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 …
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 …
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 …
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 …
Group health plan sponsors must disclose to individuals eligible for Medicare Part D and to the Centers for Medicare and Medicaid (CMS) whether the health plan’s prescription drug coverage is creditable or non-creditable. The annual disclosure must be provided to Medicare-eligible individuals before October 15, 2022. After employers determine whether …
In order to make informed benefit decisions, you need to understand each of your options. Some plans will require referrals, a primary care physician (PCP), or include a specific network of providers. Understanding what a plan offers will allow you to use your benefit to its fullest capacity. Health …
The Inflation Reduction Act was signed into law by President Biden on August 16, 2022. The primary function of the law is to combat inflation and reduce carbon emissions; however, the law contains reforms that will affect health coverage. Medicare Changes Most of the health reforms in the Inflation Reduction …
