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Final Forms and Instructions for 2023 ACA Reporting Released The IRS has released final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: 2023 Forms 1094-B and 1095-B (and instructions) will be used by providers of minimum essential coverage, including self-insured plan sponsors that are not applicable large employers (ALEs), … Continued
2024 Open Enrollment: The Power of Early Preparation With the 2024 open enrollment season fast approaching, 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’re valued, convince top performers to stay in their current positions and attract new talent. … Continued
ACA’s Pay or Play Affordability Percentage Decreases for 2024 On Aug. 23, 2023, the IRS released the affordability percentage threshold for 2024 plan years under the Affordable Care Act’s (ACA) pay or play rules. For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA’s pay or play rules if the … Continued
Managing Costs Associated With Cell and Gene Therapy Cell and gene therapy (CGT) is a treatment that modifies a patient’s genetic code to treat or cure specific diseases. These treatments have the potential to enhance patient care and outcomes, but they come at a very high cost. While there’s an urgency to bring CGT to … Continued
HSA/HDHP Limits Increase for 2024 On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: The maximum HSA contribution limit … Continued
Understanding Lifestyle Spending Accounts Chances are you’re paying more attention to your benefits and wondering how to get the best bang for your buck. You’re likely familiar with health savings and flexible spending accounts, but have you heard of lifestyle spending accounts (LSAs)? An LSA is an employer-funded account that can cover some health- and … Continued
Now more than ever, employees are looking to their employers for guidance on navigating their available benefits and how to stretch their dollars further. As such, effective open enrollment communication is critical this year. According to a Voya Financial survey, nearly one-third of American workers (31%) eligible for benefits admitted they don’t fully understand any … Continued
Celebrate World No Tobacco Day by Learning About Smoking Cessation According to the American Lung Association, smoking kills over 480,000 people every year. Few people would disagree that smoking is hazardous to their health, yet millions continue to take part in this unhealthy habit. The most recent data from the Centers for Disease Control and … Continued
As the COVID-19 pandemic worsens and becomes increasingly widespread, you will likely be facing more and more questions from your clients regarding business continuity planning. COVID-19 has already led to huge business interruptions, supply chain issues and liability concerns—all of which can open your clients up to claims. Employers, no matter their industry or size, … Continued