Transparency in Coverage:
Health plan price transparency helps consumers know the cost of a covered item or service before receiving care. Beginning July 1, 2022, most group health plans and issuers of group or individual health insurance will begin posting pricing information for covered items and services. This pricing information can be used by third parties, such as researchers and app developers to help consumers better understand the costs associated with their health care. More requirements will go into effect starting on January 1, 2023, and January 1, 2024 which will provide additional access to pricing information and enhance consumers’ ability to shop for the health care that best meet their needs
What is the Affordable Care Act:
ACA was signed into law, March 2010. It was designed to extend health insurance coverage to millions of uninsured Americans. Lower-income families can qualify for extra savings on health insurance plans through premium tax credits and cost-sharing reductions.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events.
Mission: To foster, promote, and develop the welfare of the wage earners, job seekers, and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.
What is ERISA: The Employee Retirement Income Security Act
Stands for the Employee Retirement Income Security Act of 1974. This act establishes minimum standards for retirement, health, and other welfare benefit plans such as life insurance. disability insurance, and programs designed to assist employees. ERISA ensures that the employees are getting the benefits promised by their employers.
Purpose of ERISA:
The main purpose of ERISA is to protect the interests of employees (and their beneficiaries) who are enrolled in employee benefit plans, and to ensure that employees receive the pensions and group-sponsored welfare benefits that have been promised by their employers
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that required the creation of national standards to protect sensitive patient health information from being disclosed without the patient’s consent or knowledge.
The mission of the Department of Banking and Insurance is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of those industries.
The Department of Financial Services supervises and regulates the activities of approximately 1,500 banking and other financial institutions and more than 1,400 insurance companies.
Please note this list is not fully inclusive of all carriers Benchmark Planning Group works with, we are always looking for right strategic and innovative partners.
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