Anyone who has health benefit coverage has been, or will soon be, asked to review their current health benefit coverage for 2025. Here is what you need to know whether you have employer-sponsored coverage, coverage from the federal government’s health care Marketplace or private individual insurance.
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Beginning Sept. 1, 2024, new short-term health plans will be limited to three months and a one-month extension providing a duration maximum of four months per insurance carrier over a 12-month period (additional state rules may apply).
Short-term health insurance plans (STM) are designed to provide individuals with economical, temporary coverage for illnesses and accidents. Benefits can include wellness visits, doctor office copays, and coverage for hospital emergencies, surgery and more. A range of deductible options usually are available to keep monthly premiums lower. Under federal law, employers that offer a group health plan to employees have up to 90 days to implement a new team member on a company health insurance plan. Some offer coverage right away, and some stretch out their risk up to the allowable 90 days for financial or administrative reasons. But even if a new employee doesn’t have health insurance through the company, you want them to remain healthy and financially viable while orienting to their new job. And we know COBRA is not feasible for a majority of the working population. Is there an economical option to keep employees from going uninsured?
Artificial intelligence (AI) is infiltrating many areas of our daily lives. For instance, every time you say “Siri” or “Alexa, can you…” you are using AI technology. The goals for AI were to enhance learning, boost speed, precision and effectiveness of tasks that were otherwise done manually.
Open enrollment is just around the corner. There are many ways you can help your company operate more strategically and efficiently by opting for level-funded health plans. Not only does a level-funded health plan benefit employees, but you might find that there are plenty of ways these plans help you out as well.
Graduates will be searching for options According to a study by Georgi Todorov – “19 Shocking College Graduation Statistics and Facts [2023]” – nearly 3 million students this year will graduate from an accredited college or university, but only 65% of them will have full-time employment within a few months of graduation. A recent banking crisis and other economic turns have analysts warning of a coming recession, which could make work increasingly hard to find for young adults. This could lead to a considerable insurance coverage gap in the marketplace.
Pop quiz: You develop a rash. Who should you see for care?
It depends on how serious your rash is and when it occurs. Experts say if it’s not serious and you can wait, then you should make an appointment with your doctor. However, if the rash bothers you enough you can’t wait, a walk-in clinic is a reasonable option. A less expensive, usually quicker option would be to call your telehealth provider. If your rash is causing you extreme discomfort, urgent care would be a good choice. But if you have both a rash and a fever or trouble swallowing, you should go to the emergency room at a hospital. Health care costs have been trending upward for a number of years. Employers in the U.S. expect the cost for medical plans per employee to raise 5.6% on average in 2023, according to Mercer, a human resources consulting firm. This has led many employers to search for affordable insurance options to lower expenses without sacrificing quality for their employees.
With traditional group health insurance plans, employers use their bargaining power to purchase coverage from insurance companies at a lower rate than individuals usually pay, and they cover a majority of employees’ premiums. The insurance companies pay employees’ claims using the premiums paid by the employer and keeping all unused premiums for themselves. Level-funded group health plans allow employers to pay for claims themselves, saving money on profits that typically go to insurance companies and are protected by stop-loss insurance that caps their total claims exposure. These plans have become increasingly popular among small employers because they set level monthly payments, the same as a tradition insurance plan. These payments go towards covering the estimated costs of expected claims, administrative costs and stop-loss insurance. But with a level-funded plan, employers can actually see money returned when their group has a healthy, low-cost year. Telehealth, also called telemedicine, allows you to receive health care without an in-person visit to a provider by using computer, tablet or smartphone.
Telehealth technically started in the 1940s in Pennsylvania when providers realized they could send radiology images over the phone lines between two townships. In the 1950s, a Canadian doctor expanded on the concept and constructed a teleradiology system that was used in and around Montreal. And in 1967, the University of Miami School of Medicine partnered with a local fire department to transmit electrocardiographic rhythms over radio to Jackson Memorial Hospital in rescue situations. With the school year beginning, that means kids across the country are back to playing sports in middle school, high school and college. In addition to playing for their schools, some student athletes participate in club athletics over the course of the year.
As the parent of a student-athlete, you obviously know what’s best for them when it comes to their athletic careers and that includes being prepared for things like injuries in case the schools and athletic organizations don’t have medical coverage. |
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