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…

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…

Medicare Part D Notices Are Due Before Oct. 15, 2022
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Medicare Part D Notices Are Due Before Oct. 15, 2022

Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2022—the…

Investing in Employee Health & Well-Being Through On-Site Health Care
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Investing in Employee Health & Well-Being Through On-Site Health Care

Amid the rising cost of health care and current labor challenges, employers are increasingly investing in employee health and well-being as an essential part of their workforce strategy. Many organizations see a strong connection between employee health and well-being and their overall business performance. With this in mind, it should come as no surprise that…

Survey Finds Health Benefit Cost Growth Will Accelerate by 5.6% in 2023
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Survey Finds Health Benefit Cost Growth Will Accelerate by 5.6% in 2023

The average health benefit cost per U.S. employee is expected to increase by 5.6% in 2023, according to early results from Mercer’s National Survey of Employer-sponsored Health Plans 2022. This is significantly higher than the 4.4% projected increase for 2022 but is still lower than overall inflation. The expected 5.6% increase accounts for changes employers…

Tips for Mitigating the Costs of Deferred Medical Care
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Tips for Mitigating the Costs of Deferred Medical Care

For employers, early detection of health issues can reduce the amount of time employees are absent from work for medical appointments and recovery. Employer-offered health plans have traditionally focused on preventive medical care. The pandemic, however, changed how individuals accessed health care. Approximately 41% of people deferred care during 2020 and 2021 due to concerns…