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What is a Section 125 employer health insurance plan?

[su_box title=”To sum it up…” style=”default”] Section 125 Cafeteria plans provide savings and benefits for both the employer and the employees The plan must meet the requirements of IRS section 125 by offering at least one taxable benefit and one qualified benefit Employees get savings, flexibility, and control of health spending Obamacare changed cafeteria plans, […]

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What does UMR health insurance stand for?

[su_box title=”To sum it up…” style=”default”] Self-funding is a way for an employer to provide insurance coverage for employees Some self-funded companies operate insurance systems in-house to carry out their plans and legal obligations Some companies contract with specialists or third party administrators to manage their self-funded insurance program UMR is a company that manages […]

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What is the definition of “minimum value standard”?

[su_box title=”To sum it up…” style=”default”] The Affordable Care Act reformed health insurance coverage in favor of consumers The Act requires everyone to have qualified health insurance. Qualified health insurance must have a minimum value The minimum value standard applies to all health insurance policies issued after 2014 [/su_box] Before the Affordable Care Act, insurers […]

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How do you prove you have health insurance?

[su_box title=”To sum it up…” style=”default”] The Forms 1095-A, B and C show proof of essential health insurance coverage but only the 1095-A needs to be included when filing your tax return There are stiff financial penalties for not getting and maintaining health insurance coverage Contact your employer, insurer or marketplace if your document seems […]

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What is a specified medical insurance policy?

[su_box title=”To sum it up…” style=”default”] A specified medical insurance policy is any health or accident insurance that covers individuals, families, and groups, excluding additions to coverage that are not part of the main policy The PCORI trust fund was established in 2010 as a means of privately utilizing expertise in the health industry to […]

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What is the role of a health insurance specialist?

[su_box title=”To sum it up…” style=”default”] The duties of a health insurance specialist explained in direct terms Training and qualifications a health insurance specialist must complete in qualifying for the position. The reasons you may need to speak to a health insurance specialist Health insurance is more than a policy. It is about having a […]

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