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.
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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:
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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.
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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:
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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.
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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
New Rules Could Transform Instant Pay Benefits
Federal regulators are moving to classify earned wage access programs as consumer loans, signaling a major shift for this rapidly growing employee benefit. The Consumer Financial Protection Bureau's proposed rule could reshape how companies like Walmart, Bath & Body Works and McDonald's offer early access to earned wages.
58% of Millennials Bet on 401(k)s Over Social Security
A significant generational shift in retirement planning is reshaping how employers need to think about their benefits packages. While older generations have traditionally viewed Social Security as their primary source of retirement income, younger workers are increasingly putting their faith—and their money—into personal retirement accounts.
Family-Building Benefits Lead Latest Workplace Benefits Surge
U.S. employers are rapidly expanding their family-building benefits, with fertility and adoption support emerging as key offerings in the competitive talent marketplace. New research shows companies are investing heavily in these benefits to attract and retain employees while supporting diverse paths to parenthood.