Employees face not only the ever-changing demands of their professional lives but also the constant challenges of managing their personal finances. In fact, a 2023 survey by professional services network PwC revealed that 57% of full-time employees say finances are the top cause of stress in their lives. The increasing cost of living, unexpected expenses, medical debt and economic uncertainties take a toll on employees’ well-being, impacting their overall productivity and job satisfaction. Financial stress impacts many aspects of employee well-being, such as mental health, sleep and self-esteem.
Aiming to promote responsible innovation in automated systems — including those marketed as artificial intelligence or AI — four federal agencies issued a joint statement on AI pledging to monitor the development and use of these systems and vigorously enforce anti-discrimination laws as they become more common. The agencies issued the statement on April 25, 2023.
What You Should Know About Ozempic. Ozempic is an injectable prescription medication to help adults with Type 2 diabetes manage their blood sugar. Although it’s not approved as a weight-loss drug, people without Type 2 diabetes have begun using Ozempic off-label for this purpose. While some health care providers may be prescribing Ozempic for patients whose goal is to lose weight, the drug’s manufacturer does not promote, suggest or encourage off-label use of this medication.
Employers are increasingly looking to consumer driven health plans to help soften the blow of continually rising health carecosts. Depending on the model, consumer driven health plans typically include health reimbursement arrangements (HRAs), flexible spending accounts (FSAs) or health savings accounts (HSAs).
Consumer driven health plans generally increase employees’ stake in their own health care costs. In most cases, a consumer driven health plan covers a wide range of medical expenses, but also includes more cost-sharing for participants (for example, higher deductibles). Some plans incorporate an HRA, health FSA or HSA to help employees pay for their out-of-pocket medical expenses on a tax-free basis. This article provides some basic information about the similarities and differences when comparing HRAs, FSAs and HSAs.
The “No Surprises Act” (NSA) was enacted on Dec. 27, 2020, as part of the Consolidated Appropriations Act,2021 (CAA), to increase health care transparency and for patient protections from surprise medical bills. Effective for plan years beginning on or after Jan. 1, 2022, the NSA provides federal protections against surprise medical billing by limiting out-of-network cost sharing and prohibiting “balance billing” in many of the circumstances in which surprise medical bills arise most frequently.
On Feb. 23, 2023, the IRS released a final rule that substantially expands the requirement to file certain information returns electronically, including the Affordable Care Act’s (ACA) reporting requirements under Sections 6055 and 6056 of the Internal Revenue Code.
On Feb. 23, Humana announced its plan to exit the employer-based insurance business over the next 18 to 24 months. The company will instead focus on government-funded programs—such as Medicare, Medicaid and military—and specialty businesses.
Employer-sponsored health insurance is a common way for Americans to get coverage, but such plans accounted for less than 6% of Humana’s total membership at the end of 2022. Humana revealed that the Employer Group Commercial Medical Products business could no longer sustainably meet the needs of commercial members nor support the company’s other long-term strategies. The employer insurance business includes fully insured health insurance plans purchased by employers and employer-sponsored health plans run by Humana.
The Biden Administration has announced its plan to end the COVID-19 national emergency and public health emergency (PHE)on May 11, 2023. Employer-sponsored health plans have been required to comply with certain coverage requirements during the COVID-19 emergency periods, including the following:
There’s growing anxiety that the U.S. economy is heading into a recession. While a recession impacts organizations of all sizes, small businesses often have limited resources and face a unique set of challenges. As a result, small businesses often must make difficult financial decisions to avoid issues such as insolvency or bankruptcy when a recession hits. That’s why it’s critical for small businesses to now consider these 5 small business tips for preparing for a recession.
Many of the challenges that plagued workplaces in 2022 will likely continue this year and beyond. Current labor challenges are forcing employers to find ways to balance rising costs and inflation while providing employees with the benefits they value and need. Understanding this year’s employee benefits trends can help employers assess whether their offerings meet employee demands and needs.