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Executive Order on Health Costs to Affect Employer Health Plans
President Donald Trump recently signed an executive order aimed at improving price and quality transparency in health care.
The 29th annual Retirement Confidence Survey (RCS), conducted by the Employee Benefit Research Institute (EBRI) in 2019, found that two-thirds of U.S. workers (67%) are confident in their ability to live comfortably throughout their retirement years (up from 64% in 2018). Worker confidence now matches levels reported in 2007 — before the 2008 financial crisis.
Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2019, discuss the current financial condition and ongoing financial challenges that both programs face, and project a Social Security cost-of-living adjustment (COLA) for 2020.
One of the most important documents participants must receive automatically when becoming covered under a health benefit plan that is subject to ERISA (the federal Employee Retirement Income Security Act) is a summary of the plan, called the Summary Plan Description or SPD. The fact is, many employers are confused about this very important ERISA-required disclosure, which can put them at risk.
Health FSA Limit to Increase in 2019
The ACA imposes a dollar limit on employees' salary reduction contributions to health flexible spending arrangements (health FSAs) offered under cafeteria plans.
At Brooks Financial Group, we strive to provide our business relationships with insightful, timely information to help their businesses thrive. Wellness programs have faced unique challenges and scrutiny in 2018. As the year winds down, it’s important to review a few important areas as we launch into 2019. The article below offers some updates on:
If you offer employer-sponsored health and welfare plans - such as life, disability, medical and dental – you will want to review the required reporting and disclosure obligations. This checklist offers a great overview.
Understanding and successfully managing your financial affairs is an important component in the life of most any working adult. Discover the many benefits of introducing financial education programs into the workplace and see why so many employers are taking the first step to provide their employees with the financial literacy skills they need.