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Medicare Part D Notices Are Due Before Oct. 15, 2023

Medicare Part D Notices Are DueEach year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable.

Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2023 — the start date of the annual enrollment period for Medicare Part D. CMS has provided model disclosure notices for employers to use.

Original Medicare vs. Medicare Advantage

Original Medicare vs. Medicare AdvantageWhile most Americans have heard of Medicare as one of many health care coverage options, they may not know how it differs from other privately offered options, such as Medicare Advantage. This article explains the differences of Original Medicare vs. Medicare Advantage, including the various doctors one can seek care from, the differences in cost and the range of coverage between plans. While this article provides a useful comparison when choosing a health care plan, each person should ultimately choose a plan that best fits their individual health care needs.

Top 25 Prescription Drugs Have Tripled in Price

Top 25 Prescription Drugs Have TripledA recent report by the American Association of Retired Persons (AARP) found the top 25 prescription drugs have tripled in price that Medicare Part D spends the most on. The 25 drugs analyzed in the report represent a significant portion of overall Medicare spending. In fact, the AARP report found that Medicare spent nearly $81 billion on these 25 prescription medications in 2021, more than 37% of total Medicare spending that year. These drugs are taken by more than 10 million Americans enrolled in a Medicare Part D prescription drug plan. Furthermore, the AARP report found that the price increases for all but one of these medications greatly surpassed the annual rate of inflation.

Key HSA Features – 2024 Compliance

Key HSA Features – 2024 ComplianceThis overview summarizes Key HSA Features – 2024 Compliance. Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under an HDHP until their deductible has been met, or they can use their HSAs to pay for qualified medical expenses that are not covered under the HDHP, such as dental or vision expenses.

Biden Administration Asks Employers to Extend Special Enrollment Period

whitehouseOn July 20, 2023, the Departments of Labor, Health and Human Services and the Treasury (Departments) released a letter calling on employers who sponsor group health plans to extend their HIPAA special enrollment periods beyond 60 days for individuals who lose coverage under Medicaid or the Children’s Health Insurance Program (CHIP).

Work From Home – Improving Your Self-discipline

work at homeWork from home is often associated with increased job flexibility and efficiency, but employees should also consider their self-discipline to succeed in these arrangements. Self-discipline describes your ability to focus on a task or goal to accomplish something. This skill can take many forms in the workplace. Generally, self-disciplined employees are consistent, responsible, persistent and ambitious. They’re able to complete both exciting and uninteresting tasks on time and have a productive mindset.

Self-discipline is crucial for all workers to succeed and accomplish their goals. However, it’s even more important for remote employees, who often have less managerial oversight and more potential distractions than in-office workers.

Work from Home – Importance of Cyber Security

importance of cyber securityRemote work comes with unique challenges, including additional cyber security risks. As artificial intelligence (AI) use becomes more popular among businesses and individuals, remote workers must be aware of the potential risks associated with using this technology. Although there are cyber security benefits to using AI, such as streamlined threat detection and the ability to analyze vast quantities of data, it also has the potential to be weaponized by cyber criminals. These threat actors have already begun leveraging AI technology to seek out their targets more easily, launch attacks at greater speeds and in larger volumes, and wreak further havoc amid these attacks.

Fully Insured vs. Self-insured – Health Plan Compliance Rules

group health careTo meet Health Plan Compliance Rules, group health plans typically fall into two categories: fully insured or self-insured.

  • A fully insured health plan moves most of the financial risk away from the employer and places it on the insurance carrier. An employer’s liability for health care expenses is limited to its insurance premiums.
  • A self-insured health plan places most of the financial risk on the employer. Instead of paying fixed premiums to an insurance company, the employer pays for medical claims as they are processed throughout the year. Although they are designed differently, level funded health plans are generally considered self-insured for compliance purposes.

U.S. Supreme Court Issued Several Consequential Decisions

Supreme CourtThe U.S. Supreme Court issued several consequential decisions addressing religious accommodations, the Biden administration’s student debt relief plan and affirmative action as its most recent term ends. These cases’ rulings will likely have major impacts on employers, altering established labor and employment laws and workplace practices. The following article provides additional information regarding these decisions.

HSA-HDHP Limits Will Increase for 2024

HSA-HDHP-Limits for 2024On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year.
These HSA-HDHP limits include:

  • The maximum HSA contribution limit;
  • The minimum deductible amount for HDHPs; and
  • The maximum out-of-pocket expense limit for HDHPs.

These limits vary based on whether an individual has self-only or family coverage under an HDHP.

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