Tag Archives: health insurance
2023 Open Enrollment Checklist
To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan. 1, 2023. Employers should review their plan documents … Continue reading
Combating Rising Benefits Costs During Periods of High Inflation
The U.S. inflation rate has increased by 8.3% over the last year, according to the Bureau of Labor Statistics (BLS). This has led to significant price increases across various consumer goods as well as employee benefits such as health insurance. … Continue reading
2023 HSA Contribution Limits, HDHP Deductible, and Out-of-Pocket Limits
In Rev. Proc. 2022-24, the IRS released the inflation adjusted amounts for 2023 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). The table below summarizes those adjustments and other applicable limits. 2023 2022 Change Annual … Continue reading
Tips for Reducing Your Health Care Costs in 2022
Health care costs continue to rise each year, and 2022 will likely be no exception. In the new year, experts predict a 6.5% increase in medical expenses alone. That’s why it’s important for you to take steps to reduce health … Continue reading
Agencies Issue Guidance on Coverage of OTC COVID-19 Tests
On Jan. 10, 2022, the Depts. of Labor, Health and Human Services (HHS), and the Treasury issued FAQ guidance regarding the requirements for group health plans and health insurance issuers to cover over-the-counter (OTC) COVID-19 diagnostic tests. Legal Requirements Plans … Continue reading
Agencies Release First Rule on the No Surprises Act
On July 13, 2021, the DOL, HHS, and IRS released a joint Interim Final Rule implementing specified provisions of the No Surprises Act, a new law included within the Consolidated Appropriations Act, 2021. The No Surprises Act addresses, among other … Continue reading
Why Starting Open Enrollment Early In 2021 Is More Important Than Ever
The COVID-19 pandemic shook the job market in ways never before seen. For one, it created so much uncertainty that employees who would’ve typically searched for a new job last year decided to stay put. For another, the pandemic prompted … Continue reading
Pandemic and Drug Overdoses Drive U.S. Life Expectancy Down 1.5 Years
A new report from the Centers for Disease Control and Prevention (CDC) revealed that life expectancy in the United States dropped from 78.8 years in 2019 to 77.3 years in 2020. The decline in life expectancy was the largest one-year … Continue reading
Benefits of Health Insurance
Provided to you by Hoffman Insurance Group, LLC This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.
2020 HSA Contributions
IRS Releases 2020 HSA Contribution Limits and HDHP Deductible and Out-of-Pocket Limits In Rev. Proc. 2019-25, the IRS released the inflation adjusted amounts for 2020 relevant to HSAs and high deductible health plans (HDHPs). The table below summarizes those adjustments … Continue reading
