The Biden Administration announced, on August 29, the first ten prescription drugs that will be subject to Medicare price negotiations. The Inflation Reduction Act allows the Medicare Drug Price Negotiation Program to work directly with drug manufacturers to improve the affordability of high-cost name-brand drugs. The ten Medicare Part D …
On July 17, 2023, the Food and Drug Administration approved an injectable drug designed to protect children up to 2 years of age from respiratory syncytial virus (RSV). The Centers for Disease Control and Prevention’s (CDC) Advisory Committee for Immunization Practices is set to meet to determine who should be …
The first over-the-counter (OTC) birth control pill, Opill, was approved on July 13, 2023, by the U.S. Food and Drug Administration and will become available in stores by early 2024. The U.S. is now amongst approximately one hundred other nations that allow the sale of OTC birth control pills. The …
As a result of President Biden’s Inflation Reduction Act, Medicare can directly negotiate prices of prescription drugs covered under Medicare Part B or Part D. The initial guidance on the Medicare Drug Negotiation Program was released this past March and requested public comment on its key program elements. Since then, …
Merck, a pharmaceutical company, filed a lawsuit against the U.S. Department of Health and Human Services and the Centers for Medicare and Medicaid Services (CMS). The lawsuit claims that the Medicare drug price negotiation process in the Inflation Reduction Act (IRA) violates the U.S. Constitution. Merck requests an injunction from …
A new study through Vanguard, an investment firm, found that Americans of all ages increased their participation in workplace retirement plans over the past twenty years. Notably, in 2021, 62% of Gen Z workers were actively saving by utilizing a 401(k), in comparison to 30% in 2006. While Gen Z, …
In the competitive job market, employees are seeking job opportunities offering benefits that align with their needs. In a recent Gallup poll, 61% of the survey respondents said they consider work-life balance and well-being when weighing a new position. The poll reinforced the idea that employees value benefits equally as …
On April 1, 2023, states that maintained continuous Medicaid enrollment during the COVID-19 pandemic could start terminating coverage for ineligible individuals. While some of these individuals will enroll in subsidized coverage through the Exchange, federal regulators expect around 5 million people will seek employer-sponsored health coverage. Therefore, employers can expect …
Amazon announced on January 24, 2023, a new Prime membership benefit from Amazon Pharmacy called RxPass. This service is only available to those who have an Amazon Prime membership. Details Members will be able to fill as many prescriptions from a list of around 50 generic medications as needed for …
The Centers for Medicare and Medicaid Services (CMS) recently released the maximum limits on cost-sharing for 2024, which will go into effect for plan years beginning on or after January 1, 2024. The maximum annual limitation on cost sharing in 2024 is: $9,450 for self-only coverage $18,900 for family coverage …
Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code 6055 or 6056 have reporting deadlines in early 2023. Employers with self-insured health plans and applicable large employers (ALEs) with fully insured or self-insured health plans are subject to ACA reporting. ALEs are typically employers with 50 or …
Group health plans and health insurance issuers will be required to make an internet-based price comparison tool available to participants, beneficiaries, and enrollees for plan years beginning on or after January 1, 2023. The tool will be used to provide consumers with estimates of their cost-sharing liability from different providers …
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 …
