At the close of 2024, Congress passed two new pieces of legislation: the Paperwork Burden Reduction Act and the Employer Reporting Improvement Act. These laws simplify the Affordable Care Act (ACA) reporting requirements for employers and introduce new limits on the IRS’s authority to enforce “pay-or-play” penalties, among other changes. Under the ACA, applicable large … Continued
Key Takeaways From the CAA-mandated Prescription Drug Cost Report The Consolidated Appropriations Act, 2021 (CAA) mandates that group health plans and health insurance issuers submit annual data on premiums, enrollment, medical spending and prescription drug rebates to various departments to address this. This initiative, known as the Prescription Drug Data Collection (RxDC), aims to enhance … Continued
Most organizations treat employee benefits like a seasonal event. Open enrollment brings a flurry of activity – emails, seminars, and even benefits fairs. However, communication often dwindles after this initial push, leaving employees confused and underutilizing their valuable benefits. This is a missed opportunity. Research shows that employees crave more benefits education, spending hours researching … Continued
February is American Heart Month, a time to raise awareness about cardiovascular health and how to keep your heart in top condition. Are you taking steps to protect your heart? You can actively reduce your risk for heart disease by adopting a healthy diet, staying physically active, and managing your cholesterol and blood pressure. Heart … Continued
For employers subject to the Affordable Care Act (ACA), staying compliant with reporting requirements is non-negotiable. With 2025 due dates just around the corner, now is the time to prepare for distributing Forms 1095-C to employees and filing with the IRS. These forms provide essential information about health coverage offered to employees and are critical … Continued
PCORI Fee Amount Adjusted for 2025 The IRS recently issued Notice 2024-83 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2024, and before Oct. 1, 2025. The updated PCORI fee amount is $3.47 multiplied by the average number of lives covered under the plan. … Continued
Employee benefits are the indirect and non-cash compensation paid to an employee. These benefits are given to employees over their salaries and wages. As we look ahead to 2025, companies are increasingly exploring innovative solutions to address the evolving needs of their workforce. Driven by shifts in work environments, economic challenges, and technological progress, the … Continued
New to a Health Savings Account (HSA)? Here’s What You Need to Know As the name suggests, a Health Savings Account(HSA) is a special savings account used to pay for healthcare-related expenses. An HSA has potential financial benefits for now and later. Not only can you save pre-tax dollars in this account to pay for qualified … Continued
Healthcare costs are projected to rise significantly in 2025. To mitigate these increases, consider these tips: Know Your Plan: Take time to review what your health plan covers—and what it doesn’t—to avoid unexpected costs. Understand your health plan’s coverage, including deductibles, co-pays, and out-of-pocket maximums. Utilize In-Network Providers: Receiving care from out-of-network providers can dramatically … Continued
The Importance of Preventive Care Chronic diseases, many of which are preventable, are responsible for 7 of 10 deaths each year in the United States. When preventive care is used, and illnesses and diseases are caught early enough, you can avoid or better control your health problems. Preventive care is a type of health care … Continued