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Friday, 04 May 2018 10:00

2019 HSA Limits Announced

The IRS has published inflation-adjusted Health Saving Account (HSA) contribution limits for 2019, along with minimum deductible and maximum-out-of-pocket expenses for the high deductible health plans (HDHP) associated with HSAs.

Published in Compliance
Current benefit plans have given more purchasing and decision-making power to the members with higher out-of-pocket responsibilities. Members do not always understand what their benefit plans cover, and the costs associated to that coverage, which can cause a lot of confusion and frustration. 
 
We at Fall River Employee Benefits understand that benefit plans can be an intimidating and confusing subject. We want to empower and educate our client’s employees to be their own best health advocates and make informed decisions regarding their health care. 
 
We love helping our clients create year-round campaigns to teach their employees to be better consumers of health care. There are many topics to cover, so we’ll likely do several articles in this area. 
Published in Best Practices
Monday, 16 April 2018 15:08

HIPAA Compliance Made Easy

HIPAA is an important guideline for employers, health care practitioners, and insurance companies to follow. Since the fines for non-compliance can be in the tens of thousands of dollars, it’s imperative that employers pay attention to their obligations in keeping employees’ information private.

Published in Compliance
Monday, 09 April 2018 14:44

Paying Hospitals to Keep People Out?

For years, hospitals have made money by admitting (and readmitting) people. But what if it were more profitable to reduce readmissions?
 
Both the Medicare Modernization Act and the Affordable Care Act increased the incentives hospitals have to reduce readmissions. But the state of Maryland is taking it even further and reaping large savings as a result. Their success suggests a path forward for managing employee healthcare costs down in the future.
Published in Industry Trends
Fall River has been growing in recent years, and we’re still looking for more awesome clients like you! In your network, we know you are connected to some great people and, so we wanted to roll out the details of our new referral program! 
 
First, thank you to Kyle Covell of Censeares Consulting for referring us to a contact of his who needed health insurance brokerage services, and received a reward for doing so! We’d like to return the favor and share that we’ve known Kyle for many years, and as a fractional CFO he can be a trusted and integrated partner in your business. He can lead your entire finance and accounting needs, freeing you to focus on growing your business. Learn more about Kyle here.

To better understand how to best connect us with potential customers and get rewarded ....
Published in Fall River News
We all know that attracting and keeping the superior employees in your field is a constant challenge. Employers must stay ahead of the curve and anticipate the needs of the future. We all wish we could predict the future, but until that time comes, here’s a nice summary from Paylocity of the MetLife 2018 Trends Study to help to identify those future trends. Click here to learn what is worrying employees, what they are expecting, and how employees want to be educated surrounding their benefits. 
Published in Industry Trends

In 2014, Colorado legalized same sex marriage, which allowed a spouse of either gender to be a qualified dependent for benefits. Domestic partnership is still a different situation. A domestic partner is defined as an employee’s unmarried partner who lives with them and is of the same or opposite sex. The definition of an eligible dependent for benefit plans may vary depending on the employer and carrier definitions, so it’s important to check in your carrier documents. 

Published in Compliance

Recent articles from Benefits Pro and National Public Radio (NPR) claim that many patients are receiving unnecessary or “low-value” medical procedures, which are significantly increasing health care costs.

According to Benefits Pro, “health care consumers are sinking $25 billion a year on low-value procedures”. The Washington Health Alliance, after reviewing claims for 1.3 million patients in the state, found that 600,000+ patients per year are receiving treatment they do not need. The staggering cost for this unnecessary treatment is estimated at $282 million, and ultimately impacts rising health care costs.

Published in Best Practices
Tuesday, 20 February 2018 11:24

FMLA Tax Credit 2018

The Family and Medical Leave Act of 1993 (FMLA) provides employees of companies with 50 or more workers up to 12 weeks of protected unpaid leave annually for their own serious health condition, for the adoption or birth of a child or to care for a spouse, child, or parent who is ill. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, creating a federal tax credit for employers providing paid family and medical leave beginning in 2018 and ending at the end of 2019.

 
Published in Healthcare Reform
Tuesday, 13 February 2018 11:16

Review your HIPAA Practices

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to protect the privacy of healthcare consumers, including who has access to a patient’s medical records and who can be designated to act on their behalf.  You have probably filled out a HIPAA Authorization or Acknowledgment form for every new provider you’ve seen over the last 20 years.  On the surface, HIPAA compliance seems to adhere primarily to providers and insurance carriers; however, if you are an employer sponsoring health plans for your employees, there are some basic provisions you need to be aware of.  Fines for not complying with HIPAA are very real and can range into the tens of thousands of dollars.

 
Published in Compliance
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