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ERISA Fiduciary Breach Claims Dismissed in Prescription Drug Lawsuit On Jan. 24, 2025, a U.S. District Court for the District of New Jersey dismissed two claims in a class-action lawsuit filed against Johnson & Johnson (J&J), which alleged that the company breached its fiduciary duties under ERISA by mismanaging its prescription drug benefits plan and … Continued
Health care costs are projected to increase substantially in 2025. Estimates show a similar growth in spending to 2024, marking multiple years of compounding costs. Specifically, health care costs in the United States are likely to increase by 7%-8% in 2025, according to the following data from multiple surveys: Large employers predicted their health care … Continued
Mercer Report Projects 5.8% Health Benefits Cost Increase in 2025 U.S. employers estimate health benefit costs will increase by 5.8% in 2025, according to Mercer’s 2024 National Survey of Employer-sponsored Health Plans. This would mark the third consecutive year that the total cost per employee rose more than 5%. The report attributed the higher costs to … Continued
Employers Project 8% Increase in Health Care Costs in 2025 A recent survey of employers by the International Foundation of Employee Benefit Plans (IFEBP) revealed that U.S. employers estimate a median 8% increase in health care costs for 2025. Catastrophic health claims and rising specialty prescription drug prices are driving the projected increase. According to … Continued
Early Preparation Is Crucial for 2025 Open Enrollment With the 2025 open enrollment season around the corner, employers have an opportunity to develop attractive benefits offerings and proactively communicate with employees to win them over. Early preparation can help show employees they are valued, convince top performers seeking job changes to stay in their current … Continued
What Employers Should Know About Precision Medicine Precision medicine, also known as personalized medicine, aims to customize medical care by considering the unique characteristics of each patient. The approach focuses on getting the right treatment to the patient at the right time and for the right price. At its core, precision medicine recognizes that individuals … Continued
Report: Health Care Costs Are 254% Higher for Privately Insured Patients Than Those With Medicare A new RAND report revealed that in 2022, private insurers paid hospitals an average of 254% more than what Medicare would have paid for the same services, a jump from 224% in 2020. The study found that 2022 prices for … Continued
HSA/HDHP Limits Will Increase for 2025 The IRS released the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2025. The IRS is required to publish these limits by June 1 of each year. These limits vary based on whether an individual has self-only or family coverage under an HDHP. … Continued
Prescription Drug Report Is Due by June 1, 2024 Group health plans must annually submit detailed information on prescription drug and health care spending to the federal government. This reporting is referred to as the “prescription drug data collection,” or the “RxDC report.” The next RxDC report is due by Saturday, June 1, 2024, covering … Continued
DOL Releases ERISA Enforcement Results for 2023 The U.S. Department of Labor (DOL) has released the results of its Employee Benefits Security Administration’s (EBSA) enforcement actions during fiscal year (FY) 2023. The DOL has broad authority to investigate or audit an employee benefit plan’s compliance with ERISA. EBSA handles audits of employee benefit plans for … Continued