Monthly Archives: August 2018

Make Sure You Take Sufficient Steps to Find Missing Participants

One more reason why discount 401k plan administrators are often not enough… Preferred TPA’s automatically roll your missing participants out according to the rules…

“When searching social media sites, it may be necessary to follow the trail to the missing participant’s family and friends, known affinity groups or professional organizations, as well as any book, sporting, and retirement clubs the missing participant may have connected with…. Work with the company’s legal department to subscribe to a robust public records database to assist in finding missing participants, their family members, and friends. Such lists may include telephone numbers…. Piggyback on the investigative tools and contracted resources already established by the company’s security team and fraud department.” – DOL Guideline when terminating a plan

Blue Cross South Carolina Formulary Changes

BlueCross BlueShield of South Carolina is announcing some minor updates in its pharmacy policies, including approval of a new glucose monitoring device and additions to some of its drug lists. Most of the changes take effect on Oct. 1, 2018.

We work with an independent panel of BlueCross network physicians and pharmacists, the Pharmacy and Therapeutics Committee, to develop and maintain our drug lists and policies. Clinical decisions are based on drugs’ efficacy, safety and value, with the goal of providing the greatest clinical effectiveness for the lowest cost.

In some cases, member notifications are planned. Please see the Pharmacy department’s bulletin for details.

For more information, please contact your BlueCross Major Group representative.

Texas recoups $839 MM from illegal Obamacare tax

AG Paxton Wins Multistate Obamacare Tax Lawsuit, Recoups Over $839 Million, Including Nearly $305 Million For Texas Taxpayers
MARTY SMITH / STL News
Texas Attorney General Ken Paxton today commended a U.S. District Court decision ordering the Internal Revenue Service to repay Texas and five other states more than $839 million because of an unlawful Obamacare tax on state Medicaid programs. Of that total amount, Texas stands to be repaid $304,730,608.
“Obamacare is unconstitutional, plain and simple,” Attorney General Paxton said. “We all know that the feds cannot tax the states, and we’re proud to return this illegally collected money to the people of Texas.”
In October 2015, Attorney General Paxton led a multistate lawsuit against the federal government over the Obama-era regulation that threatened to choke off Medicaid funds for the health needs of millions of Texas citizens unless Texas taxpayers paid a portion of the Health Insurance Providers Fee to help fund Obamacare.

CIGNA to merge with Express Scripts

Cigna Corp (CI.N) shareholders on Friday voted in favor of the health insurer’s proposed $52 billion acquisition of pharmacy benefit manager Express Scripts Holding Co (ESRX.O), although the deal still needs clearance from antitrust authorities.

The U.S. Department of Justice is still conducting an antitrust review of the combination that is not expected to close until later this year.

According to the preliminary results, about 90 percent of the votes cast were in favor of the merger, the health insurer said.

Cigna expects the merger to close by end of 2018.

Google invests in Oscar Health Plans

From Oscar on August 16, 2018:

we are thrilled to announce that Google’s parent company, Alphabet, is planning to invest $375 million in Oscar.

Alphabet has been a supporter of Oscar for years and this reflects an incredible vote of confidence in Oscar’s unique ability to deliver a consumer-focused, tech-driven member experience in health care. This investment will allow Oscar to continue to invest in and bring Oscar’s unique product to more people, markets, and business lines. For more details, check out our CEO Mario’s interview in the Wired story: Health Care is Broken. Google Thinks Oscar Health Can Fix It.

August 2018
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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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