IRS Guidelines – Indexed for 2023
FICA Social Security Tax is 6.2% on income up to $160,200 Medicare Tax unlimited 1.45% to Unlimited Individual Mandate’s Affordability Exemption — required contribution percentage is 8.17%. High Deductible Health Plans Minimum Annual Deductible (Individual/Family) $1,500 / $3,000 Maximum Out-of-Pocket Limit (Individual/Family) $7,500 / $15,000 Health Savings Accounts Individual / Family $3,850 / $7,750 Catch-up Contribution […]
Significant Change in ACA Affordability
The Affordable Care Act (ACA) benchmark for determining the affordability of employer-sponsored health coverage will significantly decrease to 9.12% of an employee’s household income for the 2023 plan year. This is a significant decrease from the 2022 level of 9.61%. This affordability percentage affects an individual’s eligibility for federally subsidized coverage from a marketplace exchange. It also […]
Fat People Are Costing Your Company
Several years ago, I blogged, Fat People Have Issues, with the disclaimer of posting the politically incorrect title in hopes of getting more people to read. Not being one to suddenly bow to the woke politically crowd I have posted another potentially insensitive title, again, in hopes of getting more people to read. As I […]
Overpaying for Prescriptions? – Try this
If you are fortunate enough to have health insurance with a low deductible or low-cost prescription co-pays, the high cost of drugs is driving up the premiums that you or your employer pay, making getting health insurance expensive and challenging. Every American should have access to safe, affordable medicines. If you don’t have insurance or […]
Benefits Matter
Workers are rethinking what work means to them, driving an increase in both resignations and demand for talent. For many employers, the best talent is the talent already on their team. Retention is crucial—and benefits matter. In today’s extremely tight labor market, generous benefits can help tip the scales in attracting and retaining employees. One […]
At-Home COVID-19 Testing Information
Employee Benefit Advisors would like to share the below information regarding at-home COVID-19testing from some of the carriers. Aetna Over the Counter COVID-19 Testing Update AvMed COVID-19 At-Home OTC Testing FAQ Cigna OTC COVID Test Coverage Florida Blue COVID-19 At-Home Test Updates Florida Blue Reimbursement for At-Home COVID-19 Tests Humana Responds to COVID-19 OTC Testing UHC […]
Medicare Secondary Payer Penalty
The U.S. Department of Health and Human Services (HHS) has increased the following penalty affecting group health plans: Medicare Secondary Payer (MSP): Violating the prohibition of offering Medicare beneficiaries financial or other benefits as incentives not to enroll in or to terminate enrollment in a group health plan that would otherwise be primary to Medicare will now […]
IRS Guidelines – Indexed for 2022
FICA Social Security Tax is 6.2% on income up to $147,000 Medicare Tax unlimited 1.45% to Unlimited High Deductible Health Plans Minimum Annual Deductible (Individual/Family) $1,400 / $2,800 Maximum Out-of-Pocket Limit (Individual/Family) $7,050 / $14,100 Health Savings Accounts Individual / Family $3,650 / $7,300 Catch-up Contribution $1,000 ACA Plan Limits Out-of-Pocket Limits Individual / Family […]
Employers’ premium surcharges for unvaccinated employees could result in ACA penalties
Employers are considering vaccine incentives and potential penalties for workers who remain unvaccinated against COVID-19. Before adding a premium surcharge, employers will want to consider how they may impact the affordability of an employer’s health plans. While there is an exception for tobacco, there’s nothing currently in the ACA rules that similarly applies to a […]
Many Patients Billed for Preventive Care That Should Be Free
People are being charged for preventive health care, health care that should be at no cost to them. That’s the headline from an article in the US News & World Report by Robert Preidt, HealthDay Reporter. The article stated, “Out-of-pocket charges for preventive care that should be free under the Affordable Care Act can discourage patients […]