As we approach Thanksgiving and the holiday season, we want to take a moment to express our gratitude for your partnership! We know this time of year can be busy and sometimes stressful, so we especially appreciate the trust you place in us. Thank you for your business, and we hope you have a [...]
The IRS has just released Revenue Procedure 2024-35, setting the new affordability threshold for ACA employer mandate purposes at 9.02% for plan years beginning in 2025. This is a notable increase from the2024 percentage of 8.39%. What does this mean for employers? With the affordability percentage rising, employers may need to revisit their benefits [...]
On May 9, the IRS published Revenue Procedure 2024-25, which included the adjusted HSA contribution limits for 2025. We've provided a breakdown below of a few of the other limits released by the IRS.
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 [...]