This guide is intended to help employers understand why Section 125 plans are necessary and how they work. It provides detailed information on cafeteria plan design and other requirements of Internal Revenue Code Section 125.
This sizable increase in health care costs is driven by chronic health conditions, catastrophic health claims and rising prescription drug prices.
This article explores employee wellness as a recruitment factor and how employers can leverage it.
On July 21, 2023, the U.S. Citizenship and Immigration Services (USCIS) announced a new version of Form I 9, also known as the Employment Eligibility Verification form.
Claims history is one of the main factors that insurers evaluate to determine organizations’ commercial insurance premiums. As such, it’s crucial for organizations to have a sufficient grasp on their past losses. Fortunately, that’s where insurance loss runs can help.
Employers with employee benefit plans that operate on a calendar year basis must file their annual reports (Forms 5500) for 2022 with the Department of Labor (DOL) by July 31, 2023.
Changing health plans is a major decision for any organization that often comes with wide-ranging impacts. While transitioning to a self-funded health plan can present opportunities for employers of all sizes, it’s vital that employers understand what to expect when implementing this type of plan.
This article provides a general overview of the benefits and risks of moving to a self-funded health plan and outlines strategies for ensuring a successful transition.
As health care costs continue to climb, employers are actively looking for impactful mitigation strategies. Expanding cost-sharing methods, such as offering high deductible health plans, has been one approach; yet, shifting costs onto employees might affect recruitment in a tight labor market. Instead, some employers are switching to self-insuring to reduce costs and improve service.
There’s growing anxiety that the U.S. economy is heading into a recession. While a recession impacts organizations of all sizes, small businesses often have limited resources and face a unique set of challenges.
Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with reporting deadlines in early 2023. For the 2022 calendar year, covered employers must...
Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. Due to high rates of inflation, all of these limits will substantially increase for 2023.
You may not be sure where to begin when trying to implement a successful HSA plan, but by following these suggestions, you can ensure that your plan is successful and beneficial to your employees.
Although organizations can’t prevent a recession from happening, they can take steps to limit its ramifications and maintain financial stability. This article provides more information regarding how a recession impacts small businesses and what these businesses can do to adequately prepare for an economic downturn.
This article outlines a few last-minute strategies for maximizing open enrollment for your employees.
Mental health is a serious concern for the majority of American adults, according to a new survey conducted by the Kaiser Family Foundation (KFF) and CNN. The findings revealed that an alarming 90% of adults feel the nation is experiencing a mental health crisis. Respondents ranked specific mental health-related issues contributing to the crisis:
Effective for plan years beginning on or after Jan. 1, 2022, the NSA provides federal protections against surprise medical billing by limiting out-of-network cost sharing and prohibiting “balance billing” in many of the circumstances in which surprise medical bills arise most frequently.
“Quiet quitting” is an emerging trend where workers only do what their job description entails without going above and beyond.
The U.S. Bureau of Labor Statistics (BLS) recently released its July Job Openings and Labor Turnover Summary. The month’s reported number of job openings rose to 11.2 million in July, compared with 11 million in June. Openings in July were well above the estimate and still outnumbered unemployed workers by about 5.5 million.
On Aug. 16, 2022, President Joe Biden signed the Inflation Reduction Act into law. While this law is primarily aimed at fighting inflation and reducing carbon emissions, it also contains a number of reforms that will impact health coverage. The health reforms included in the law have staggered effective dates and will be implemented over the next several years.
On Aug. 16, 2022, the IRS updated its frequently asked questions (FAQs) on the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA) to include updated penalty amounts for 2023. For calendar year 2023, the adjusted $2,000 penalty amount is $2,880 and the adjusted $3,000 penalty amount is $4,320.
To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan. 1, 2023.
There are several types of secondary insurance plans that can cover a variety of issues your primary health plan may not. The following article covers different types of secondary health coverage, where you can get it, why you may want it and how this insurance works.
On Aug. 19, 2022, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) jointly released a final rule implementing the ban on surprise medical billing.
Surprise medical bills occur when patients unexpectedly receive care from out-of-network providers (for example, treatment at an in-network hospital involving an out-of-network doctor).
On April 20, 2022, Nebraska amended its child labor laws to streamline the process for approving youth employment certificates. The amended provisions become effective on July 19, 2022.
