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HIPAA’s Privacy Rules Impose New Duties on H.R. Professionals
EXCERPT: "Many human resources (“H.R.”) professionals are aware of the Administrative Simplification Rules of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) but are struggling with how to modify their procedures to comply with its requirements. HIPAA’s Administrative Simplification Rules do not regulate most employers but do regulate “covered entities,” including many “group health plans” sponsored by employers. Although there are three distinct parts to HIPAA’s Administrative Simplification Rules, the Privacy Rules are causing the most concern among H.R. professionals because of their April 14, 2003 effective date (April 14, 2004 for “small” group health plans)."
Full
Article
Spring 2003—Michael Best and Friedrich, LLP
Employment Update
Health Care Market Changes Promise Little Relief From Rising Costs
EXCERPT: "Many consumers can expect to see a greater share of their paychecks go to health insurance premiums and higher out-of-pocket costs when they see a doctor, fill a prescription or go to the hospital. Continuing high cost trends also threaten the affordability of health insurance, especially for low-wage workers and small firms, increasing the likelihood that the number of uninsured Americans will continue to rise."
Full Article
May 21, 2003—Center for Studying Health System Change
Long-term Care Legislation Offers Financial Security
EXCERPT: "Sponsored by Congresswoman Nancy Johnson (R-CT) and Congressman Earl Pomeroy (D-ND), the legislation introduced in the U.S. House of Representatives...phases-in full income tax deductibility of long-term care insurance premiums, even if a taxpayer does not itemize other deductions. The bill also provides an additional incentive for younger individuals to purchase long-term care insurance though their employer’s cafeteria plans or flexible savings accounts.
Full
Article
May 14, 2003—Health Insurance Association of America
Surveys Show Purchasers Value Disability Insurance
EXCERPT: "According to a recently released survey, most employers recognize the need to provide benefits in addition to health insurance in order to attract and retain good employees, and nearly nine out ten employers who do offer disability insurance to their workers say they would recommend it those who don’t."
Full
Article
May 8, 2003—Health Insurance Association of America
Society of Actuaries Debuts First Comprehensive "Post-retirement Risk Chart" Designed to Help Individuals Plan a Successful Retirement
EXCERPT: "'While most Americans understand the importance of saving for retirement, many might not understand the risks after retirement-but that doesn't mean they aren't there,' said Anna Rappaport, one of the creators of the PRRC. 'Just as one wouldn't own a home without fire insurance, we must also look realistically at the risks that might face us in retirement.'"
Full Article
NOTE: The URL given in this article for the Post-retirement Risk Chart was incorrect as of this posting. The correct URL for the chart is:
http://www.soa.org/sections/retirement/prrd_chart.pdf
April 10, 2003—Society of Actuaries
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Learn About: PBMs
Pharmacy benefit managers (PBMs) are companies that administer drug benefit programs for employers and health insurance carriers. Although many PBMs originated as claims processors, they now provide a wide range of services, including disease management, pharmacy network development, and clinical management.
From 1995 to 1999, spending on prescription drugs increased five times faster than overall health care expenditures. During that five-year period, drug expenditures doubled, and those expenditures are expected to double again by the year 2007. To help curb these expenses, many employers and insurers are contracting with PBMs to better manage the cost and utilization of prescription drugs.
Today virtually all claim transactions handled by PBMs are electronic, online and real-time. The use of national standards, formats, and protocols has allowed the PBM industry to bring great efficiencies into this arena depite the high volumes and high complexity that characterize this environment.
Excerpted from "The Basics of PBMs," December 2001, Pharmaceutical Care Management Association (PCMA).
Find more information on the PCMA
website.
The BSG website features more pharmacy
and prescription drug links.
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By providing links to other
sites, The Benefit Services Group, Inc. does not guarantee, approve or
endorse the information or products available at these sites, nor does a
link indicate any association with or endorsement by the linked site to
The Benefit Services Group, Inc.
The preceding is not
intended to be and is not offered as legal advice. We are prohibited
from the practice of law. Compliance is the responsibility of the
employer or Plan sponsor and affected employees, who should seek their
own legal counsel regarding questions about information presented in
this newsletter.
PlanAhead Direct is a
monthly newsletter provided free of charge to select BSG® client
representatives and associates. View and search back issues at www.bsg.com/news/index.htm.
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Copyright 2003 The Benefit Services
Group, Inc. BSG® is a registered trademark of The Benefit Services
Group, Inc.
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