Tag 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
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
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
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
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
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
HSAs, HRAs and FSAs
Employer Cheat Sheet for HSAs, HRAs and FSAs – Infographic Employers are increasingly looking to consumer driven health plans to help soften the blow of continually rising health care costs. Depending on the model, consumer driven health plans typically include … Continue reading