On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970 … Continue reading
Tag Archives: health insurance
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
Posted in Health, Health Insurance, Insurance Carriers
Tagged health, health insurance, Insurance
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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
Posted in Government, Health, Health Insurance, Uncategorized
Tagged health, health insurance, IRS, tax
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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
Posted in Employer HRA, Government, Health Insurance, Tax
Tagged health insurance, IRS, tax
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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
Posted in Health Insurance, Summary of Benefit and Coverage, workplace
Tagged benefits, compensation, health insurance, human resources, Insurance
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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
Posted in Health Insurance, Health Savings Account
Tagged health insurance
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DOL Issues Guidance on Preventive Care Court Order
On March 30, 2023, the United States District Court for the Northern District of Texas issued an order in Braidwood Management Inc. v. Becerra (“Braidwood”), vacating any and all actions taken by the DOL and other federal agencies (in the … Continue reading
Posted in Affordable Care Act, Government, Health, Health Insurance, Health Reform News, Preventive Care
Tagged ACA, health, health insurance, health reform
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Agencies Issue Guidance on the End of the COVID-19 Emergencies (Revised based on the President’s Signature of H.J.Res. 7 on April 10, 2023)
On January 30, 2023, President Biden issued a Statement of Administration Policy announcing his intent to end the COVID-19 national and public health emergencies on May 11, 2023. However, on April 10, 2023, the President signed H.J.Res. 7, which … Continue reading
Posted in Affordable Care Act, Broker Alert, Coronavirus, Government, Health Insurance, Insurance Agent, Insurance Carriers
Tagged coronavirus, health insurance
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ACA Pay or Play Penalties Will Increase for 2024
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Workers Are Enrolled in HDHPs – Over Half of U.S. Private-sector
More than half (55.7%) of American private-sector workers were enrolled in high deductible health plans (HDHPs) in 2021, according to the Kaiser Family Foundation’s recent 2022 Employer Health Benefits Survey. The 5.3% increase from 2020 is the highest on record, … Continue reading
Posted in Economy, Health, Health Insurance, High Deductible Health Plan, workplace
Tagged employee, health insurance
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Employee Guide to the Major Types of Health Plans
You have many choices when it comes to selecting a health insurance plan, which can make the process feel overwhelming. Health plans vary and have their own sets of benefits and drawbacks related to coverage, physicians, copays and premiums, among … Continue reading
Posted in Employee Wellness, Health, Health Insurance, Health Savings Account, High Deductible Health Plan, Sugar Land Insurance, workplace
Tagged benefits, employee, health, health insurance, Insurance Agent, sugar land insurance
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