The IRS has released notice 2023-29, which outlines the affordability percentage for 2024. Unfortunately, it's another big dip, and employers need to be aware of the implications. In 2022, we saw it at 9.61%, and in 2023, it dropped to 9.12%. Now, affordability for plan years commencing in 2024 will be based on 8.39% of their [...]
Drug prices in the U.S. are, on average, 2.5 times higher than 32 other countries, according to a 2021 study. Most countries regulate pharmaceutical companies' drug prices; the U.S. doesn't, with a few exceptions, such as CMS. In 2024, Cigna Group's Express Scripts, one of the most prominent pharmacy benefit managers in the U.S., [...]
Walgreens launched a new digital marketplace designed to help customers save money on prescription medications. The Rx Savings Finder tool from Walgreens finds free, third-party discount cards on prescription medications and enables customers to compare prices on thousands of medications. The tool also provides transparent pricing before checkout. The tool is available to all Walgreens customers for [...]
The survey of 502 employers by Accolade, a company that provides health-care programs for employers, and research firm Savanta said 43% of the employers it polled could cover GLP-1 drugs in 2024 compared to 25% that cover them now. GLP-1s, short for glucagon-like peptide 1 agonists, are used to treat type 2 diabetes and [...]
ACA affordability for 2024 will be based on 8.39% of their chosen safe harbor. 2023 was 9.12% 2022 was 9.61% The three safe harbors are: Rate of Pay (based on 130 hours per month) W-2 (what appears in Box 1 of the W-2 for tax year 2024) Federal Poverty Guidelines By staying informed and taking proactive [...]
The individual market is designed for people who do not get employer-sponsored health insurance. As of July 2023, an estimated 220,059 were enrolled in the individual health insurance market. Approximately 192,085 people bought their coverage through the Exchange, and more than 75% received some financial help to pay their monthly premiums. For example, fourteen health insurers in [...]
Half of all Medicare beneficiaries—nearly 30 million people—live on $29,650 or less per year, and one quarter live on $17,000 or less and cannot afford high and rising costs. The Medicare Savings Program is a game changer for low-income Americans who struggle to mmake ends meet, helping them maintain their Medicare coverage, access needed [...]
6/22/2023 Managed Healthcare Executive Briana Contreras Recently introduced to the U.S. Senate, the Protect Patient Access to Pharmacies Act (S. 2052) will help to secure Medicare patients’, typically seniors, freedom to receive medications andcare from the pharmacy of their choice through improvements to the “any willing pharmacy” law. A bill addressing the abusive business [...]
Some employers may cut off no-cost preventive care due to a Texas Judge ruling. A recent survey from the National Allicance of Healthcare Purchaser Coalition polled 30 large employers and found that 72% of the respondents expect to continue providing coverage for all preventive services in full as is required in the ACA. Survey [...]
Interesting, The American Dental Association posted on March 9, 2023, that Dentists are dropping out of their dental insurance networks. On average, the dropped networks covered 17.5% of the dentists' patient bases. Their Poll shows that results of short-notice cancellations and hygienist recruitment continue to challenge them. Marsha Marrullier, REBC