I've just been
notified that the carrier we broker’s use for adult entertainment is
withdrawing from the market effective 4-30-20. Anyone renewing or wanting
coverage before than will be okay.
I have no idea what
admitted / rated carrier will become available but will searching long and wide.
I'll update
whenever possible.
For years now it has been common practice to only offer standard HMOs and PPOs to your employees, but as premium, deductibles, and max-out-pockets continue to reach for the sky, now may be the time to look at additional options.
Below are explanations of each:
HSA
A Health Savings Account (HSA) is a tax-deductible savings account that is owned and funded by the employee to help save for - and cover - qualified health care expenses and prescriptions. Like a bank account, HSA funds remain with the member, but can only be spent on health care expenses. Insurance Companies can pair an HSA with a High Deductible Health Plan (HDHP) or Consumer Driven Health Plan (CDHP(1) ) to help cover out-of-pocket medical expenses, including prescription drugs. Like the HRA, employers can add funds to an HSA as a rewards program for employees who engage in healthy lifestyle choices.
HRA
A Health Reimbursment Account (HRA) is an employer-funded health savings account. Insuarance Companies can pair an HRA with a High Deductible Health Plan (HDHP) or a Consumer-Driven Health Plan (CDHP) to help employees pay for covered costs. CDHPs often require employees to pay the deductible first, before the HRA account will reimburse additional health care costs. Employers can also add funds to the HRA to establish a rewards program for employees who engage in healthy lifestyle choices.
FSA
A Flexible Spending Account (FSA) is an arrangement that employees set up with their employers, allowing them to set aside pre-tax money to pay various kinds of expenses, like co-insurance or child care, for example. An FSA can be paired with any plan. Insurance Companies can set up an FSA that is directly integrated with medical claims processing, so employees are automatically reimbursed for eligible out-of-pocket expenses.
CDHP (1)
Typically, CDHPs have lower premiums but higher deductibles (the amount members pay out-of-pocket for health services before the health plan pays). CDHPs are typically paired with Health Savings Accounts (HSA). An HSA is a tax-exempt bank account, set up to help save for - and cover - qualified health care expenses and prescriptions. A CDHP combined with an HSA or other type of health account may also be called a high deductible health plan (HDHP).
