New Rule Requires Reporting of Medical and Prescription Drug Costs
11/17/2021
On Nov. 17, 2021, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) released an interim final rule requiring health plans and issuers to report information regarding the cost of prescription drugs and certain medical expenses. This rule is a continuation of the Biden administration’s efforts to promote greater transparency in health care spending.
Read MoreIncreased Civil Penalty Amounts for SBC, MSP and HIPAA Violations
11/15/2021
Effective Nov. 15, 2021, the U.S. Department of Health and Human Services (HHS) has increased the following key penalties affecting group health plans:
Read MoreSummary of the 2021 Employer Health Benefits Annual Survey
11/10/2021
Each year, the Kaiser Family Foundation conducts a survey to examine employer-sponsored health benefits trends. This document summarizes the main points of the 2021 survey and suggests how they could affect employers.
Read MoreWhat Does the Broker Compensation Disclosure Rule Mean for Employers?
10/25/2021
Transparency and shared expectations are gold standards of any successful business relationship. When it comes to a broker, employers should look for someone who keeps them informed about important issues related to their interests.
Read MoreProposal for Fiduciaries to Consider ESG Factors in Plan Management
10/19/2021
On Oct. 13, 2021, the U.S. Department of Labor (DOL) proposed a rule that would allow plan fiduciaries to consider climate change and other environmental, social and governance (ESG) factors when they make investment decisions and exercise shareholder rights. Specifically, the rule clarifies the application of the fiduciary duties of prudence and loyalty under the Employee Retirement Income Security Act of 1974 (ERISA) when selecting plan investments and exercising shareholder rights, including proxy voting.
Read MoreSocial Security Cost-of-Living Adjustment Largest in Decades
10/14/2021
Effective Jan. 1, 2022, Social Security recipients will see an increase in their monthly checks. Additionally, the cap on taxable income to help fund Social Security benefits will also be increasing.
Read MoreImpact of the HIPAA Privacy Rule on COVID-19 Vaccine Inquiries
10/04/2021
On Sept. 30, 2021, the Department of Health and Human Services (HHS) issued frequently asked questions (FAQs) on the application of the Health Insurance Privacy and Accountability Act (HIPAA) Privacy Rule on COVID-19 vaccination and the workplace.
Read MoreAffordability Percentages Will Decrease for 2022
08/30/2021
On Aug. 30, 2021, the IRS issued Revenue Procedure 2021-36 to index the contribution percentages in 2022 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA).
Read MorePerspective: New Alzheimer’s Drug is Projected to Increase National Health Expenditures by More Than One Percent
06/17/2021
On June 7, the U.S. Food and Drug Administration (FDA) approved Aduhelm for treatment of Alzheimer’s disease. While Biogen, the drug’s manufacturer, tested it on patients with mild cognitive impairment (of whom there are an estimated one to two million in the U.S.), the FDA approved its use more broadly for the more than 6 million Americans currently diagnosed with Alzheimer’s. The drug is administered through intravenous infusion at an annual cost of $56,000 per patient – a non-retail expenditure that will be borne primarily by Medicare Part B.
Read MoreWhere is the medical cost trend headed in 2022?
06/11/2021
PwC's Health Research Institute (HRI) is projecting a 6.5% medical cost trend in 2022, slightly lower than the 7% medical cost trend in 2021 and slightly higher than it was between 2016 and 2020. Healthcare spending is expected to return to pre-pandemic baselines with some adjustments to account for the pandemic’s persistent effects.
Read MorePCI Welcomes Jason Benjamin
08/16/2019
Pennsylvania Chamber Insurance is pleased to welcome Jason Benjamin, Benefits Consultant in the Lehigh Valley where he is responsible for service and retention of PCI’s existing insurance customers, and to affirm a customer-centric presence in the eastern region of the state. He works in tandem with the PCI sales team to ease the transition for oncoming prospects to satisfied customers. As a previous long-standing member of the PCI team, Jason returns after working with Kistler Tiffany Benefits.