Category Archives: Health Insurance
Group Health Plan Fiduciary Litigation on the Rise
Enforcement of the strict standards of fiduciary conduct set forth in the Employee Retirement Income Security Act (ERISA) has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their … Continue reading
Medicare Part D Changes May Impact Creditable Coverage Status of Employer Plans
The Inflation Reduction Act of 2022 (IRA) includes several cost-reduction provisions affecting Medicare Part D plans, which may impact the creditable coverage status of employer-sponsored prescription drug coverage beginning in 2025. Employers that provide prescription drug coverage to individuals who … Continue reading
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
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
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
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
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
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
