Since the ACA was enacted eight years ago, many employers are re-examining employee benefits in an effort to manage costs, navigate changing regulations, and expand their plan options. Self-funded plans are one way that's happening.
In 2017, the UBA Health Plan survey revealed that self-funded plans have increased by 12.8% in the past year overall, and just less than two-thirds of all large employers’ plans are self-funded.
Here are six of the reasons why employers are opting for self-funded plans:
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Topics:
ACA,
self-funding,
Self-Funded,
self funded health plans,
small business,
white paper,
UBA white paper,
small business health care options
Small employers, those with fewer than 100 employees, have a reputation for not offering health insurance benefits that are competitive with larger employers, but new survey data from UBA’s Health Plan Survey reveals they are keeping pace with the average employer and, in fact, doing a better job of containing costs.
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Topics:
group health insurance,
small business,
UBA Health Plan Survey,
health care cost containment,
employee benefit trends
Proposed regulations for revising and greatly expanding the Department of Labor (DOL) Form 5500 reporting are set to take effect in 2019. Currently, the non-retirement plan reporting is limited to those employers that have more than 100 employees enrolled on their benefit plans, or those in a self-funded trust. The filings must be completed on the DOL EFAST2 system within 210 days following the end of the plan year.
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Topics:
small group employers,
Form 5500,
Carol Taylor,
small business,
group benefit plans,
health plan reporting
Companies like Google®, L.L. Bean®, and Zappos.com® have the ability to spend hundreds of thousands of dollars on wellness programs for their employees. They can build state-of-the-art gym facilities, walking trails around the corporate campus, and offer any number of wellness services to benefit their workers, as well as monetary incentives. For the average employer and small business owners, this type of programming is nearly impossible. Small business owners may not have money to spend on these types of wellness programs, but they do recognize the value of investing in the health and wellbeing for their employees. These are shared strategies you can use to offer your employees opportunities to reduce health risks, control health care costs, and improve productivity and overall wellbeing.
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Topics:
wellness,
small business,
UBA white paper,
Lori Kunkle,
voluntary wellness programs,
wellness compliance
The Providing Affordable Coverage for Employees (PACE) Act amended the Patient Protection and Affordable Care Act (ACA) and redefined small employers as those with 50 or fewer employees; it also gives states the option to expand the definition to include employers with up to 100 employees (or, practically speaking, those with 51 to 100 employees, also called "mid-size employers"). Prior to the ACA, all states defined small employers as those with 1 to 50 or 2 to 50 employees; however, many have passed legislation redefining the group size up to 100 employees beginning in 2016. States are now in the process of determining what they define as "small employer."
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Topics:
SHOP,
small business,
Danielle Capilla,
Providing Affordable Coverage for Employees Act,
PACE Act
By Carol Taylor, Employee Benefit Advisor
D&S Agency, a UBA Partner Firm
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Topics:
health insurance exchanges,
private insurance exchange,
health marketplace,
employee wellness,
PPACA,
retirement,
small group employers,
summary of benefits and coverage,
SBC,
benefit communication,
benefit consultants,
benefit management,
compliance with health care reform,
employee health,
group health insurance,
healthcare consumerism,
health plan compliance,
health reimbursement account,
insurance solutions,
medical plan,
self funded health plans,
Group health plans,
small business,
dependents,
dependent insurance,
family insurance benefits
By Linda Rowings
Chief Compliance Officer, UBA
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Topics:
health insurance exchanges,
private insurance exchange,
health marketplace,
employee wellness,
PPACA,
retirement,
small group employers,
benefit communication,
benefit consultants,
benefit management,
compliance with health care reform,
employee health,
group health insurance,
healthcare consumerism,
health plan compliance,
health reimbursement account,
insurance solutions,
medical plan,
self funded health plans,
Group health plans,
small business,
dependents,
dependent insurance,
family insurance benefits
By Elizabeth Kay
Compliance and Retention Analyst
AEIS, a UBA Partner Firm
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Topics:
health insurance exchanges,
private insurance exchange,
health marketplace,
employee wellness,
PPACA,
retirement,
small group employers,
benefit communication,
benefit consultants,
benefit management,
compliance with health care reform,
employee health,
group health insurance,
healthcare consumerism,
health plan compliance,
health reimbursement account,
insurance solutions,
medical plan,
self funded health plans,
Group health plans,
small business,
dependents,
dependent insurance,
family insurance benefits
By Carol Taylor, Employee Benefit Advisor
D&S Agency, A UBA Partner Firm
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Topics:
health insurance exchanges,
private insurance exchange,
health marketplace,
employee wellness,
PPACA,
retirement,
small group employers,
summary of benefits and coverage,
SBC,
benefit communication,
benefit consultants,
benefit management,
compliance with health care reform,
employee health,
group health insurance,
healthcare consumerism,
health plan compliance,
health reimbursement account,
insurance solutions,
medical plan,
self funded health plans,
Group health plans,
small business,
dependents,
dependent insurance,
family insurance benefits
A Summary of Benefits and Coverage (SBC) must contain:
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Topics:
health insurance exchanges,
private insurance exchange,
health marketplace,
employee wellness,
PPACA,
retirement,
small group employers,
summary of benefits and coverage,
SBC,
benefit communication,
benefit consultants,
benefit management,
compliance with health care reform,
employee health,
group health insurance,
healthcare consumerism,
health plan compliance,
health reimbursement account,
insurance solutions,
medical plan,
self funded health plans,
Group health plans,
small business,
dependents,
dependent insurance,
family insurance benefits