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
Using HSAs, Health FSAs and HRAs for Over-the-Counter Items
Health savings accounts (HSAs), health flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) may provide tax-free reimbursements of certain over-the-counter (OTC) items. OTC items are generally available to consumers without a prescription.
Inflation Drives 2025 HSA Contribution Limits Up Again
As inflation continues, the IRS has announced higher health savings account (HSA) contribution limits for 2025. The boosted limits give employees more room to save and invest money for medical expenses tax-free.
Everything Employers Need to Know About Overtime Pay Rule Changes
The U.S. Department of Labor (DOL) recently implemented the first phase of a two-step update to overtime pay regulations under the Fair Labor Standards Act (FLSA) that will substantially impact American workplaces.