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Impact of the Inflation Reduction Act on Group Health Plans
September 22, 2022
President Biden has signed the Inflation Reduction Act. Employer-sponsored health plans are only indirectly impacted, but there are three main points to consider: the enhanced ACA premium tax credit, the reduction on Prescription Drug Prices for Medicare, and the expanded safe harbor for HDHPs.
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How to Manage Open Enrollment Mistakes
June 30, 2022
There are several things to take into consideration when an employee wants to make a change to their open enrollment elections. Has there been a life event? Have they truly made an error, or have they just changed their mind?
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What to Do With Unused Commuter Benefits Funds
June 30, 2022
With changes to workplace arrangements and working conditions following the COVID pandemic, employers are seeking ways to allow their employees to use already contributed commuter benefits funds, and to differentiate their welfare benefits package.
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Affordable Care Act (ACA): What You Need to Know
June 30, 2022
What do groups need to know to abide by the ACA? Three important questions determine whether your group falls under the “pay or play” mandates. Do we have to offer insurance? Who gets offered insurance coverage? What kind of coverage do we have to offer?
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IRS Announces Midyear Increase to Standard Mileage Rates
June 30, 2022
Normally the IRS adjusts the standard mileage rates at the beginning of each year, but occasionally they announce changes at other times to correspond with current costs.
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IRS Releases 2023 HSA Contribution & Coverage Limits
May 2, 2022
The IRS has issued Revenue Procedure 2022-24, providing inflation-adjusted Health Savings Account (HSA) contribution amounts for calendar year 2023.
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What to Consider When Choosing an HSA Beneficiary
March 30, 2022
Health Savings Account (HSA) owners can choose to name their spouse, adult children, other individuals, or a trust as their beneficiary. If no beneficiary is named, the HSA will be distributed to the estate. Careful consideration should be made when choosing a beneficiary as there are different tax implications depending on who is listed, or not listed, as the beneficiary of the HSA.
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Maintaining ACA Compliance When Hiring a Former Employee
March 30, 2022
There are many advantages to bringing back former employees, but applicable large employers need to follow the Affordable Care Act (ACA) rules when determining when to offer benefits. The key to this is determining whether the employee should be treated as a “new hire” or a “continuing employee.” This determination will tell the employer whether to offer benefits right away or if the designated waiting period applies.
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Enhance Your Benefit Offerings with a Post-Deductible HRA
March 30, 2022
During this time when unprecedented numbers of employees are changing jobs, employers need creative ways to enhance their benefits programs to increase employee satisfaction and attract new talent. Lowering the employee’s medical deductible by offering a post-deductible health reimbursement arrangement (HRA) is one way to do that.
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DOL Guidance for Over-the-Counter COVID-19 Tests
March 30, 2022
Group health plans and health insurance issuers must provide benefits for certain items and services related to testing for the detection and diagnosis of COVID-19, including over-the-counter (OTC) COVID-19 tests. Effective January 15, 2022, these services must be provided without imposing cost-sharing requirements, prior authorization, or other medical management requirements.