INSURICA Employee Benefits Insights

Keeping you ahead of the risks and challenges unique to your industry.

January 2023

On October 18, the IRS announced that the annual contribution limit in 2023 for health flexible spending accounts (health FSAs) will be increased to $3,050 — double the $100 increase from 2021 to 2022.

Husband and wife sitting at home and reviewing their FSAs..

Annual Health FSA Contribution Limit to Increase in 2023

On October 18, the IRS announced that the annual contribution limit in 2023 for health flexible spending accounts (health FSAs) will be increased to $3,050 — double the $100 increase from 2021 to 2022. The maximum carryover amount is also rising. If an employer’s plan allows unused health FSA amounts to be carried over to the following year, the amount will now be $610.

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Doctor telling to patient woman the results of her medical tests. Rising medical costs will provide a challenge to patients and providers.

Healthcare Costs to Rise in 2023: Cancer Top Driver

According to professional services firm Aon, the average cost of healthcare for their own employees will increase by 6.5% next year. This is a significant increase from the 3.7% uptick seen in 2022. This cost increases similar to other cost increases mentioned here and likely due to the increased willingness of Americans to go in-person for testing and treatment now that the pandemic has subsided.

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Desperate elderly woman unhappy with the rising cost of living due to inflation.

How Employers Can Use Benefits to Protect Employees from Inflation

As inflation continues to impact the economy, many employers are trying to help employees with their finances by developing inflation-resistant benefit packages. Offering student loan repayment programs helps employees pay down debt and improve their financial security. This benefit is especially appealing to younger workers whose salaries may not keep up with inflation.

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Healthy serene young woman meditating at home with eyes closed doing pilates breathing exercises, relaxing body and mind sitting on floor in living room. Mental health and meditation for no stress.

How to Encourage Employees to Use Mental Health Resources

Stressors in the workplace can have a profound impact on mental health. The Deloitte Mental Health 2022 Report revealed that more than 80% of respondents experienced at least one adverse symptom. While these figures are alarming, business organizations have stepped up to provide employees with the support they need. Seven in 10 workers believe their employer is more concerned about employee mental health now than in the past, according to the results of APA’s 2022 Work and Well-being Survey.

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Sporty young woman on a mountain watching the impressive clouds over the distant peaks while on a sabbatical from work.

Employers Can Help Employees Overcome Burnout with Sabbaticals

Burnout is a real issue for many employees today. According to the 2022 Deloitte Mental Health Report, 55% of employees reported experiencing burnout, which is not good news for employers. In addition, Mercer’s 2022 Inside Employees’ Minds study revealed that burnout due to a demanding workload is one of the top factors for employees considering leaving their job.

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Amid ongoing inflation pressures, employees and employers alike can expect their healthcare costs to increase in 2024. Global professional services firm Aon reported that health care costs for employers will grow by 8.5% in 2024 (to more than $15,000 per employee), nearly double 2023’s figure. In line with those findings, the Business Group on Health’s 2024 Large Employer Health Care Strategy Survey predicts a 6% increase in health care costs in 2024.

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Seven Open Enrollment Tips for Communicating Benefits

November 5th, 2023|0 Comments

This year’s open enrollment period presents some unique challenges for employers looking to effectively communicate benefits options to employees. With rising healthcare costs, high inflation, a hybrid workforce split between office and remote settings, and workers facing mounting financial pressures, it is more important than ever for organizations to get open enrolment right.