Tag Archives: National

Tanning Industry blames ObamaCare for collapse.

It could just be the cyclical nature of fads like tanning.  it could be the health consequences.  However the tanning industry is blaming the 10% tax placed on them by ObamaCare for loss of more than half the tanning salons, and 81,000 jobs in the country in the past few years.  (The cynic in me wonders how many of those 81,000 are now covered by ObamaCare?)

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OSCAR Health Plans leaving NJ

PRESS RELEASE 8/23/16:

 

Today, we’re announcing that Oscar has decided to withdraw our plans from the New Jersey market beginning January 1, 2017. We will continue to serve the New York, Long Island, San Antonio, Los Angeles and Orange County markets, and we will begin serving the San Francisco market, effective January 1, 2017. We will continue to pay broker commissions through the end of 2016 on all policies placed with Oscar in New Jersey.

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Medicare Part D Notices required by 10/14

Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2016-the start date of the annual enrollment period for Medicare Part D. CMS has provided model disclosure notices for employers to use.

Excessive Retirement Plan Fees

As an Accredited Investment Fiduciary, this is the compliance area that worries me the most.  In the last week, notice of suit has been filed against Everett Jones, Cornell University, Northwestern University, Columbia University and the University of Southern California.  These suits allege excessive fees, and alot of that comes from requiring “proprietary funds” in the plan.  A clear example of this seems to be Edward Jones, as the suit alleges that employees are required to invest in high-fee Funds owned/controlled by Edward Jones.

To be clear, none of these companies have been found guilty, and may in fact be found innocent.  It is simply this – excessive fees is the current “hot” lawsuit – and clearly it is avoidable.  Why set your company up for this?

My clients wonder why I provide them an annual fee benchmarking reports, and monitor the investments so closely, and the answer is simple – to avoid this issue in the first place.

AETNA COVENTRY leaves SC individual Market

As expected, AETNA/Coventry is leaving the South Carolina individual medical market as of January 1.  This has a couple of important ramifications.   For more on their nationwide pullout of Obamacare, click here.

IMPACTS-  

  1.  IF you have AETNA/Coventry individual Coverage now-   you will have to make a new choice for January 1, and we will help with that.
  2. THIS leaves only two carriers in the state for next year – Blue Cross and Blue Choice, which ALSO means….
  3. IF you need MUSC as a hospital, now would be the time to talk to your providers, and get their recommendation on who to go to going forward.  MUSC has refused to do a contract with the Blues on the individual market and you WILL NOT BE ABLE to use them next year, unless something changes.

Just as a reminder, the Affordable Care Act was going to let you “…keep your doctors and hospitals if you want to.”  Love my job.

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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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