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Learn the advantages of Individual Coverage HRAâs
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Last updated on July 16th, 2021 at 06:51 pm
As companies re-shift their focus from survival to growth following the pandemic, many employers are placing renewed emphasis on employee health and wellbeing â and rethinking their health benefits packages in the process.
When youâre a business owner, offering employer-provided health coverage is a great way to attract and retain top talent, and improve job satisfaction in the workplace. But over the years, rising healthcare costs have become a source of significant stress for employers and employees, alike.
Since 2010, average family premiums have increased more than 55 percent. In the past five years alone, the Kaiser Family Foundation found that annual family premiums for employer-sponsored health insurance rose 22 percent to an average of $21,342 in 2020, with employers contributing more than two-thirds toward the cost of coverage.
Canyon News
UNITED STATES Hi Toni: My husband is an oil company retiree and two weeks ago, we received a letter stating that his employer is terminating current Medicare eligible retirees group benefits with a termination date of September 30, 2021, when the plan renews.
His employer has chosen a specific HRA company to help us choose the right Medicare and Part D options and assist with administering the HRA account that pays our insurance premiums. My husband and I will want an appointment with your office to sort out what is the right option for our retiree benefits.
We do not want a major catastrophe by making the wrong decision for our future Medicare needs. Thanks, Becky from Sugar Land area
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The Internal Revenue Service issued Notice 2021-31, providing the much-anticipated guidance plan sponsors, multiemployer plans, and COBRA administrators have been waiting for related to the COBRA subsidy provisions under the American Rescue Plan Act.
Notice 2021-31 (the Notice) is lengthy, at more than 40 pages with 86 questions and answers. Despite its length, much of the guidance is not surprising and is a carryover of previous Internal Revenue Service (IRS) guidance related to the COBRA subsidy under the American Recovery and Reinvestment Act of 2009. The Notice comes as plan sponsors and COBRA administrators are gearing up to issue required notices to subsidy eligible individuals under the American Rescue Plan Act (ARPA) (known as assistance eligible individuals).