notably, the revisions would require companies of any size or funding arrangement to file a Form 5500 as well as add a new Schedule J (Group Health Plan Information) to the Form 5500.The proposed changes, which were published in the Federal Register on July 21, 2016, would considerably increase the annual reporting obligations for nearly all health and welfare plans. The revised reporting requirements, if adopted, would apply for plan years beginning on and after January 1, 2019.Read 158 times Read more...
- Colorado Pregnant Workers Fairness Act Went into Effect August 10thOn June 1, 2016, Colorado Governor John Hickenlooper signed the Colorado Pregnant Workers Fairness Act. This new provision provides clear standards that employers should follow when employing pregnant workers, as well as a new notice requirement.Effective August 10, 2016, Colorado employers of all sizes will commit an unfair employment practice if they fail to provide reasonable accommodations for an employee, or an applicant for employment, for health conditions related to pregnancy or physical recovery from childbirth, absent an undue hardship.Read 168 times Read more...
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- Drug Price Relief may be Fleeting Despite “Patent Cliff”