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Health Insurance

Coming in 2020: Changes to Your HSA & HDHP Limits

As is typical at this time of year, the IRS has announced changes to the limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for calendar year 2020. Here’s what’s happening: The contribution limit for HSAs will increase by $50 for individuals, from $3,500 to $3,550. The family contribution limit will rise…

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Back to School – for Consolidated too!

Nearly 80% of the insurance-licensed staff here at Consolidated hold at least one insurance designation, and many hold more than one. From well-known certifications like CIC (Certified Insurance Counselor), ACSR (Accredited Customer Service Representative), CLCS (Commercial Lines Coverage Specialist), CAWC (Certified Authority on Workers’ Compensation), CISR (Certified Insurance Service Representative), and AAI (Accredited Advisor in …

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Do your employees know the value of their benefits?

Though your benefits package may be quite substantial, your employees may not know it or may not understand some of the benefits you offer. Helping employees understand their total compensation can raise morale and may increase loyalty to your company. To assist your employees in fully comprehending their benefits package, consider providing a total compensation…

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Employee Benefits: Your Secret Weapon

Probably the top concern we hear from our business clients these days is how hard it’s become to find and hire great new employees. With unemployment running at record lows thanks to a ten-year run of uninterrupted economic growth, there’s no shortage of opportunities out there for qualified candidates in nearly any field. Combine that…

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Health Benefits 101

In our conversations with clients regarding health benefits, we often encounter some basic misunderstandings regarding the terminology and mechanics of health coverage. Here’s a quick review: Coverages: Most Americans are covered by health insurance offered by their employers, otherwise known as group coverage. Group coverage tends to offer lower rates because the risk is spread…

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Health Insurance Plan Compliance Deadlines for 2019

Employers that sponsor group health plans face a number of reporting deadlines throughout the year. For your convenience, here’s a brief reference of key deadlines for calendar year 2019. January 31 Most everyone is aware that W-2 forms for the previous calendar year must be issued by January 31, but employers that filed more than…

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Pay or Play Enforcement for Health Insurance Begins

As 2018 drew to a close, the IRS began sending enforcement letters related to employer compliance with shared responsibility rules under the Affordable Care Act (ACA) for calendar year 2016. Let’s take a look at what this means. The document in question is known as Letter 226-J and informs employers of their potential liability for…

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Employer’s Alert: New Health Insurance and other Benefit Plan Limits for 2019

Annual dollar limits affect many employee benefit plans, and are periodically adjusted to allow for inflation. The Internal Revenue Service (IRS) recently announced a series of such cost-of-living adjustments for various welfare and retirement plan limits for 2019. Annual limits for these benefits vehicles will increase for the coming year: High-deductible health plans (HDHPs) and…

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Telemedicine Benefits & Compliance Issues

Telemedicine is becoming increasingly popular, and with good reason … a telemedicine program allows individuals to use technology such as videoconferencing in order to access medical care without actually visiting a provider. For many less-complex medical issues, a virtual visit to a medical professional can be a big saver of time and money. There are,…

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Is Your Prescription Drug Coverage Creditable?

Employers providing prescription drug coverage to individuals who are eligible for Medicare Part D must inform both the individuals and the Centers for Medicare and Medicaid Services (CMS) whether their prescription drug coverage is “creditable.” Let’s take a look at what that means: The prescription drug coverage in a group health plan is considered creditable…

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