In December 2015, the Department of Health and Human Services (HHS) proposed out-of-pocket (OOP) maximums for 2017 nongrandfathered health plans.

The proposed OOP maximums are as follows:

• Self-only coverage: $7,150 in 2017 (up from $6,850 in 2016)
• Family coverage: $14,300 in 2017 (up from $13,700 in 2016)

The OOP maximum includes an individual’s yearly deductible and any other cost-sharing responsibilities that he or she may incur after the deductible is met (for example, coinsurance or copays). The OOP maximum does not count towards premiums, cost-sharing for out-of-network care, or spending on nonessential health benefits.

This increase is based on methodology outlined in the ACA and is tied to increases in group health care plan premiums. The final rule is forthcoming (HHS’ final rule on 2016 OOP maximums was released at the end of February last year). Read More

Due to concerns about the rising number of skin cancer cases, in December 2015, the U.S. Food and Drug Administration (FDA) proposed rules that would ban anyone under the age of 18 from using indoor tanning beds.

In winter, it can be tempting to jump into a tanning bed for some added color. However, tanning beds give off radiation that is 10 to 15 times stronger than the sun.

Tanning beds are linked to a number of health risks, including melanoma, the most dangerous form of skin cancer. Health risks increase each time someone tans; therefore, using tanning beds at young age can be especially harmful.

The proposed rule would also require all customers to sign a risk acknowledgement form before their first tanning session and every six months thereafter stating they’re aware of the health risks.

The FDA will take comments from the public on the proposal for 90 days. If approved, violators could be subject to penalties, tanning bed confiscation and legal action. Read More

Educate Employees on 401(k) Loans

Employers should advise employees about taking out loans on their 401(k) and how those loans may affect their long-term financial goals.

When an employee takes money out of his or her 401(k) savings, that money is no longer there to provide additional growth.

Further, many 401(k) plans require an outstanding loan to be repaid in full upon separation from the company. This is a risk employees should be made aware of.

In December, the Federal Reserve announced it will raise interest rates by a quarter of a percentage point. This rise in interest rates will affect the cost of taking out a 401(k) loan. A higher interest rate means the employee will be required to make higher payments when repaying the loan. If an employee is unable to repay the loan, the loan will be treated as an early withdrawal subject to income taxes and additional tax penalties. Read More

Grieving is a normal part of life, but can become unhealthy if it overtakes everything else.

Grieving Triggers

Grief is a reaction to a major loss. It is most often an unhappy and painful emotion triggered by the death of a loved one, but can occur after the death of a cherished pet, the loss of a job or the end of a relationship. People can also experience grief if they have an illness for which there is no cure, or a chronic condition that affects their quality of life.

Responding to Grief

Everyone feels grief in their own way, but there are certain stages to the process of mourning. It starts with recognizing a loss and continues until a person eventually accepts that loss. Responses to grief will vary depending upon the circumstances of the death or loss. For example, if the person who died had a chronic illness, the death may have been expected; the end of that person’s suffering might even come as a relief. However, if the death was sudden, accidental or violent, coming to the stage of acceptance could take longer. Read More