Navigating the intricacies of health care insurance can be daunting, especially for those approaching retirement age or already enrolled in Medicare. While original Medicare provides essential coverage, it often leaves beneficiaries with out-of-pocket costs. To address these gaps, many individuals turn to Medicare supplement insurance, commonly...
The IRS recently issued a bulletin to remind taxpayers that tax-advantaged medical savings accounts, such as health flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), cannot pay for personal expenses for general health and wellness. Similarly, health savings accounts (HSAs) cannot be used to pay for these personal...
The federal government is continuing its efforts to improve access to mental health and substance use disorder (MH/SUD) care in 2024, with a top enforcement priority being compliance with the Mental Health Parity and Addiction Equity Act (MHPAEA) for employer-sponsored health plans.
Employers should be aware of the top compliance issues that impact their health plan coverage for 2024. Some of these compliance issues are established requirements for employers, such as the expanded electronic reporting requirement under the Affordable Care Act (ACA). Other compliance issues are anticipated developments employers should monitor,...
Attraction and retention challenges remained persistent in 2023 as organizations across industries struggled to find and keep workers. Zywave’s 2023 Attraction and Retention Employer Pulse Survey found that over 60% of respondents listed attraction and retention as a top-five business challenge, but this was notably down from 80% in 2022. Looking...
A pharmacy benefits manager (PBM) is an entity that acts as an intermediary between stakeholders in the pharmacy benefits marketplace. These entities connect with employers, drug wholesalers, plan members, pharmacies and drug companies. Many employers use PBMs to interface with drug manufacturers and process prescription drug claims, which can...
A new survey by Willis Towers Watson (WTW) revealed that 84% of U.S. employers plan to change their leave programs in the next two years. More organizations are investing in their leave programs in an effort to remain competitive and improve attraction and retention.
Employee benefits are the cornerstone of a thriving organization. Perks and benefits are pivotal in enhancing job satisfaction, attraction and retention rates, employee well-being and overall workplace morale. While some organizations may feel constrained by budget limitations, there are numerous low- and no-cost benefits that can significantly...
Employee assistance programs (EAPs) are employer-sponsored programs that offer services or referrals to help employees deal with personal problems. These programs can boost employee well-being, satisfaction, performance and health. Unfortunately, these programs are often heavily underutilized. According to Mental Health America, 98% of mid- to...
In a complex health care system, understanding the costs of medical services often feels like deciphering a code. Health care price transparency is an evolving concept that seeks to demystify these costs to provide patients, employers and insurers with greater visibility into the financial aspects of health care.