Benefits News
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…
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…
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…
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…
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…
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…