The Internal Revenue Service (IRS) issued Notice 2022-59 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount. This fee amount affects plan years ending on or after October 1, 2022, and before October 1, 2023, with the amount increasing to $3.00 multiplied by the average number of lives covered …
The Kaiser Family Foundation (KFF) recently conducted a survey featuring 2,188 interviews with non-federal public and private firms. The survey is used as a touchpoint for employer-sponsored health coverage, examining employee contributions, cost-sharing, wellness programs, telehealth services, and more. Premiums and cost-sharing The survey found the average annual premium for …
For many, open enrollment is right around the corner. Selecting an appropriate health plan can be difficult. While there are many helpful resources that offer instructions on how to weigh plan options, for some, it is more beneficial to know common pitfalls and mistakes to avoid. Some common missteps include: …
Approximately 3 in 4 employers claim that retention and attraction is one of their top five greatest challenges. Retaining valuable employees is the first step in strengthening a company’s workforce. When top employees are content and stay with the company, employers have a stronger foundation when attracting new talent. What …
Employees consider benefits to be a deciding factor when job hunting. With the effects of the pandemic, offering benefits that provide a sense of financial and emotional security is imperative for employers looking to retain and attract talent. In 2023, consider the following benefits and perks that will meet employees’ …
Over three in four adults in the United States believe prescription drug costs are unaffordable, and the average American spends around $1,300 per year on them. While costs are high, there are ways consumers can cut costs. To save money on medications, you should consider: Comparing prices. Drug prices vary …
During the fall and winter seasons, respiratory infections become more common as people spend more time indoors. Already, there has been an increase of COVID-19, flu, and respiratory syncytial virus (RSV) cases. Knowing the differences and similarities between these three will help you stay healthy and vigilant. Causes It is …
On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 Medicare Part A and B premiums, deductibles, and coinsurance amounts. Additionally, the 2023 Medicare Part D income-related monthly adjustment amounts were also announced. Medicare Part B Premium and Deductible Physician, outpatient hospital, certain hospital health …
The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to flexible spending accounts, or FSAs. An FSA is a tax-advantaged account, sponsored by the employer, which allows employees to pay for qualified expenses. The account works on an annual basis and is funded through regular …
Approximately 1 in 5 Americans experience mental illness, which can affect their personal and professional lives. Employees suffering from an untreated mental illness can lead to absenteeism, decreased productivity, and an increase in medical and disability expenses. From these losses, employers stand to lose around $300 billion annually. Fortunately, common …
Creative Benefits, Inc. is a “Top Employee Benefits Consultant” in the Philadelphia area, according to Mployer Advisor. Mployer Advisor independently researches each brokerage firm with the goal of providing employers with options based on data. Brokers were evaluated and awarded based on industry experience, company size, and online reviews. The top brokerages …
There are 4 main generations in the 2022 workforce, consisting of Gen Z (around 5%), Millennials (around 35%), Gen X (around 33%), and the Baby Boomers (around 25%). Each of these age groups has their own healthcare wants and needs. Employers should be aware of their employee population and their …
Originally established on October 10, 1992, World Mental Health Day has grown monumentally in the last 30 years. Each year, a new theme for World Mental Health Day is chosen, and this year the theme is “Make Mental Health & Well-Being for All a Global Priority.” In light of the …
Employers and employees alike must prepare for open enrollment. Employers must update materials and properly communicate benefit offerings to their employee populations. Meanwhile, employees need to be familiar with their needs and their family’s needs in order to properly enroll in the most appropriate benefits. Preparing as an employer Effective …
When preparing for open enrollment, it is important to understand your options. Health Saving Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Flexible Spending Accounts (FSAs) are often offered in conjunction with a health plan. Knowing the advantages of each can allow for an easier open enrollment process. Health Savings Account …
