Managing Your Medications and Your Health

Posted on Jul 10, 2017 in Industry & Legislative News

Choosing the medication that’s right for you is up to you and your doctor. Most insurance companies can help by offering an extensive list of covered brand, generic, and specialty medications so you and your doctor can decide what’s best for you based on how well it works and how much it costs. Most drugs fall into one of four categories:

Generic Medications – Generic medications have the same active ingredients, dosage, and strength as their brand name counterparts. You will usually pay less for generic medications.

Preferred Brand Medications – Preferred brand medications will usually cost more than a generic, but may cost less than a non-preferred brand. When a generic drug is not available, choosing a preferred brand can be a lower cost option.

Non-preferred Brand Medications – Non-preferred brand medications generally have generic alternatives and/or one or more preferred brand options within the same drug class. You will usually pay more for non-preferred medications.

Specialty Medications – Often more expensive medications, high technology medications and self-administered injectable medicine that are not available under preferred or non-preferred brand levels.

So how do you use your medical plan to get the most benefit?

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Links to IRS Forms 1094 and 1095 plus instructions!

Posted on Feb 3, 2016 in Health Care Reform

The forms for 1094 and 1095 healthcare reporting are available online from the Internal Revenue Service website.

As a refresher:

  1. Form 1094-C is used by employers to give an overview of their plan and cost, and to prove they offered minimum essential coverage to their employees.
  2. Form 1095-C is used by employees and employers to show if they had minimum essential health coverage during the year.

The Internal Revenue Service has the forms available online, along with instructions to help employers complete the forms.

Form 1094-Chttps://www.irs.gov/pub/irs-pdf/f1094c.pdf

Form 1095-Chttps://www.irs.gov/pub/irs-pdf/f1095c.pdf

Instructions for completing Forms 1094-C and 1095-Chttps://www.irs.gov/pub/irs-pdf/i109495c.pdf

Keep in mind that the links above are for reports due for plan year 2015. Each year the IRS may adjust these forms and update them, so be sure you are using the form for the correct tax year.

For questions on how to find plan information or plan reports to complete these documents, check with your Benefit Advisor or your Third Party Administrator.

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