INSURICA Employee Benefits Insights
Keeping you ahead of the risks and challenges unique to your industry.
December 2022
IN THIS ISSUE
“According to David Jordan, president and CEO of the United Methodist Health Ministry Fund, 11% of Americans used telemedicine before the pandemic. In May 2021, that figure had increased to 38%, based on data from the American Psychiatric Association.
FEATURED ARTICLE
Q4 2022 Essentials for Plan Sponsors
Here are some key factors and deadlines to keep in mind for Q4 2022: The RxDC reporting requirement requires employers to submit prescription drug data to the Department of Health and Human Services (HHS), the Department of Treasury, and the Department of Labor (DOL). The deadline is December 27, 2022. Some of the required information includes:
FEATURED ARTICLE
Access to Telemedicine Diminishes
Telemedicine saw a surge in popularity during the COVID-19 pandemic, as it allowed for social distancing and reduced the risk of infection spread. According to David Jordan, president and CEO of the United Methodist Health Ministry Fund, 11% of Americans used telemedicine before the pandemic. In May 2021, that figure had increased to 38%, based on data from the American Psychiatric Association.
FEATURED ARTICLE
Five Critical Issues for Employers Reporting 2023 ACA Compliance
According to the Affordable Care Act (ACA), applicable large employers (ALEs) are obligated to offer full-time employees and dependents affordable minimum essential health coverage. They must also report to the IRS information about the health coverage plans they offer. Here are five critical issues employers should remember to ensure they are in compliance with the ACA reporting rules for 2023:
FEATURED ARTICLE
Businesses Expand Employee Benefits Offerings to Attract and Retain Top Talent
In today’s competitive labor market, offering traditional benefits like healthcare is no longer enough to attract and retain top talent. Business leaders should consider expanding their definition of employee benefits to meet the unique needs of their workforce. By providing a diverse range of benefits, companies can boost morale, increase job satisfaction, and improve retention rates.
FEATURED ARTICLE
Online Tools Help Employees Make Better Benefits Choices, Boost Engagement
The traditional enrollment process for employee benefits, which often involved filling out paper forms and waiting for them to be processed, has shifted towards an online platform. Employers are now seeking ways to improve this experience by incorporating decision-support tools.
Related Articles
Mental Health Parity Continues to Be a Top Enforcement Priority
The Employee Benefits Security Administration (EBSA) recently released its annual enforcement report on the Mental Health Parity and Addiction Equity Act (MHPAEA). EBSA is an agency within the U.S. Department of Labor (DOL). According to EBSA, MHPAEA compliance remains one of its top enforcement priorities.
Closing the Savings Gap: Empowering Women for Retirement
A new generation of women is stepping up to take control of their financial futures, but some still face barriers to saving enough for a secure retirement. Employers have a vital role to play in providing the tools and resources women need to close the retirement savings gap.
Higher Confidence Drives Increased 401(k) and HSA Contributions
Americans are feeling more confident about their finances and retirement readiness, according to new data on 401(k) and health savings account (HSA) balances. Supported by greater savings rates and positive market performance, average account balances grew significantly from 2023 to 2024.