When employees ponder their lives in retirement, hobbies, travel, and mid-afternoon naps are likely more top-of-mind than paying for healthcare.
Even with Medicare picking up the majority of healthcare expenses for post-65 retirees, the average couple will still need $390,000* to cover medical expenses during retirement. And that doesn’t even include long-term care. The problem today is that the average retirement savings for a couple in their 60s is only $152,000**. (more…)
On Nov. 15, 2019, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a proposed rule regarding transparency in coverage that would impose new transparency requirements on group health plans and health insurers in the individual and group markets. Specifically, the proposed rule would require plans and issuers to disclose:
- Cost-sharing estimates to participants, beneficiaries and enrollees upon request; and
- In-network provider-negotiated rates and historical out-of-network allowed amounts on their website.
The proposals would only apply to non-grandfathered coverage, and would also apply to self-insured group health plan sponsors.