Articles
Medicare Part D Notice Reminder: Deadline of October 14th
Monday, September 26, 2022
Employers with group health plans that provide prescription drug coverage to individuals who are eligible for Medicare Part D must comply with certain disclosure requirements.
MLR Rebates Are Coming
Monday, September 26, 2022
Employers sponsoring a fully-insured group health plan may soon be getting a check from their insurer. This check is a medical loss ratio (MLR) rebate that insurers are required to distribute to their plans when too large of a portion of the premiums charged in the previous year go toward the insurer’s administration, marketing, and profit, rather than going toward paying claims and quality improvement initiatives.
Markets in Focus :: Q3 Insurance Pricing & Market Update
Wednesday, August 31, 2022
Even though the commercial insurance industry has grown over the past few years and revenues have been increasing, the market has slightly slowed down because of the COVID-19 pandemic. This was mainly due to the severe economic downturn that forced many businesses to close temporarily or permanently.
What’s in a Name?
Thursday, August 25, 2022
Builder’s risk insurance is a special type of property coverage that indemnifies against damage to buildings while under construction. Typically, the project owner or general contractor requires that these policies be purchased according to the master contract, such as the American Institute of Architects’ form.
How to Protect Your Business from Water Damage
Tuesday, August 16, 2022
Water damage: two words no business owner wants to hear. Many business owners and property managers’ greatest concerns stem from fire damage, but water can be just as catastrophic. While fire losses continue to top the severity charts, water damage has climbed the ranks the past few years in both frequency and severity.
2023 “Affordability” Percentage
Friday, August 5, 2022
In Revenue Procedure 2022-34, the IRS significantly decreased the affordability percentage from 9.61% to 9.12% for 2023. This percentage determines which applicable large employers may face penalties under §4980H(b) for failure to offer affordable coverage as well as which individuals may qualify for subsidized coverage through a public Exchange.
Insurance Takeaways from the 2022 Washington State Legislative Session
Tuesday, July 19, 2022
Learn more about these bills on long-term care taxes, credit scoring use in personal lines insurance, and ergonomics regulations and the impact they could have on your programs from Parker, Smith & Feek Account Executive Chris Corry in the Puget Sound Business Journal.
Busting the Myths About Cyber Insurance
Thursday, July 14, 2022
With cyberattacks on the rise, cyber liability insurance has become an important component of any risk management plan. However, many businesses believe that they don’t need cyber insurance and haven’t considered it. Parker, Smith & Feek Account Executive Janie Ma busts four common myths about the protection that cyber insurance provides in Alaska Business.
Tips to a Successful Property Renewal
Tuesday, June 28, 2022
Over the past few years, we have experienced the impact of a hard insurance market and watched in disbelief as insurance premiums soared to new heights. While the insurance market remains challenging, there are things you can do to help mitigate rising insurance costs.
Supreme Court Decision – Abortion Rights
Monday, June 27, 2022
The Supreme Court released its decision regarding abortion rights on June 24, essentially reversing the previous Roe v. Wade and Planned Parenthood v. Casey decisions.
Marine Employers’ Liability Coverage: What Is It, And Do You Need It? Part 2
Thursday, June 23, 2022
In part II of Marine Employers’ Liability Coverage: What is it, and Do You Need it? Parker, Smith & Feek Account Executive Mark Gleason discusses the first factor of an MEL exposure – if the injury happened on a vessel
Transparency Compliance – Machine Readable Files (MRF)
Monday, June 6, 2022
Under the “Transparency in Coverage” Final Rule (TiC), issued in 2020 by the U.S. Department of Health & Human Services, U.S. Department of Labor, and U.S. Department of the Treasury (collectively the Departments), effective 7/1/22, health plans (which include employers who sponsor employee benefit plans) and health insurance issuers must publicly post pricing data known as the “machine-readable files” or (“MRFs”).
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