Straight From The Source Blog by Higginbotham Insurance

You can’t run a healthy business without a healthy workforce. However, maintaining a roster of healthy employees is a constant challenge, especially when you consider that about half of all adults have one or more chronic conditions such as diabetes or heart disease.

Business is becoming increasingly global. This can lead to new opportunities, but it can also complicate risk management. If you operate an overseas business, you need to make sure it’s protected with the right insurance.

Medicare Part D Notices Due Before Oct. 15, 2019

Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2019—the start date of the annual enrollment period for Medicare Part D. CMS has provided model disclosure notices for employers to use.

This notice is important because Medicare beneficiaries who aren't covered by creditable prescription drug coverage and don't enroll in Medicare Part D when first eligible will likely pay higher premiums if they enroll at a later date. Although there are no specific penalties associated with this notice requirement, failing to provide the notice may be detrimental to employees.

To make the process easier, employers often include Medicare Part D notices in open enrollment materials sent out annually. If a plan sponsor chooses to provide the disclosure notice with other plan participant information, the creditable coverage disclosure must be prominent and conspicuous. This means that the disclosure notice portion of the document or a reference to the section in the document that contains the disclosure notice portion must be prominently referenced in at least 14-point font in a separate box, bolded or offset on the first page of the provided plan participant information. Also, as a practical matter, group health plan sponsors often provide the creditable coverage disclosure notices to all plan participants.

Employer Takeaway
Employers should confirm whether their health plan’s prescription drug coverage is creditable or non-creditable and prepare to send their Medicare Part D disclosure notices before Oct. 15, 2019. “Before” means the individual must have been provided with the notice within the past 12 months. So, if it was provided on or after Oct. 16, 2018, that will suffice.

In 2003, Texas passed a law governing the steps a residential homeowner must take before bringing a lawsuit against a contractor for a construction defect. The process allows builders and other involved parties an opportunity to immediately inspect and repair before a homeowner may file suit, and it offers limitations on the consumer awards available under the Texas Deceptive Trade Practices Act.

Attending college is an exciting time for children. Whether it’s deciding where to go, what to major in or figuring the finances, there are a lot of decisions to think about. Before they leave the nest, here are three things to consider when it comes to having the right insurance policy.

Many of your workers have student loan debt. It may be causing significant stress. It may even be distracting them from work. To help with this growing problem, more employers are offering student loan assistance benefits. Here’s what you need to know before you launch your own program.

Extending credit to your clients isn’t just a nice perk, it’s expected in today’s business climate. Credit not only enhances the purchasing power of your customer base, it can also attract prospects that may not have otherwise been able to buy from you.

The air your workers breathe could be killing them. Respirable silica is a known health hazard. Because silica has many applications in the construction industry, construction site managers and employers should be aware of the risks and know how to manage them with a silica exposure control plan.

IRS Expands Preventive Care for HDHPs to Include Chronic Conditions

On July 17, 2019, the IRS released Notice 2019-45 to add care for a range of chronic conditions to the list of preventive care benefits that can be provided by a high deductible health plan (HDHP) without a deductible. This includes treatment and medication for asthma, diabetes, heart disease and depression, among others.

Your commercial property insurance policy likely includes a deductible. If you file a claim, the deductible is the amount you will have to pay out of pocket before the insurance company pays. While deductibles are seen in many types of insurance, from health to auto, they can work a little differently in commercial property policies.