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It has been well documented that planning for potential long-term care (LTC) needs is an important aspect of one’s overall financial strategy, especially given the statistics surrounding the possibility of needing care at some point. LTC insurance can help shield your retirement, savings, and other assets from depletion due to an unplanned medical event –
A new study’s findings that many workers have a poor understanding of their employer-sponsored health insurance benefits, presents an opportunity for businesses to extend targeted support to staff during open enrollment. The “2023 Optavise Healthcare Literacy Survey” found that 32% of employees are not confident about understanding how their plan works, meaning that many of your staff
It’s almost time for group health insurance open enrollment and one of your priorities should be to drive participation by helping your employees make informed decisions about their options. You’ll want to help your staff understand their options so they can choose plans that are best for their age, health, and life situation. For example,
For 2024, the IRS has significantly reduced the group plan affordability threshold — which is used to determine if an employer’s lowest-premium health plan meets the Affordable Care Act rules. The threshold for next year has been set at 8.39% of an employee’s household income, down significantly from 9.12% this year. The lower threshold will
Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. Employers said they are looking to manage growing group benefit costs without shifting costs to employees, as they realize that their staff are likely
Most health insurers plan to continue offering free preventative care services despite a federal judge having imposed a nationwide injunction on an Affordable Care Act requirement that these services are covered with no out-of-pocket costs on the part of patients, according to a letter by industry trade groups. With concern growing that this important part
A recent decision by a federal judge in Texas to issue an injunction on a pivotal part of the Affordable Care Act requiring insurers to offer certain types of free preventative care, has raised concerns that some health plans will stop paying for these services. However, since most employer-sponsored plans are on annual contracts, the
Recent studies have highlighted an alarming trend in American health care: More and more people are struggling with medical bills and many are delaying care due to high costs. The most recent poll by Gallup found that 38% of those surveyed said they or a family member had delayed care in 2022 due to high
Americans are eligible to sign up for Medicare when they turn 65, but more of us are staying in the workforce longer than ever before. In fact, the average retirement age has increased three years in the last three decades. There are a number of issues that Medicare-eligible workers face that your human resources staff
As open enrollment is right around the corner, now is the time to gear up to maximize employee enrollment, help them make the best selections for their own personal circumstances, and stay compliant with relevant laws and regulations. It’s a lot to take in as uncertainty has been a constant during the last few years
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