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Straight From The Source Blog by Higginbotham Insurance

Higginbotham

Recent Posts


October 2019 Retirement Times

October 15 , 2019

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3(38) or 3(21): Which Fiduciary Service is Right for You?

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Tags: Retirement Plans


October HR News Worth Review

October 10 , 2019

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Federal Agencies Finalize Resources for Mental Health Parity Compliance

The Departments of Labor, Health and Human Services and the Treasury (Departments) have finalized resources to promote compliance with the Mental Health Parity and Addiction Equity Act (MHPAEA). 

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Tags: Compliance


How to hire for diversity while avoiding reverse discrimination claims

October 09 , 2019

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Businesses around the country are striving to employ a diverse workforce. While this is a worthy goal, pursuing it in the wrong way could lead to problems. Specifically, if a company isn’t careful, pushing for diversity could result in claims of reverse discrimination.

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Tags: Employee Benefits


Will you still be in business after disaster strikes?

October 03 , 2019

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For a business owner, few things are more frustrating than building a successful operation, only to have it shut down by forces beyond your control. Whether it’s a hurricane, fire, flooding from burst pipes, cyber attack or other emergency, an unexpected disaster can be devastating.

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Tags: Risk Management


Beware of uninsured motorists

September 25 , 2019

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Uninsured drivers are a huge problem across the United States. Each year billions are paid out in uninsured motorists claims. Even though uninsured motorists have steadily declined over the past decade, some states still have one in four drivers behind the wheel without insurance. You can protect yourself with insurance called uninsured motorist coverage.

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Tags: Home & Auto


September 2019 Retirement Times

September 24 , 2019

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Index Funds Looking Beyond Fees

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Tags: Retirement Plans


How employers can leverage data for positive impact

September 19 , 2019

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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.

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Tags: Employee Benefits


Global risk: Do I need specific coverage for my overseas business?

September 12 , 2019

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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.

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Tags: Business Insurance


September HR News Worth Review

September 10 , 2019

 HR-News-Blog

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.

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Tags: Compliance


The Texas Residential Construction Liability Act

September 04 , 2019

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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.

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Tags: Risk Management


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