READ Insider Online
HSAs = INNOVATIVE RETIREMENT SAVINGS
48% of Millennials and Gen Z’ers invest using their HSA
Contributing to a 401(k) or Roth IRA are common ways to start preparing for living expenses in retirement, but they aren’t the only strategic way to build a nest egg.
According to data from the Charles Schwab 2022 401(k) Participant Study, 48% of Millennials and Gen Z’ers who are offered the option to contribute to a Health Savings Account (HSA) choose to do so. This move is motivated by the desire to start saving for healthcare-related expenses in retirement.
HSA accounts were designed to allow individuals with a high-deductible health plan (HDHP) to easily save money for medical- and health-related expenses. However, an HSA can also strategically be used to save money for retirement, in conjunction with a 401(k) or IRA account. Read more.
GROUP HEALTH
Sponsored by Word and Brown
Help Your Clients Be in the Know!
Four Major California Employment Law Changes For 2023
California employers will see a number of changes affecting human resources in the new year. Major themes include compensation and leave, but employers also will need to note legislation that adds new retaliation protections for workers, attorneys told HR Dive. Read More
Healthcare Premiums Stable For Now, But Next Year Could See Hikes: KFF Survey
Healthcare insurance premiums remained stable in 2022 compared to 2021 but might surge next year because of inflation and the demands of employees for better mental health coverage, according to the Kaiser Family Foundation’s “2022 Employer Health Benefits Survey.” Read More
MEDICARE
Sponsored by AppliedGA.com
Good to know…. MA plans now at 48%
AP: Medicare Enrollees Warned About Deceptive Marketing Schemes
With Medicare’s open enrollment underway through Dec. 7, health experts are warning older adults about an uptick in misleading marketing tactics that might lead some to sign up for Medicare Advantage plans that do not cover their regular doctors or prescriptions and drive up out-of-pocket costs. Dive in here.
The New York Times: Medicare Advantage Or Just Medicare?
The proportion of eligible Medicare beneficiaries enrolled in Medicare Advantage plans, funded with federal dollars but offered through private insurance companies, has hit 48%. By next year, a majority of beneficiaries will probably be Advantage plan enrollees. Read full article.
Get to Know New Medi-Cal Chief Health Equity Officer at Blue Shield of CA
Valerie Martinez, Blue Shield of California Promise’s New Chief Health Equity Officer, is Ready to Make a Difference for Medi-Cal Members
Read about Martinez here.
EXIT PLANNING
Group Health Broker Ponders the Future
Looking for a way to exit the business? Find out what a fair payout is and how to transfer your clients to the right health insurance professional who will advocate for clients as you have for years.
COMPLIANCE
DMHC-Regulated Health Plans Must Provide Access to Emergency & Urgent Care Abortion Services Out-of-State
Protection Applies to 23.5 Million Enrollees
As other states have created obstacles and restricted access to reproductive health care, the California Department of Managed Health Care (DMHC) issued guidance reminding health plans regulated by the Department of requirements to cover and provide access to emergency and urgent care services when enrollees are out of state. This includes when an enrollee needs emergency or urgent care while in another state that may restrict access to reproductive health care services, like abortion care.
This includes covering out-of-area emergency care and urgently needed care for 23.5 million enrollees in DMHC-licensed commercial and Medi-Cal plans. Read full article.
Self-Funded Plans Ignore the Consolidated Appropriations Act At Their Peril
It would be understandable if some leaders of self-funded benefits plans have not devoted ample time and attention to the Consolidated Appropriations Act (CAA), introduced into law in late 2021. Dive in here.
HEALTHCARE COSTS
Good Enough? Not Quite for Millions of Americans that have health insurance
More people in the United States have health insurance than ever before. Yet between cost barriers and coverage exclusions, for millions of Americans it’s often insurance in name only.
Enforcing price transparency laws and introducing reforms that promote value in health care — as opposed to the delivery of more services — would slow growth in spending. And to provide relief in the short term, policymakers could make the Inflation Reduction Act’s premium subsidies permanent.
In a recent survey 40% of working age adults who were insured for the full year said they had to skip or delay health care they needed because they could not pay for it. We can do better.
