After rejecting the first proposal from the National Council on Compensation Insurance (NCCI) of a 3.3 percent overall decrease in workers’ compensation rates, Florida Insurance Commissioner Kevin McCarty has accepted the updated rate filing of 5.2 percent. Florida’s Office of Insurance Regulation (OIR) issued an order earlier in November saying the state would not accept […]
Archive | Insurance
Can Health Insurance Rebates Affect Workers’ Comp Premiums?
Since 2012, the Affordable Care Act (ACA) has required insurers with a certain medical loss ratio (MLR) to issue a rebate to employers. Depending on the way the rebates are distributed, you may end up paying more for your workers’ compensation insurance. Medical Loss Ratio The MLR provision of the ACA states that insurers must spend […]
Health FSA Limit Will Increase for 2015
The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA) offered under a cafeteria plan. This limit first became effective for plan years beginning on or after Jan. 1, 2013. The ACA set the health FSA contribution limit at $2,500. For years after 2013, […]
Contractors Professional Liability Insurance
Normally reserved for design professionals, such as architects, engineers or web designers, contractors professional liability insurance (CPLI) protects contractors from claims arising from negligent errors or omissions that occur while they are performing a professional service. This coverage has become increasingly necessary for contractors who have taken on the responsibility of both designing and building. […]
Q&As on Employer Reporting of Health Coverage (Section 6056)
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6056. These new reporting rules require applicable large employers (ALEs) subject to the ACA’s employer shared responsibility rules to report information on the health coverage offered to full-time employees to the Internal Revenue Service (IRS) and covered individuals. Related statements […]
Health Care Reform Draft Instructions for Employer Reporting of Health Coverage Released
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. On Aug. 28, 2014, the Internal Revenue Service (IRS) released […]
Federal Courts Issue Conflicting Rulings on Subsidies in Federal Exchanges
Several lawsuits have been filed by individuals and employers to challenge the ability of the federal government to provide tax credits under the Affordable Care Act (ACA) to individuals in states that did not establish their own Exchanges (that is, in states with federally-facilitated exchanges, or FFEs). These lawsuits were filed in response to an […]
Healthcare reform pushes preventive care as precautionary means to combat major illnesses.
According to the U.S. Centers for Disease Control and Prevention (CDC), 7 out of 10 Americans die each year from chronic diseases, many of which are preventable. When preventive care is used and illnesses and diseases are caught early enough, individuals can avoid or better control their health problems. What Is Preventive Care? Preventive care […]
Fighting Workers’ Comp Fraud with Special Investigation Units
Fraudulent workers’ compensation claims are estimated to cost employers several billion dollars annually. Ranging from employees squeezing a few extra days off work to completely fabricated injuries, fraudulent claims can increase your premium costs and negatively influence your bottom line. To reduce costs associated with fraudulent claims, it is important you know how to detect […]
Is paying small workers’ comp claims out of pocket ever a good idea?
Medical-only claims are an important factor in the experience modification rating process. In many states, these claims, also known as injury or IJ code type 6 losses, are reduced by 70 percent for the mod calculation. This reduction is known as the experience rating adjustment (ERA). The ERA was implemented in many states in the […]