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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FEATURED ARTICLE
A female pharmacist handing a female customer her prescription.

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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A woman sitting in a chair, holding a young child, while communicating with a doctor via conference call.

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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FEATURED ARTICLE
A blue medical journal with Affordable Care Act (ACA) in yellow. A stethoscope sits on top of the journal

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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A group of employees taking a selfie after a meeting. One way to retain top talent is to offer extra benefits.

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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a female looking at a tablet going through her employee benefits options

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.

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SECURE Act 2.0: What Employers Should Know

January 26th, 2023|0 Comments

At the end of December 2022, the SECURE Act 2.0 cleared both houses of Congress as part of an omnibus end of year appropriation. The Act is a package of bills focused on retirement that expands on provisions from the original SECURE Act enacted in 2019.

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Top 5 Benefits Concerns of Employers in 2023

January 24th, 2023|0 Comments

As HR teams re-evaluate their offerings in the coming year, they are focused on providing the best employee benefits in the most efficient ways. To help teams make informed decisions, one benefits firm, Nava Benefits, collected information about choices made by HR teams from over 600 vendors across 28 benefit categories.