Dive deeper. CWF Biennial Health Insurance Survey
PANDEMIC
LAT Editorial: Say what? Public health leaders must improve their messaging on the pandemic
Heading into the third winter since COVID-19 emerged in the U.S., public health leaders have an abundance of information about the deadly virus. How it spreads and how to stop it. What they haven’t yet figured out is how to communicate this information effectively.
Only a minuscule number of people have heeded the recommendation to get the latest booster shot, with about 9% of Los Angeles County residents getting the updated shot, slightly higher than the national average.|
Clearly, the guidance isn’t getting through, but it doesn’t have to be that way. Health specialists should remember that trusted voices are at the heart of any successful information campaign. Take a look here.
How The World Can End Covid-19 As A Public Health Threat
The journal Nature published today global consensus recommendations to end Covid-19 as a public health threat. It took a panel of almost 400 independent-thinking scientists, doctors, and representatives of community groups from more than 100 countries (we were among the co-chairs) some 14 months to develop and agree on these recommendations.
Take away: Building global consensus may be the most important step of all, not just to end Covid-19 but to address similar challenges in the future.
Will There Be a COVID-19 Surge in the Fall and Winter Seasons? YES!
When Is the Best Time to Get a Shot/Booster? NOW!
Blue Shield of California’s chief medical officer, Dr. Susan Fleischman, shares tips on how to stay protected during the holidays.
COVID-19 cases spiked between November and February in 2020 and 2021, so it is likely that we’ll see a spike again this year. It’s impossible to know how severe or widespread it will be, but we can control how we prepare. Vaccines are the best way to curtail a serious illness during a surge.
A recent study found that if 80% of eligible people received their booster by Dec. 31, 2022, we could:
- Save nearly 90,000 lives
- Avert over 900,000 hospitalizations
- Avert 25 million infections
- Save $56 billion in healthcare costs
Now, what are you waiting for? Details here.
RESOURCES
Money.com Guide to Identity Theft Protection
The team at Money.com analyzed the best identity theft protection services so readers can steer clear. Check it out!
ACCOLADES
Word & Brown deemed the best!
The Word & Brown Companies selected one of Business Insurance’s “Best Places to Work in Insurance” for 2022. The award recognizes outstanding insurance-related employers for their outstanding performance in establishing workplaces where employees can thrive, enjoy their work, and help the companies grow. Details here.
EVENTS CALENDAR
WEBINARS
- Nov. 10, 10:00 – 11:00 am PST: NAHU Professional Employer Organizations (PEO) and what makes a PEO Broker Friendly. Sponsored by JustWorks. Register.
- Dec. 1, 11:30 – 1:30 pm PST: WIFS: Tax Year In Review and What’s Coming in 2023. Contact Janet Fishman: janet@wifs-losangeles.org
- Dec. 6, 10 am PST: JorgensenHR free Labor Law Update webinar. Register.
- Goldmine! Guardian Life + Spring Health Mental Wellness Webinar Series. Online live, and on demand. Next up: Dec. 14, 9 am PST, Grief & Loss: Productively processing strong emotions. Register
CONFERENCES
- Nov. 13-16, HLTH 2022 Health Innovation Expo, Las Vegas. Register
- Dec. 1, EBRI 2022 Retirement Summit, Washington D.C. Online & in person. Register
- Dec. 19-21, Money 2.0 Conference, White Wing CEO Joshua Schneeloch will present along with other experts. Las Vegas. Details
2023 EVENTS
- Jan. 24, 10:00 AM to 1:00 pm PST, NAHU Live Virtual Corporate Wellness Certification.Register
- Feb. 23, 11:30 am – 1:30 pm PST by Zoom, 70th Annual Will G. Farrell Award & Leadership Recognition Event, sponsored by NAIFA-LA and FSP. Info: janet@wifs-losangeles.org
- Mar. 4, 9:00 am to 1:30 pm PST, by zoom: WIFS-LA Women’s Forum “Embrace Empowerment” Early Registration Discount thru Dec. 31, 2022.wifs-losangeles.org/events/. Register
- March 13-15, Ellevate Women’s Leadership 2023 Summit, JW Marriott just outside Las Vegas. Register here.
- May 8-10, 2023 CAHIP Capitol Summit, Sacramento. Info.
California Broker November 2022 Print Magazine out NOW!
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