Vitori Health’s Post

When an employee leaves, you as the employer must take several important steps to manage their benefits and health insurance in compliance with state and federal regulations. Here’s a detailed guide to help you navigate this process effectively.

When an employee leaves, you as the employer must take several important steps to manage their benefits and health insurance in compliance with state and federal regulations. Here’s a detailed guide to help you navigate this process effectively.

Of course he wants to do away with Employer-based health coverage, his company only competes in the individual market. Doing so would substantially benefit him, his company, and the other Big Health Insurance companies, and reinforce the current status quo, perpetuating increasing premiums and healthcare costs. There is a benefit in letting individuals select the coverage that best fits their needs, there are also several problems with this based on our current market and the products that are currently available. While the article argues that employers have lost their bargaining power, they have not lost the ability to move to plans that work for them and their employees instead of the insurance companies and their cartel partners, which is their bargaining power. The biggest issue is that moving to individual-based health coverage does nothing to impact many of the drivers of high premiums and high-cost healthcare. Instead, reinforces the current Big Health Insurance companies' position in the market as a cartel and puts all of the bargaining power in their hands. Also, the reality is that not all individuals want to deal with selecting their own health plan. Many find it difficult and confusing. A move to individual health coverage would eliminate self-funded health plans, which create savings for employers and their employees. These savings would instead go to the Big Health Insurance companies. Depending on the statistics you look at, approx. 65% (Statista.com) of American workers are covered by self-insured plans or 54.5% (U.S. Census Bureau) of the American population, are covered by self-insured health plans. Only 9.9% have "direct-purchase coverage with government-based coverage accounting for more than 3-times that amount (U.S. Census Bureau). Based on the numbers alone, eliminating employer-based health coverage would be opportunity for the Big Health Insurance companies and I can't even imagine what their profits would be then.

HRAs are growing in popularity, but many people still believe the myths surrounding them.   We've already debunked the first myth—that HRAs don’t qualify as real health benefits. They're IRS-approved and employer-funded. So let's move on to myth number two—that HRAs cost more than traditional group insurance. The reason most employers use HRAs is because they're so cost-effective. Employers can avoid purchasing a group health plan altogether with a qualified small employer HRA (QSEHRA) or an individual coverage HRA (ICHRA). Instead, they'll reimburse monthly premiums for the individual coverage employees pick out for themselves. Individual health insurance is less expensive than small group health insurance in many states, which makes premium reimbursement a no-brainer in those places. See our article for more: https://lnkd.in/gnQd8ppP #HRAs #ICHRA #healthinsurance #employeebenefits

Offering benefits is a key strategy to attract and retain employees, but as the cost of health insurance continues to rise, many businesses will struggle to provide affordable, competitive benefits. See our strategy on how to reduce health plan spending without impacting benefits.

Don’t apply for group health insurance without reading this! 🚨 Choosing the right health insurance plan for your employees isn’t just a box to tick—it’s an investment in their well-being and your business’s success. Here’s what you need to consider: 1. Coverage Options:Ensure the plan covers essential health services, including preventive care, maternity, and chronic condition management. 2. Network Providers:Does the insurance offer access to a broad network of doctors and hospitals? Employees value flexibility in choosing where they receive care. 3. Cost-Benefit Balance:Striking the right balance between premiums and benefits is key. A low-cost plan with limited coverage could end up costing more in the long run due to out-of-pocket expenses. 4. Employee Needs:Every workforce is different. Are you meeting the specific healthcare needs of your team? Before signing on the dotted line, make sure your group health insurance truly supports your team’s health and financial security. #GroupHealthInsurance #EmployeeBenefits #BusinessSuccess

Did you know that there is a 90-day waiting period limit for employer-sponsored health insurance plans? 💡 📅 This is a provision under the Affordable Care Act (ACA) and mandates that employers offering health insurance to their employees must provide coverage no later than 90 days after the employee becomes eligible. This rule aims to ensure timely access to health benefits without excessive delays. 👉 Since most health plans will start the first of the month, most employers will set up eligibility that starts the first of the month following hire, 30 days, or 60 days (this ensures they will not go over the 90 (calendar) day max). 👉 This provision applies to both large and small employers offering group health plans and has some additional variables to consider such as probationary periods and variable-hour employees. 👇 The attached overview has some great details and examples surrounding this mandate. #compliance #90daywaitingperiodlimit #noexcessivedelays Morrison Insurance Services, Inc.

For employers looking to keep health insurance costs in check, the type of network they choose impacts the overall cost of their coverage. Focused networks, also known as narrow networks, can help lower your group health plan premiums and out-of-pocket costs. Sanford Health Plan offers two focused network plans for employers, known as Sanford TRUE plans. The plans are HSA-eligible, so they can be used in conjunction with a health savings account, allowing your employees to save money on a pre-tax or tax-deductible basis to pay for future medical expenses.

Did you know? Employer-sponsored health insurance is still the primary source of coverage for nearly 165 million Americans under 65 and their families. However, the rising costs of these benefits are posing challenges for both employees and employers. Recent research reveals how contributions to these plans vary by state and metro areas. Understanding these trends is vital for creating solutions that are both sustainable and accessible. What are your thoughts on the rising costs of employer-sponsored health plans? Share your perspective below! #healthcareinsurance #employeehealthcoverage https://lnkd.in/grijYpwb

KFF's 2024 Employer Health Benefits Survey reveals alarming trends in the cost of health insurance in the US. The average premium for family coverage has surged by 24% over the last five years, with family health insurance benefits at work reaching nearly $25,600 this year. Workers are bearing an average of $6,300 of this burden, while employers contribute close to $19,300. In an industry not typically associated with innovation, USI is challenging the status quo. If you know someone grappling with rising insurance costs, I invite you to connect with me. Let's explore innovative and cost-effective solutions that go beyond conventional offerings. #HealthInsurance #Innovation #CostSavings #EmployeeBenefits