Over recent days, many employers across the state of Tennessee are receiving checks from their health insurance company in compliance with the ACA’s Medical Loss Ratio Rule. Good news!

    Simply stated, the rule requires health insurance companies to provide an annual rebate to the policyholder (employer) of an ERISA plan if the insurer’s medical loss ratio falls below a minimum level. The level is 85 percent for companies with more than 100 employees and 80 percent for smaller groups or individuals. Eleanor Kennedy’s recent NBJ article from July 24 speaks more specifically to the amounts and carriers involved.

    However, you might be thinking as an employer, what am I to do with this money? Yes, you do have special fiduciary obligations.

    1. If the employer paid 100 percent of the premium, the rebate is the employer’s.
    2. If there were fixed amounts paid by the employer and employees, the rebate should be shared proportionately.
    3. Former employees are entitled to a share of the rebate unless the cost of distributing the funds is comparable to the entitled amount. If so, 100 percent of the rebate may be allocated to current employees.
    4. Possibly the most common method, the employer uses the rebate to fund future employee premiums, enrich benefits, or any other permissible purpose. The decision you make must be exercised within three months of receiving the rebate.

    In conclusion, two things are important:

    Consult with your benefits advisor on guidance as to what would be the most effective path to take and how to take it.

    Finally, whichever option you land on, be sure to document it for audit purposes as justification of your action will be reviewed.

    Happy spending…

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    Why do I keep getting checks from my health insurance company?
    Fortunately, the federal government is trying to force health insurance companies to be more efficient, making them issue rebates when they don't spend enough on care. If your health insurance company has been charging too much, you could receive a check for hundreds of dollars by the end of the month. more
    Should you have a health check at 40?
    If you're in the 40 to 74 age group without a pre-existing condition, you should receive a letter from your GP surgery or local council inviting you for a free NHS Health Check every 5 years. You can also call your GP surgery to book a Health Check. You may want to try this online Heart Age test. more
    How do you check your colon health?
    1. Colonoscopy is one of the most sensitive tests currently available for colon cancer screening.
    2. The doctor can view your entire colon and rectum.
    3. Abnormal tissue, such as polyps, and tissue samples (biopsies) can be removed through the scope during the exam.
    How do I check my health insurance status?
    Online Mode
    1. Visit the Health Insurance Company's official website.
    2. Click on the 'Register a Claim' icon on their website.
    3. Now Select 'Track Claim Status'
    4. It will redirect you to a new page where you provide your Customer ID, Policy Number, Claim Number, and date of birth.
    5. Now enter on 'Submit' button.
    How do I check my GPU health?
    To conduct a stress test with Furmark, click on the 'GPU Stress Test' button, then press the 'Go' button in the second window that pops up. You should hear your fan(s) on your GPU cooler increase speed while the load test enters its first few seconds of the test. more
    Does IRS check health insurance?
    Health care coverage documents You are not required to send the IRS information forms or other proof of health care coverage when filing your tax return. However, it's a good idea to keep these records on hand. This documentation includes: Form 1095 information forms. more
    How do you check someone's mental health?
    Call the Central Coast Hotline for mental health guidance and crisis or suicide prevention 24 hours a day, 7 days a week at (800) 783-0607. Call County of SLO Behavioral Health for a behavioral health evaluation at (800) 838-1381. Call the California Peer-Run Warmline for mental and emotional support at (855) 845-7415. more
    How can I check my health?
    10 health checks you can do at home
    1. Take your temperature. Your body temperature can show if you might have a fever.
    2. Testicular checks.
    3. Be breast aware.
    4. Checking your heart rate.
    5. Blood pressure.
    6. Blood and swab tests.
    7. Checking blood sugar levels.
    8. Meningitis test.
    Does the military check your mental health records?
    Obviously, certain security and safety positions like law enforcement and military agencies require a person to pass a mental health check. This almost always carries an in-depth look at any previous mental health issues you may have had. more
    How do I check my health card balance?
    SMS your CNIC to 8500 or 9780. You can also check your enrolled status free of cost on the home page of this website. more
    How long does health check take?
    The duration of the comprehensive health screening depends on the number of tests done, and can take between 1 hour –1 whole day to complete. more

    Source: www.bizjournals.com

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