USI was recognized again by the Insurance Marketing Communications Association (IMCA) at their annual conference and gala held June 24-26. This year’s honor was extra special as USI received the prestigious Innovation Torchbearer Award for the USI OMNI Knowledge Engine TM. The Torchbearer Award honors individuals, institutions, or companies that have, over time, made substantial…
On June 1, 2018, NJ Gov. Murphy passed the Out-of-Network Consumer Protection, Transparency, Cost Containment and Accountability Act. This bill applies to emergency services and other care provided by out-of-network physicians in in-network settings (i.e. hospital-based physicians). It takes effect on September 1, 2018. The new law provides reforms to several aspects of the state’s…
The Department of Labor recently published a final rule creating flexibility for employers and working owners to band together to sponsor a single Association Health Plan (AHP). The final rule allows multiple employers to jointly sponsor a single group health plan by expanding the Employee Retirement Income Security Act’s (ERISA) definition of “employer.” An AHP…
Step therapy can save money but some say there can be a downside. One way to keep your health benefit plan’s overall costs lower is to encourage employees to choose generic drugs whenever possible. The U. S. healthcare system saved $1.68 trillion from 2005 to 2014 by using generic drugs, according to the IMS Institute…
USI Insurance Services was nominated by the Association for Corporate Growth (ACG) New York, the largest association of middle-market dealmaking professionals in New York, along with The M&A Advisor, among the companies, transactions and dealmakers selected as finalists for the 8th Annual ACG New York Champion’s Awards. The two organizations’ annual tribute, the first SEC-compliant…
USI Northeast hosted an educational and entertaining happy hour event for current and prospective clients on Thursday, June 21, 2018 at the Pride Global Flight Deck in New York City. Sponsored jointly by USI’s NY employee benefits and property/casualty practices and entitled “Rooftop Recon,” the event featured special guests from the Federal Bureau of Investigation (FBI) presenting on economic espionage. They advised middle-market…
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,…
