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.
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: