The Consolidated Omnibus Budget Reconciliation Act (COBRA) was passed in 1986 to provide opportunity for continuation of group health coverage that would otherwise be terminated when a worker loses their job. The law covers group health plans maintained by employers with 20 or more employees. It applies to private sector plans as well as those sponsored by state and local governments. The only organizations with 20 or more employees whose plans aren’t covered by this law are those sponsored by the Federal government and certain church-related organizations.
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Whether your company already has a dental plan and you are facing renewal, or you are just now approaching the subject of offering a dental plan in your workplace, similar considerations are paramount: how to provide the highest level of benefits and best care to employees, but at a cost that is reasonable—and affordable—both to your business and to employees.
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Employers sponsoring a high-deductible health plan (HDHP), in tandem with a health savings account (HSA), can choose whether to make contributions to the HSA, or to leave it to participating employees to take care of the funding. However, if the employer does decide to contribute to employees’ HSAs, IRS regulations require that contributions be comparable among “comparable participating employees.” Contributions are comparable when they are the same dollar amount or same percentage of the HDHP deductible.
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Americans are on track to replace 57% of their income in retirement, according to Fidelity’s Retirement Index of Spring 2006, which is up slightly from last fall (56%). The Retirement Index is reported twice a year, and is based on a national online survey of 2,000+ working Americans.
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