The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2018-34 that the Affordable Care Act (ACA) affordability indexed amount under the Employer Shared Responsibility Payment (ESRP) requirements will be 9.86% for the 2019 plan year. The increase from the 2018 amount (9.56%) is the largest percentage increase to date for affordability under the ESRP…
Last week, New Jersey (“NJ”) Governor Phil Murphy signed into law two bills in response to the repeal of the Federal Individual Shared Responsibility mandate under the Affordable Care Act (effective January 1, 2019). The bills are intended to stabilize the state’s individual health insurance market. This legislation will directly impact residents of NJ and…
Supplemental insurance allows employees to customize their coverage to meet their individual needs. Most employees now get their life insurance through a group plan provided by their employer. According to LIMRA, a research group funded by the life insurance industry, 108 million Americans have an employer-sponsored basic life insurance plan, while 102 million have a…
Due to an amendment made to the Earned Sick Time Act, covered employers[1] must provide their employees working in New York City for more than 80 hours in a calendar year with notice of the new “safe time” leave available to them under the revised law. Employers are required to provide notice of this change…
Do you have employees who are depressed, anxious or addicted to alcohol or drugs? If so, do you know what to do? In 2015, the American Psychological Association reported that a quarter of surveyed employees felt some level of depression or anxiety. These mental health issues can adversely affect a company through absenteeism, presenteeism (the…
It’s not enough to give your employees the right health plan if they don’t understand it. An online employee portal or self-service site can help — if employees are motivated to use it. You put a lot of time, effort and money into choosing and purchasing the right health benefit plans for your employees. However,…
In April, the Internal Revenue Service (IRS) released its first round of guidance in the form of Frequently Asked Questions (FAQs) concerning the new federal employer credit for paid family and medical leave under Code Section 45S. The FAQs provide a summary of the credit, particularly on the eligibility rules. The IRS recognizes that these FAQs…
USI has emerged as a new force and leader in the insurance brokerage and consulting industry, and across companies of every industry. Forbes Magazine surveyed more than 30,000 individuals who work for businesses with at least 1,000 employees to rank America’s best employers. We are proud to announce that USI has been named by Forbes as…
With health care costs on the rise and ongoing confusion around how claim costs are determined, it’s hard to advocate for your employees and save your organization valuable dollars on the benefit spend. Reference-based reimbursements (RBR’s) are just one way of tackling the exorbitant increases demanded by hospitals and providers. Hear from USI Vice President…
On April 26, 2018, the Internal Revenue Service (IRS) announced relief associated with the decrease from $6,900 to $6,850 for 2018 Health Savings Account (HSA) contributions tied to family coverage that was previously announced in Revenue Procedure 2018-18. New IRS guidance in Revenue Procedure 2018-27 allows taxpayers to once again treat the 2018 maximum HSA…
You’ve worked hard to choose and provide the right group health benefit plan for your employees. The premiums are reasonable, the deductibles are low and plan participants have a good choice of health care providers. That’s a good start, but there’s something else you should do — educate your employees. The more your employees know…
Drugs are formulated for normal physiology. Physicians with knowledge of a person’s unique genetic makeup can better determine which drugs will be most effective. Anyone who has watched a commercial for a prescription medication expects to hear a disclaimer warning of potential health hazards. Possible side effects — depending on the medication — can range…
