IRS Adjusts Health Flexible Spending Account and Other Benefit Limits for 2025
On October 22, 2024, the Internal Revenue Service (IRS) released Revenue Procedure 2024-40, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,300 for plan years beginning in 2025, an increase of $100 from 2024. Thus, for health FSAs with a carryover feature, the maximum carryover amount is $660 (20% of […]
Common Challenges of Underinsured Executives
Executives drive a company’s strategic vision, manage risks, and steer it through growth and challenges. However, a significant gap exists in how these high-level leaders protect themselves against potential personal risks, specifically the risk of disability. Executive disability insurance is often an overlooked or underfunded area, leaving many key individuals underinsured and vulnerable to significant […]
Leveraging Healthcare Analytics to Revolutionize Your Benefits
Making the most of healthcare analytics is not just a trend—it’s a strategic necessity for organizations looking to optimize their employee benefits programs and overall healthcare strategies. By harnessing data-driven insights, companies can optimize their employee benefits programs, leading to improved outcomes and cost efficiency. Here’s how integrating healthcare analytics can revolutionize your benefits strategy. […]
Cost Management and Employee Choice: Balancing the Benefits of Multiple Health Plans
Employers are increasingly recognizing the importance of offering flexible and comprehensive health benefits to attract and retain top talent. Providing multiple health plan options caters to employees’ diverse needs and enhances overall satisfaction and loyalty. However, offering a variety of health plans also comes with challenges, particularly regarding cost management. Balancing the desire to provide […]
12 Essential Qualities of a Great Employee Benefits Broker
Employee benefits can be intricate and overwhelming, with many choices to consider. Selecting the right insurance broker is vital to creating a benefits program that not only attracts and retains top talent but also aligns with your organization’s objectives and bottom line. A skilled broker doesn’t just sell insurance; they become a strategic partner, offering […]
Key HR Compliance Items You Can’t Miss in 2024
Employers must stay vigilant about upcoming regulatory updates affecting their employee benefit programs. Several key compliance items are on the horizon, with some that require immediate attention to ensure a smooth transition into the new year. Let’s look at the most important updates you need to be prepared for. Medicare Part D Changes Coming in […]
IRS Issues Affordability Percentage Adjustment for 2025
This alert is of interest to all applicable large employers (ALEs) – generally, those with at least 50 full-time equivalent employees. The Internal Revenue Service (IRS) has released Rev. Proc. 2024-35, which contains the inflation adjusted amounts for 2025 used to determine whether employer-sponsored coverage is “affordable” for purposes of the Affordable Care Act’s (ACA) […]
The Role of Data Analytics in Population Health Management
Businesses increasingly use data analytics to boost their wellness programs and enhance population health management. HR departments are teaming up with their employee benefits consultants to drive this shift by utilizing data-driven insights to understand employee health patterns, identify potential risks, and create customized interventions that foster well-being. By taking a proactive approach, HR teams […]
Cost Control Through Pharmacy Management
Controlling healthcare costs is a top priority for businesses today, especially as insurance premiums and prescription drug prices continue to climb. Pharmacy benefits account for a significant portion of these expenses, prompting companies to seek effective strategies to manage costs while maintaining employee access to essential medications. Pharmacy management has emerged as a vital approach […]
Current Trends in Stop-Loss Insurance for 2024
As healthcare costs continue to rise and market uncertainties persist, a growing number of employers are turning to self-insurance to gain better control over their healthcare expenses. This shift towards self-insurance accompanies a heightened focus on risk management and using advanced data analytics to optimize stop-loss insurance solutions and accurately assess risks. However, the employer […]
