If you are not already doing so, you may want to consider having employees complete waivers if they choose not to take medical coverage and keeping a copy of the waiver on file.
Posts Categorized: Benefits Update
Small Group Renewal Rates and the New FSLA Overtime Rule
Renewal season is on the way, and I want to remind you that small group rates are only available 60 days in advance of the renewal. For CU Insurance Solutions employee benefits clients, I will be sending out your renewals as I receive them along with last year’s census for an update.
ACA Update – Opt-Out Payments
As you know, under the ACA employees who have access to ‘affordable’ health insurance from their employer are not eligible for subsidies, and large employers (50+ FTEs) must offer affordable coverage. This year (2016), affordable means that the employee’s portion of individual health insurance premiums is less than 9.66% of their household income; in 2017… Read more »
Employee Benefits: Broker vs. Carrier Consolidation
As with every small employer group, credit unions are not exempt from the challenges of providing affordable health insurance options for their employees and families. Additionally, the ongoing changes under the Affordable Care Act have made it vastly harder for HR managers to clearly state what their healthcare plans provide in a way that’s easy for employees to understand.
ACA Update – Let’s Talk Compliance
For the first time in over four years, trying to keep up with the Affordable Care Act’s mandates isn’t consuming all of our benefits energy. There are still many mandates to fill and new pieces to incorporate, but at this point here at CU Insurance Solutions we have a clearer idea of what’s coming down the pike and it’s more of a stream than an avalanche of new information.
An Innovative New Program for Employees Turning Age 65
CU Insurance Solutions has partnered with Thomas Wright, a 36-year veteran of the financial services industry to offer Maine credit unions with an innovative new program for employees turning age 65.
Healthcare Update – Insurer Authorization / Cost Comparison Tool
If your spouse or child is not on your health plan and you want them to be able to talk to the insurer, you need to complete an authorization form every 12 months stating that the named individuals can speak to the insurer on your behalf. This has to be done for HIPAA purposes, we strongly recommend… Read more »
ACA Update – 1095 Tax Forms
Please be aware that you and your employees who had health insurance in 2015 will be receiving 1095 form if you have not already.
Introducing My Credit Union Benefits 2.0
In the spring of 2014, CU Insurance Solutions launched the first iteration of the My Credit Union Benefits marketplace website. The website was created with the mission of assisting Maine credit union members in making the important decisions necessary to purchase individual health insurance with the recent changes under the Affordable Care Act. The private… Read more »
Department of Labor Expected to Audit Employee Benefits Plans
CU Insurance Solutions has heard from several sources that the US Department of Labor is expected to audit the employee benefits plans of every group subject to ERISA in the next 5 years with a focus on groups under 50. ERISA is the Employee Retirement Income Security Act of 1974 but the name is deceptive. Much… Read more »