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.
The winter months are notorious for bringing sickness. Influenza (flu) season begins in October and peaks between December and February. Colds are also more common during the season. Further adding to the mix of potential wintertime illnesses, COVID-19 and respiratory syncytial virus (or RSV) are swiftly circulating in the United States. Viruses transmit more effectively in cold and dry weather, increasing your chances of coming into contact with sickness. And as cold weather drives people indoors, you’re more likely to be in close contact with someone who isn’t feeling well. This article highlights winter weather tips for keeping yourself healthy.
There’s no denying that employees’ needs have changed over the past few years. As such, employers can offer benefits to meet evolving worker needs shaped by lingering effects of the COVID-19 pandemic, a tight labor market and rising inflation. Many workers are paying more attention to their benefits and wondering how to stretch their dollars further.
Benefits have always been crucial for attracting and retaining top performers. For 2023, employers are uniquely positioned to offer more than just a health care plan, including holistic benefits, resources and perks that today’s workers most need. This article highlights benefits that are likely to be popular in 2023.
Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered employee benefits are subject to these limits:
On Dec. 12, 2022, the IRS Finalizes Deadline Extension for Furnishing ACA Statements that extends the annual furnishing deadlines for Sections 6055 and 6056 reporting under the Affordable Care Act (ACA). This rule finalizes guidance that was proposed by the IRS in December 2021 with minor clarifications. Specifically, the rule:
When working remotely, the line between work and home can easily become blurred, which can negatively impact mental health. Workers may experience isolation, loneliness and difficulty getting away from work at the end of the day. Poor mental health can impact work performance and lead to chronic stress and lack of sleep. As such, prioritizing your mental health is essential to decreasing workplace stress and increasing your satisfaction at both work and home. Consider these 3 Mental Health Tips for Remote Employees.
The Affordable Care Act 2023 (ACA) made a number of significant reforms to group health plan coverage when it was enacted in 2010. Since then, changes have been made to various ACA requirements that employers should be aware of. These changes include annual cost-of-living increases to certain ACA dollar limits, extensions to ACA reporting deadlines and updates to preventive care coverage guidelines.
Changes to some ACA requirements will take effect in 2023 for employers sponsoring group health plans. To prepare for 2023,employers should review these requirements and develop a compliance strategy. Employers should ensure that their healthplan documents, including the summary of benefits and coverage (SBC), are updated to reflect any new plan limits and thatup-to-date information is communicated to employees at open enrollment time.
This ACA Overview provides an ACA compliance checklist for 2023. Please contact Benefit Analysts, Inc. for assistance or if youhave questions about changes that were required in previous years.
2023 Social Security Cost-of-Living Adjustment Will See Highest Increase in 40 Years
On Oct. 13, 2022, the U.S. Social Security Administration announced that Social Security beneficiaries can expect an 8.7% increase in benefits next year. This increase surpasses the 5.9% cost-of-living adjustment (COLA) in 2022, which, at the time, was the highest in four decades. On average, Social Security benefits will increase by more than $140 per month for beneficiaries beginning in January. This change is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.
On Oct. 11, 2022, the IRS released a final rule that changes the eligibility rules for the premium tax credit (PTC). The PTC is available to eligible individuals who purchase health insurance coverage through the Exchange. Individuals are not eligible for the PTC if they have access to employer-sponsored health coverage that is affordable and provides minimum value.