Wevodau Insurance & Benefit Strategies

Make sure your family is not financially burden with your passing. Click here for a FREE Life Insurance quote: https://lnkd.in/d-s7jqEe

What is COBRA? Answer from Bethany, SHRM-SCP: COBRA is short for the Consolidated Omnibus Budget Reconciliation Act of 1985. It’s a federal law that allows certain employees and covered dependents to elect to continue their same group health coverage, at their own cost, when it would otherwise be discontinued because of a qualifying event. These qualifying events include termination or reduction in hours, death of a covered employee, divorce or legal separation, Medicare entitlement, and loss of dependent status. Generally, COBRA can be used for up to 18 months, and in some circumstances, up to 36 months. COBRA applies to most group health plans that are sponsored by employers with 20 or more employees on more than 50% of their typical business days in the previous calendar year. COBRA doesn’t apply to plans sponsored by the federal government, churches, or church-related organizations. For COBRA purposes, group health plans include things like medical coverage, dental and vision plans, health flexible spending arrangements, health reimbursement arrangements, and other programs related to health benefits. COBRA does not cover plans that provide only life insurance or disability benefits because these are not considered medical care. Additionally, certain voluntary benefit plans may be exempt from COBRA. Any qualified beneficiary who experiences a qualifying event must be offered the opportunity to elect COBRA. A qualified beneficiary is an individual covered by a group health plan on the day before a qualifying event occurs and who is an employee, the employee’s spouse or former spouse, or the employee’s dependent child. A child who is born to or placed for adoption with a COBRA participant is also automatically considered a qualified beneficiary. You can find more information about COBRA, including notice requirements, on the platform. This Q&A does not constitute legal advice and does not address state or local law. TAKEN FROM HR SUPPORT CENTER 7/23

Why is Disability Insurance necessary? Are your employees covered? Give us a call - we would be happy to help with your employee benefits. [717] 761-0393

As a new school year begins, Wevodau Insurance & Benefit Strategies, Inc thought we’d share a timely reminder for everyone that learning shouldn’t end once the tassel has been turned 🎓 On that note, have you learned something new or taken up a new hobby recently? We’d love to hear about it in the comments 🍎✏️

Question: What is PCORI filing? Answer from Angela, CIC, CISR, SHRM-CP : The Affordable Care Act (ACA) created the Patient-Centered Outcomes Research Institute (PCORI) to study clinical effectiveness and health outcomes. To finance the institute’s work, a small annual fee—commonly called the PCORI fee—is charged on group health plans. PCORI filing is generally not required for standalone, self-funded dental or vision plans if they are considered “excepted benefits.” A plan qualifies as excepted benefits if it is not an integral part of the group health plan, meaning participants are able to decline or opt out of the coverage, and claims and benefits are administered under a separate contract from the group health plan. Employers sponsoring self-funded and level-funded plans—such as group medical coverage, COBRA continuation, and most health reimbursement arrangements—must calculate their PCORI fee using one of the three allowable methods and file by July 31. You can learn more about PCORI filing on the platform. This Q&A does not constitute legal advice and does not address state or local law. TAKEN FROM HR SUPPORT CENTER 7/23

Are your offering your employees the best benefits for your budget ? Give us a call, we love new clients! 717-761-0393

Protect your loved ones. Click here for a FREE quote for Life Insurance. https://lnkd.in/d-s7jqEe

Did you ever wonder how Disability Insurance would work for your employees? We are happy to help you with this benefit, give us a call. 717-761-0093

Experience a big life change recently? If you have life insurance, you may no longer be adequately covered 🤔 Here are a few big changes that mean it’s time to review your policy: ✔️ You married or divorced. ✔️ You welcomed a child into your family. ✔️ You started a new job or a business. ✔️ You received a medical diagnosis that may require costly treatments. ✔️ You purchased a home. If you’re not sure if an event qualifies as a significant life change, just ask – we’re happy to help. Get a free quote at https://lnkd.in/d-s7jqEe

The reality: keeping a strong employee benefits package depends on how often you monitor and update it. Check out these five tips for your next benefits audit: 🏢 Benchmark your offerings - Take a look at what other companies of your size, industry, or geographic area offer their employees. You might be surprised to learn what benefits your competitors provide 📈 Look at the trends - Take note of benefits trends to ensure your benefits package is keeping up with the times ❓ Survey employees - Ask exiting and current employees which benefits matter most to their quality of life 📝 Consider training - Offer employer-funded courses inside or outside the workplace to bolster worker development and morale 📍 Evaluate location - Work-from-home and hybrid offerings can help improve work-life balance in tangible ways Wevodau Insurance is a BROKER that is here to help you through this process. Give us a call 717-761-0393 Any thoughts on these pointers? Drop them below!