Have you sent your Creditable Coverage notice?

Notification needs to go to Medicare eligible employees and their spouses who are over 65 by October 15th  to inform them if the Employer plan offered is at least as good, if not better than Medicare Party D drug coverage.  This must be done each year and then Employers must go to the CMS( Center for Medicare Services) site and complete …

CREDITABLE COVERAGE NOTICES

Just a reminder that the deadline for employers to send these notices is October 14. If you need more information, click here or call the office.

Lowes 401k suit

The suit is ongoing – this is the kind of thing we work hard to avoid for our clients. The core of the fiduciary breach complaint is summarized as follows in case documents: “Lowe’s imprudently selected and retained the Hewitt Growth Fund for the Plan, in consultation with Hewitt (which served as the plan’s fiduciary investment consultant), despite the fact that (1) …

Walgreens sued over underperforming funds

The complaint says the target-date funds used in the plan and as the designated default investment were underperforming since they were selected, resulting in a great loss to participants.By Rebecca Moore / PLANSPONSOR The complaint notes that as fiduciaries, the Walgreen defendants must prudently curate the plan’s investment options. They must regularly monitor plan investments and remove ones that become …

Additional Items through High Deductible plan at no charge

The IRS has issued new guidelines, expanding the field of what is considered preventive care to include an additional list of 14 new items and services. This means that certain treatments, specifically for conditions such as heart disease, asthma, diabetes, osteoporosis, liver disease and depression, now can be covered as preventive care by a HDHP without affecting Health Savings Account …

Surprise out of network bills

https://www.benefitnews.com/news/surprise-out-of-network-bills-employers-bottom-lines Out-of-network healthcare can be costly and is often something patients try to avoid. But when an emergency occurs, a visit to an in-network hospital can still result in an unpleasant surprise — a highly expensive medical bill because the patient was treated by an out-of-network physician. Surprise billing and related costs are increasing among inpatient admissions and emergency department …

ACA penalty letters for businesses

Affordable Care Act Penalty letters are making the rounds once again. The IRS is sending out new Penalty letters, this time for 2017 enforcement of the Affordable Care Act.  In addition to assessing penalties for not offering coverage or if employees went to the exchange and received subsidies, they are now also sending out penalty assessments, enforcing the rules for …

Another 401k hit with excessive fee judgement

This is one of the reasons we benchmark fees and monitor quarterly. “The suit claims that, for every year between 2013 and 2017 (the same time period in the Adidas case), the administrative fees charged to plan participants was “greater than 90 percent of its comparator fees when fees are calculated as cost per participant or when fees are calculated …

South Carolina Blues switch to Optum

Beginning Jan. 1, 2020, BlueCross BlueShield of South Carolina‘s pharmacy benefit will be administered by OptumRx. There will be little or no effect on most members from this change. However, there are a few updates to BlueCross’ prescription drug coverage for 2020:  ID Cards: All members will receive a new ID card in December to replace their current one. Members should …

Future 2- Do your own blood test!

LabCorp, one of the largest clinical laboratory companies in the world, is now giving consumers the option to order their own blood tests online as it positions itself for a major expansion of brick-and-mortar testing sites in Walgreens stores.    The company announced the new offering July 22 as an expansion of its “Pixel” platform. Pixel was launched last October with self-directed …