On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: These limits vary based on whether an individual has self-only…
Colorectal cancer is the fourth most common cancer, excluding some types of skin cancer, and the fourth leading cause of cancer-related deaths for adults in the United States, according to the Centers for Disease Control and Prevention. Colorectal cancer occurs in the colon or the rectum, and it is often curable if the cancerous polyps…
Employers are getting creative in an effort to reduce their healthcare costs, including looking for alternatives to the typical preferred provider organization (PPO) plan. Many are choosing self-insurance coupled with reference-based pricing (RBP), which is the assessment and payment of medical claims based on Medicare reimbursement data or the provider’s self-reported cost to deliver the…
A full-service health plan solution with the savings of reference-based pricing (RBP) built-in provides savings that could never be achieved with a PPO, and more freedom too. And with those cost savings, employers are laying the groundwork to be more competitive. The reference-based pricing (RBP) model starts at the bottom with an actual cost amount,…
RBP: A Transformative Solution
Experts warn of a “tripledemic” threat of respiratory syncytial virus (RSV), influenza (flu) and COVID-19 this winter. With several viruses circulating, you may worry about every cough or sneeze and wonder what you have. Since these illnesses are all caused by viruses that affect your respiratory system, they also share some symptoms. This can make…
The Consolidated Appropriations Act, 2023 (CAA), which was signed into law on Dec. 29, 2022, extends the ability of high deductible health plans (HDHPs) to provide benefits for telehealth or other remote care services before plan deductibles have been met without jeopardizing health savings account (HSA) eligibility. This extension applies for plan years beginning after…
Learn how healthcare can deliver the strategic advantage your business needs. Combat rising business costs by rethinking your health plan strategy. Rising healthcare costs were once viewed as a necessary evil over which you had little control. Another year, another cost increase. But that mindset has shifted as companies have discovered new strategies that put…
Like many other people, you may be thinking about what you would like to accomplish in 2023 or what life changes you could make. Common New Year’s resolutions include losing weight, exercising, getting organized, learning new skills and saving money. To achieve your resolutions, try the following strategies: Ready, Set, Go! 2022 has likely given…
Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with reporting deadlines in early 2023. For the 2022 calendar year, covered employers must: Penalties may apply if employers are subject to ACA reporting and fail to file returns and furnish statements by the applicable…