Author Archives: Hoffman Insurance Group
The chart below summarizes Medicare’s coordination of benefits rules for employer-sponsored health plans, which determine whether the group health plan or Medicare pays first on health care claims. Read More
On Jan. 9, 2024, the U.S. Department of Labor (DOL) released a final rule, effective March 11, 2024, revising the agency’s guidance on how to analyze who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). … Continue reading
4 Key Trends Driving Employer Health Care Costs in 2024
Brought to you by: Hoffman Insurance Group, LLC Amid ongoing inflation pressures, employees and employers alike can expect their health care costs to increase in 2024. Global professional services firm Aon reported that health care costs for employers will grow … Continue reading
The U.S. Food and Drug Administration (FDA) recently approved Zepbound, further expanding the market of government-approved weight loss medication. The new injectable drug, which is made by Eli Lilly and Company, is intended for use by adults with obesity or … Continue reading
Health FSA Limit Increases for 2024
On Nov. 9, 2023, the IRS announced the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs … Continue reading
What You Should Know About Medicare Enrollment
Medicare is health care coverage for those age 65 and older. It’s important to understand Medicare enrollment and coverage options to avoid penalties down the road. Whether you’re reaching the age of 65 or you’re older and switching from your … Continue reading
HIGHLIGHTS The IRS has announced the affordability percentage that will apply under the ACA’s pay or play rules for plan years beginning in 2024. This percentage (8.39%) is a significant decrease to the affordability threshold. ALEs will need … Continue reading
LEGAL UPDATE – PCORI Fee Amount Adjusted for 2024
The Internal Revenue Service (IRS) has issued Notice 2023-70 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2023, and before Oct. 1, 2024. The updated PCORI fee amount is … Continue reading
This article provides a general summary of the rules and potential tax consequences for withdrawals (or distributions) from health savings accounts (HSAs). Read More Trending
Number of Uninsured Drivers Increases as Rates Rise 5.9% in H1 2023
By Will Jones As personal auto insurance rates continue to accelerate upward, drivers are at a crossroads. Some are taking to the market to find cheaper rates—while others are choosing to drive without coverage. Auto insurance premiums have increased at … Continue reading
