About Us:
| Harbour Health Insurance Solutions is providing area businesses and individuals with comprehensive, cost-effective and value-added health benefits with packaged solutions.
In an extremely competitive industry, Harbour Health has set itself apart by delivering unparalleled service, advocacy and cost savings.
Our turnkey approach to servicing clients allows them to outsource their insurance and benefits needs to a proven expert and to redirect their time and resources toward what matters most to them.
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| Our Contact Information: |
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Phone: (843) 671-9200
Fax: (843) 671-9201
Email:
info@hhisolutions.com
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Good Morning!
We've put together some of the most recent important news in the insurance industry.
Please give us a call or send us an email if you have any questions or concerns about the information enclosed in this newsletter.
We look forward to being an advocate for you in the insurance world.
Have a happy and healthy day!
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Health Savings Account (HSA)
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What is a Health Savings Account ("HSA")?
A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.
You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account.
You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.
What Is a "High Deductible Health Plan" (HDHP)?
You must have an HDHP if you want to open an HSA. Sometimes referred to as a "catastrophic" health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn't pay for the first several thousand dollars of health care expenses (i.e., your "deductible") but will generally cover you after that. Of course, your HSA is available to help you pay for the expenses your plan does not cover.
For 2008, in order to qualify to open an HSA, your HDHP minimum deductible must be at least $1,100 (self-only coverage) or $2,200 (family coverage). The annual out-of-pocket (including deductibles and co-pays) for 2008 cannot exceed $5,600 (self-only coverage) or $11,200 (family coverage). HDHPs can have first dollar coverage (no deductible) for preventive care and apply higher out-of-pocket limits (and copays & coinsurance) for non-network services.
How can I get a Health Savings Account?
Consumers can sign up for HSAs with banks, credit unions, insurance companies and other approved companies. Your employer may also set up a plan for employees as well.
How much does an HSA cost?
An HSA is not something you purchase; it's a savings account into which you can deposit money on a tax-preferred basis. The only product you purchase with an HSA is a High Deductible Health Plan, an inexpensive plan that will cover you should your medical expenses exceed the funds you have in your HSA. However, HSA trustees often will charge fees for their services.
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What is COBRA?
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Congress passed the
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) on April 7, 1986.
COBRA includes amendments to the Employee Retirement Income Security Act of 1974 (ERISA). The law deals with a great variety of subjects, such as tobacco price supports, railroads, private pension plans, emergency room treatment, disability insurance, and the postal service, but it is perhaps best known for Title X.
Title X of COBRA gives employees, and their qualified beneficiaries, the opportunity to continue their group health insurance coverage when a "qualifying event" would normally result in the loss of coverage. Employees and their beneficiaries pay the full cost for the same coverage that is offered through the group insurance plan. COBRA members may be subject to a 2% administration fee.
The COBRA continuation of coverage only applies to employers with 20 or more employees on more than 50% of their typical business days in the previous calendar year.
"Qualifying events" are certain events listed in the COBRA law that would cause an individual to lose health coverage. The type of qualifying event will determine who the qualified beneficiaries are and the amount of time that a plan must offer the health coverage to them under COBRA.
Since the Federal COBRA laws apply only to group health insurance plans with 20 or more employees, the majority of businesses operating in any state do not fall under federal COBRA regulations. Therefore, most states have enacted their own versions of COBRA regulations for continuation of coverage. These state COBRA laws are often referred to as state continuation of coverage or "mini-COBRA".
Not all states have mini-COBRA legislation, and the regulations that are in existence will vary substantially from one state to the next. Information about your state can be found at the state department of insurance website.
South Carolina, Georgia, North Carolina, and Florida all offer the a state continuation of coverage option for groups.
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| Employers with voluntary benefits stand out | By Kathleen Koster
October 14, 2010
Voluntary benefits help organizations retain employees and attract fresh talent, a new survey finds.
Like what you see? Click here to sign up for Employee Benefit News daily newsletter to get the latest news and important insight into trends in benefits management.
According to the WellPoint Inc. research, 83% of American employees think more highly of employers that offer voluntary insurance benefits than those that don't.
This extends to job seekers as well, almost all of whom (nearly 90%) consider it important that companies offer a full range of health benefits, including voluntary, when accepting a new position. A full 56% consider it "very important."
Voluntary benefits can improve employees' overall perception of benefits as well. Whereas 82% of employees whose companies offer voluntary benefits are content with their packages, that satisfaction declined by 30% for those companies which fail to offer such benefits.
"The survey findings suggest that employees definitely see the value in voluntary benefits," says Jeff Spahr, staff vice president of vision and voluntary services for WellPoint. "Therefore, employers should consider including voluntary insurance as part of their benefits portfolio - employees expect them, and when they are offered, employees tend to become healthier and more productive at work. Everyone wins," he adds.
Two thirds of employees report that their company currently offers voluntary insurance with specific demographics more likely to have access to these benefits. This includes 71% of men, 74% of those working in the Northeast region of the United States, 81% of workers in large companies, and 74% of those with an average household income of $50,000 or more.
Even though a significant amount of employers offer these benefits, only about half of workers say they are knowledgeable about the voluntary insurance products offered at their companies.
Retention is only part of the reason to offer access to these benefits; 67% of employees claim voluntary benefits would increase productivity at work as well.
The main reasons employees enroll in voluntary benefits include cost savings (54%), greater protection for their families (50%) and ease of mind (44%).
The WellPoint survey was conducted online among a national sample of 2,500 Americans ages 18 and up in August 2010.
Click Here to View the Original Article Online |
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