How to Read an SBC

How to Read a Summary of Benefits and Coverage (SBC) Employers and employees may find an instance in which they need to locate their Summary of Benefits and Coverage (SBC) from their health insurance plan. Once it has been located, it can, at first, seem like a lot of information…
read more

Health Benefits Terminology… Explained!

Deductible… coinsurance… out-of-pocket. What do these terms mean? More importantly, how do these terms impact what you’ll pay for health care? To understand how your insurance company covers your claims and determine what you will owe to your healthcare provider, it can be helpful to first understand these terms. Health Insurance:…
read more

Review your insurance invoices

Any time your organization has new hires, terminations, employee life event changes, or if you’ve just completed open enrollment, get in the habit of reviewing your invoices from your insurance carriers. You’ll want to compare your insurance carrier invoices against the recent changes to make sure you are being invoiced…
read more

Reconciling Your Insurance Invoices

You’ve successfully completed your annual open enrollment and you receive a carrier invoice. Now what? It’s time to reconcile your invoice to your payroll deductions. This is a critical step and one you should do monthly to ensure employees are enrolled in the correct insurance plans and you are paying…
read more

Webinar: Workplace Wellness

Do workplace wellness programs work? Do they lower healthcare costs? Which strategies motivate employees to participate? We brought in our resident expert on workplace wellness, Maria Drees, to answer these questions during our November webinar: Workplace Wellness: Strategies to promote health and wellness at the workplace. Our presentation was centered…
read more

Review Your Insurance Invoices

Any time your organization has new hires, terminations, employee life event changes, or if you’ve just completed open enrollment, get in the habit of reviewing your invoices from your insurance carriers. You’ll want to compare your insurance carrier invoices against the recent changes to make sure you are being invoiced…
read more

Webinar: All Things COBRA

During our September 2020 webinar, we talked about All Things COBRA. COBRA (The Consolidated Omnibus Budget Reconciliation Act) requires employers to offer a continuation of group health benefits when a qualified event occurs (such as job loss) for qualified beneficiaries (such as workers and their families). While it can be…
read more

Webinar: An Employer’s Guide to HSAs

What is an HSA? Health Savings Accounts can be complex for employers and employees. Our July 2020 installment of the acumen Webinar Series explained the HSA to make it easier for employers to administer these plans. Our discussion items included: Eligibility and Participation Contributions HSA administration CARES Act Updates If…
read more

The Grass is Greener – Attracting and Retaining Employees

By Michael Rozum, Advisor at acumen It wasn’t too long ago that we were clamoring for mid-summer days with the warmth of the sun on our faces and higher temperatures. Compared to shoveling a foot of snow in the dark at 5:00PM and 0°F weather, that sounded like heaven. It’s…
read more

Webinar: Mid-Year Election Changes: Section 125 Cafeteria Plans

Our June 2020 edition of the acumen Webinar Series, covered the general rules of Section 125 Cafeteria Plans and the information employers need to know about mid-year election changes to these plans. We also discussed: 15 events permitting mid-year changes Other event considerations Recent developments, including changes related to COVID-19…
read more