COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. Under this Act, group health plans are required to provide temporary benefits and group health coverage to individuals who experience adverse events, such as job termination. In the United States, COBRA is a continuation of health coverage for workers for a certain period of time.
The No Surprises Act (NSA) The NSA went into effect January 2022. This new law addresses surprise medical billing and requires new disclosures for employers, third party administrators (TPAs), brokers, and all participants in the healthcare industry.
The Affordable Care Act (ACA), enacted in March 2010, was created with the goal to make healthcare more affordable. All applicable large employers (ALEs) with 50 or more full time, or full time equivalent employees must offer ACA compliant benefits to at least 95% of their workforce, and their dependents.
Open enrollment, the one period a year where employees can sign up or change health insurance, is still in progress. Open enrollment opens nationally on November 1st and ends January 15th. Some states like California, however, extend their open enrollment period to January 30th.
It’s not too late for brokers to partner with employers to offer benefits plans. Take advantage of this opportunity to encourage employers to offer your insurance as employers can easily change and upgrade their current plans during this time. Click here to find when open enrollment closes per state.
HIPAA stands for Health Insurance Portability and Accountability Act of 1996. Under this federal law, patient health information is protected and kept secure unless the patient gives consent to disclose their information. The patient has control of who has access to their records.
Physical activity doesn’t always mean an intense hour-long workout at the gym every day. While this form of exercise has great benefits, it’s not for everyone.
All Applicable Large Employers (ALEs) are required to offer at least 95% of full-time employees Affordable Care Act (ACA)-compliant Minimum Essential Coverage (MEC) benefits.
ALEs are any business with over 50 full-time employees in a calendar year. Full-time equivalent employees (anyone who works at least 30 hours per week) also count towards the 50 full-time employee tally.
The Affordable Care Act (ACA) was created in 2010. It was designed to ensure healthcare is affordable and available to more people. Under the ACA regulations, applicable large employers (ALE) are required to provide minimum essential coverage to 95% of their full-time or full-time equivalent employees (someone who works at least 30 hours per week). Companies who qualify as ALE have at least about 50 full time employees in a calendar year.
Illness is never something you expect or plan to happen. It can come out of nowhere, and cause financial stress when you don’t have access to the right financial support. Even with a healthy lifestyle, you may need medical care sometime in your life. Be proactive about your health insurance, and make sure you’re covered before you get sick .Prepare, financial backup just in case to make sure you are covered.
Often confused for one another are Obamacare and Medicaid. While the two share various similarities, they vary greatly in many regards.
On a general basis, Obamacare, or the Affordable Care Act, aims to provide affordable health coverage to all Americans. On the other hand, Medicaid provides coverage for those in need that cannot afford coverage otherwise.
The American Rescue Plan was introduced by the Biden Administration earlier this year as an ongoing relief effort in response to the COVID-19 pandemic. As our country continues to recover from the effects brought on by the pandemic, this plan aims to support Americans by providing funding to various sectors and individuals in need.