Reading Health System And UPMC Health Plan Announce Joint Venture

Matt PfeiffenbergerHealth Benefits, News

Reading Health System and UPMC Health Plan announced they have finalized an agreement to form a provider-payer joint venture. Beginning January 1, 2017, this Reading-UPMC Health Plan enterprise will combine access to Reading Health System’s high-quality clinical care, expert providers, and advanced healthcare facilities with UPMC Health Plan’s experience, expertise and advanced analytics to improve the health of the community. The new joint venture will offer a full line of health coverage and related services to individuals as well as employers and their employees in the Reading Health System service area. Read the Cision PR newswire >>> If you have questions, contact Matt Pfeiffenberger, VP, Health Benefits Solutions, at (717) 397-9600.

Penn State Health, Highmark Join Forces

Matt PfeiffenbergerHealth Benefits, Large Group Benefits (100+), News, Small Group Benefits (2-50)

As reported on ABC 27 News, Penn State Health and Highmark Health have announced a new partnership. The $1-billion deal allows Penn State Health to expand and improve its locations across central Pennsylvania with the support of Highmark. “We really hope that through this new product, we’re going to make it that people throughout central Pennsylvania are still able to access this medical center and receive that sort of care closer to home,” Penn State Health CEO Dr. Craig Hillemeier said. Highmark customers are guaranteed access to the Penn State Health Network. Both companies say the deal aims to lower the cost of care for patients. Read the ABC 27 News article >>> If you have any questions, contact Matt Pfeiffenberger, VP, …

Often, Opioid Abuse Becomes a Family Affair

Denise GillinHealth Benefits, News, Risk Management

Opioid addiction often starts in the family medicine cabinet, a new study warns. If someone is taking prescription opioids for pain, such as OxyContin, it’s more likely that others living in the home will also get an opioid prescription, the researchers found. “Prescription opioid use may spread within households, and patients may need to consider the risks to other family members,” said lead researcher Marissa Seamans. She is a postdoctoral fellow at Johns Hopkins School of Public Health’s department of mental health in Baltimore. Read more here >>>

IRS Issues Pay Or Play Enforcement Guidance

Matt PfeiffenbergerHealth Benefits, Large Group Benefits (100+), News

On Nov. 2, 2017, the Internal Revenue Service (IRS) updated its Questions and Answers (Q&As) on the employer shared responsibility rules under the Affordable Care Act (ACA) to include information on enforcement. Specifically, these Q&As include guidance on: How an employer will know that it owes an employer shared responsibility penalty; Appealing a penalty assessment; and Procedures for paying any penalties owed. The IRS also maintains a website on understanding Letter 226-J, as well as a sample letter, which will be used to inform employers of their potential penalty liability. Action Steps – No penalties have been assessed under the employer shared responsibility rules at this time. However, employers subject to these rules are still responsible for compliance. These Q&As indicate …

The Best-Kept Secret For Retirement Savings May Be Health Savings Accounts

Denise GillinHealth Benefits, News

A few years ago when my company offered the option of Health Savings Accounts (HSAs) instead of Flexible Spending Accounts, I thought “okay, fine.” I got another debit card and happily used it to spend pre-tax dollars on current medical expenses. Recently, though, I spoke with a financial advisor who opened my eyes to the fact that I’d been using my HSA all wrong. Now, I realize HSAs are one of the best options available for additional retirement savings. Read more here >>>

CVS-Aetna Merger Could Transform Health Care Industry

Denise GillinHealth Benefits, News

If approved, the $69 billion acquisition — $77 billion including debt — would drastically remap the health care industry. CVS Health (CVS) is a massive drugstore chain and prescription drug insurer, while Aetna (AET) is one of the nation’s largest health insurers. It would also go down as the largest health insurance deal in history, far exceeding Express Scripts (ESRX)’ $29 billion acquisition of Medco in 2012, the last record-holder. Tell me more >>>

Mind the Insurance Gap

Mary LyonsBusiness Insurance, Health Benefits, Insurance, Voluntary Benefits

Is your business unprotected? “Of course not,” you probably say. But how sure are you? Almost 40% of small companies would likely go out of business if the business owner unexpectedly died, according to a new report, the New York Life Small Business Insurance Gap. Tell me more >>> If you would like more information about protecting your business, contact Mary Lyons, GBA, Insurance and Benefits Sales Consultant, Health Benefit Solutions.

IRS Confirms ACA Mandate Penalties Still Effective

Matt PfeiffenbergerHealth Benefits, News

The Internal Revenue Service (IRS) Office of Chief Counsel has recently issued several information letters regarding the Affordable Care Act’s (ACA) individual and employer mandate penalties. These letters clarify that: Employer shared responsibility penalties continue to apply for applicable large employers (ALEs) that fail to offer acceptable health coverage to their full-time employees (and dependents); and Individual mandate penalties continue to apply for individuals that do not obtain acceptable health coverage (if they do not qualify for an exemption). These letters were issued in response to confusion over President Donald Trump’s executive order directing federal agencies to provide relief from the burdens of the ACA. Action Steps These information letters clarify that the ACA’s individual and employer mandate penalties still …

IRS Reaffirms ACA’s Employer Mandate

Matt PfeiffenbergerHealth Benefits, News

By David J. Ledermann, Esq., Barley Snyder While the long-term future of the Affordable Care Act may be in doubt, the law’s application to employers remains largely unaffected by recent political developments. Information letters recently released by the IRS Office of Chief Counsel, responding to inquiries about the status of the ACA’s employer shared responsibility requirements (the “employer mandate”), emphasize that these requirements remain effective. Therefore, an “applicable large employer” (an organization, or group of related organizations, that averaged at least 50 or more full-time equivalent employees in the prior year) could face penalties for failing to offer adequate health coverage to full-time employees and their non-spouse dependents. The IRS information letters indicate that no waivers under the employer mandate …

3 – Offering Life Insurance: Benefits to You and Your Employees

Mary LyonsInsurance, Voluntary Benefits

Part 3 of a 3 part series… Benefits to Employers Tax treatment – Premiums for life insurance offered by the employer are generally deductible as ordinary and necessary business expenses (unless the employer is the beneficiary of the policy). In addition, the cost of employer-provided group-term life insurance is excludable from the employees’ gross income (up to $50,000 of coverage). The plan must meet special nondiscrimination rules, however, or key employees may not be eligible to exclude the cost of their coverage from their gross income. Benefits for Employees Though life insurance is an important asset for future financial security, many employees don’t realize its importance. Teaching employees about the value of life insurance may increase loyalty to the company …