Reference-based Pricing

Reference-based Pricing

Health care costs continue to rise, which means employers need to take every opportunity to lower expenses. One strategy is to employ reference-based pricing (RBP). RBP enables employers to set limits on certain medical services, shifting the cost-analysis burden onto employees. How it Works RBP works by setting spending limits on certain procedures or services—meaning…

Alternate Funding: Captives
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Alternate Funding: Captives

It has become increasingly important for employers to offer some form of an employee benefits package in order to attract and retain a strong workforce. Additionally, employers may want to protect their company from the risks associated with offering employee benefits. While employers have traditionally insured their employee benefits risks through an outside insurance carrier,…

6 Strategies for Tackling Rising Health Care Costs in 2023
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6 Strategies for Tackling Rising Health Care Costs in 2023

Most employers are concerned about their health care costs rising in 2023. According to Willis Towers Watson’s (WTW) 2022 Emerging Trends in Health Care Survey, 94% of employers reported managing health care benefits costs will be their top priority over the next two years. Employers will likely avoid shifting costs to employees because of the…

5 Tips for Effective 2023 Open Enrollment Communication
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5 Tips for Effective 2023 Open Enrollment Communication

Now more than ever, employees are looking to their employers for guidance on navigating their available benefits. Employees are likely paying more attention this year as they navigate record-high inflation and work to maximize every hard-earned dollar. During the 2023 open enrollment season, employers should be poised to provide their employees with resources and tools…

Health FSA Limit Will Increase for 2023
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Health FSA Limit Will Increase for 2023

On Oct. 18, 2022, the IRS released Revenue Procedure 2022-38 (Rev. Proc. 22-38), which includes the inflation-adjusted limit for 2023 on employee salary reduction contributions to health flexible spending accounts (FSAs). The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health FSAs. This dollar limit is indexed for cost-of-living…

Patient Protections from Surprise Medical Bills
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Patient Protections from Surprise Medical Bills

The “No Surprises Act” (NSA) was enacted on Dec. 27, 2020, as part of the Consolidated Appropriations Act, 2021 (CAA), to increase health care transparency and protect consumers from surprise medical bills. Effective for plan years beginning on or after Jan. 1, 2022, the NSA provides federal protections against surprise medical billing by limiting out-of-network…

What to Know About This Year’s Flu Season
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What to Know About This Year’s Flu Season

Influenza (flu) season lasts from October through May in the United States, with peak flu activity happening between December and March. The country’s flu activity has been unusual since the COVID-19 pandemic began, which could pose consequences for the upcoming season. Furthermore, flu season in the Southern Hemisphere may indicate what’s to come in the…

Healthy Recipe: Spaghetti Squash With Tomatoes, Basil and Parmesan
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Healthy Recipe: Spaghetti Squash With Tomatoes, Basil and Parmesan

Makes: 4 servings Ingredients 1 spaghetti squash (about 24 ounces, halved, seeded) 1 Tbsp. olive oil 3 Tbsp. Parmesan cheese ¼ tsp. dried oregano 2 tsp. dried basil (or ½ cup fresh basil, chopped) 1 cup cherry tomatoes (thinly sliced) Salt and pepper to taste (optional) Preparations Place the two spaghetti squash halves, cut-side down,…

The Art of Mindful Eating
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The Art of Mindful Eating

Taking time to be mindful of your eating process and not focusing on restricting calories could enhance your awareness of the experience, improve your relationship with food and help you lose weight. Mindful eating can be an essential practice in today’s multitasking world. Multitasking while eating can lead to less satisfaction with your meals, less…

Pay or Play Affordability Percentage Decreased for 2023
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Pay or Play Affordability Percentage Decreased for 2023

On Aug. 1, 2022, the IRS issued Revenue Procedure (Rev. Proc.) 2022-34 to index the contribution percentages in 2023 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2023, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not…