5.5 minute read
Meeting the creditable coverage standard could be tougher in 2025 due to a richer Part D standard benefit. Plan sponsors with rich prescription drug coverage may remain unaffected,...
1.5 minute read
The IRS reminds businesses that changes under the SECURE 2.0 Act, starting in tax year 2023, may affect Form W-2 reporting. A fact sheet released on August 29, 2024, details the...
2 minute read
Clear and effective communication of benefits during open enrollment and throughout the year is vital. When employers provide concise and transparent information, they empower their...
1.5 minute read
On August 15, the Department of Health and Human Services (HHS) and top drugmakers agreed to lower prices on the first 10 drugs subject to Medicare price negotiations. Drug discounts...
1 minute read
A recent Business Group on Health (BGH) survey revealed that the increasing interest and spending on glucagon-like peptide-1 (GLP-1) drugs are driving up healthcare costs in 2025.
3 minute read
The Department of Labor (DOL) has reached several settlements lately with life insurance carriers regarding their evidence of insurability (EOI) practices. Although these settlements...
1.5 minute read
On August 19, 2024, the IRS released Notice 2024-63, offering interim guidance for sponsors of 401(k) and comparable retirement plans looking to offer matching contributions based on...
1 minute read
On August 20, 2024, the U.S. District Court for the Northern District of Texas issued an order to block the Federal Trade Commission’s (FTC) noncompete ban. It was previously on hold in...
1 minute read
A recent survey by the International Foundation of Employee Benefit Plans (IFEBP) shows U.S. employers expect an 8% increase in healthcare costs for 2025. The increase is driven by...
2 minute read
On Aug. 8, 2024, the U.S. Department of Health and Human Services (HHS) issued a final rule increasing key penalties for group health plans. The amounts are adjusted annually for...
