Category Archives: Health Insurance

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

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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

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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

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Health Care Costs Projected to Grow 7% in 2024

Health care costs are expected to grow 7% in 2024 due to rising pharmaceutical expenses driven by specialty drugs and insurers increasing rates in response to inflation, according to an annual report from professional services firm PricewaterhouseCoopers (PwC). This trend … Continue reading

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FICA Reduction Redux – IRS Issues Guidance on Wellness Indemnity Payments

On June 9, 2023, the IRS released OCC Memo 202323006, which advises that wellness indemnity payments under a fixed indemnity insurance policy are wages for purposes of Federal Insurance Contributions Act (FICA) taxes, Federal Unemployment Tax Act (FUTA) taxes, and … Continue reading

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Major Health Insurers Warn of Increased Medical Costs

Major health insurers UnitedHealth and Humana are warning about a jump in medical costs this year due to higher-than-anticipated demand for surgeries and other medical procedures. Insurers have benefited from nonurgent surgery delays during the COVID-19 pandemic and hospital staffing … Continue reading

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REMINDER: PCORI Fees Due By July 31, 2023

Employers that sponsor self-insured group health plans, including health reimbursement arrangements (HRAs) should keep in mind the upcoming July 31, 2023 deadline for paying fees that fund the Patient-Centered Outcomes Research Institute (PCORI) via Form 720, which was recently updated … Continue reading

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Strategies for Identifying and Resolving Gaps in Benefits Offerings

In today’s competitive employment landscape, many organizations recognize that employees are their most valuable asset. To attract and retain top talent, employers must go beyond competitive salaries and create holistic and meaningful employee benefits packages that address diverse workforce needs. … Continue reading

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