2020 Updates. Know Your Limits on Spending Accounts, Savings Accounts, 401K, Catch Up Contributions and More. The IRS has released the 2020 cost-of-living adjustments applicable to the dollar limitations on benefits and contributions of retirement plans and health and welfare benefit plans. The Internal Revenue Service announced that employees in 401(k) plans will be able…
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IRS 2020 cost-of-living adjustments
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New Final Rule Lets Employees Use HRAs to Buy Health Insurance
As of 2020, workers can use individual coverage HRAs to purchase their own plans A newly issued regulation could transform how employers pay for employee health care coverage, its advocates claim, by letting employers use pretax dollars to subsidize employee premiums in the individual health insurance market. On June 13, the U.S. departments of Health…
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CNO Financial Group Acquires Web Benefits Design
CARMEL, Ind. – April 29, 2019 – CNO Financial Group (NYSE: CNO) announced today that it has acquired privately-owned Web Benefits Design Corporation (“WBD”), a leading online benefits administration firm with a best-in-class, proprietary technology platform for employer benefit programs. WBD offers a full-service, integrated employee benefits administration solution, distributed through a network of independent…
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Did you know? Amazon now takes HSA, FSA payments
By Marlene Satter The move allows people with FSAs and HSAs to pay Amazon for out-of-pocket medical expenses with pretax dollars. Wading in even deeper to the health care arena, Amazon has announced that customers can now pay for appropriate purchases, such as cold medications and glucometers, with their health savings accounts and flexible spending accounts. CNBC reports that…
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Health providers balk at new proposal to disclose prices
By Jack Craver The proposal would require they disclose the prices they use when negotiating with insurers, not the current “list prices.” The Trump administration is considering requiring hospitals to publicly disclose the prices they negotiate with insurers for procedures, a proposal that is drawing fierce opposition from hospitals. The idea is to provide patients with more price…
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New court docs: Amazon & Co. want to ‘reinvent what insurance looks like’
By Marlene Satter Stoddard suggested that employers could try different approaches to getting across to employees just what their health plans cover, since workers are often confused. The joint health care venture launched by Amazon, Berkshire Hathaway and JP Morgan is slowly giving up additional details as testimony proceeds in a court case filed by UnitedHealth Group subsidiary Optum. The Wall…
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Younger Generations, Dissatisfied with Healthcare, Will Drive Change
Younger generations want more convenient and transparent care and are more likely to support providers that meet these demands. By Scott Wooldridge Younger adults are pushing for changes to the status quo in health care, and even older consumers are willing to try non-traditional models of care, according to a new report. The online study by Accenture surveyed 8,000…
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Healthcare Spending Hits Record High Despite Flat Rates of Utilization
The average annual health care spending for individuals with employer-sponsored plans reached an all-time high of $5,641 in 2017. By Scott Wooldridge Health care spending in the U.S. continues to increase, a new study from the Health Care Cost Institute (HCCI) finds. Overall, per-person spending increased 4.2 percent in 2017, the report found. The average annual health care spending…
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Why mobile should be a part of your benefits communication strategy
HR leaders still using breakroom posters, emailed memos or snail mail are missing the mark on communicating to a large percentage of their employee base. As many HR professionals can attest, communicating information such as benefits to employees can be a daunting task. Keeping up-to-date on ever-changing policies and regulations and helping employees understand what they all mean can be…
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Total comp statements: Should you show employees the big picture?
While employers may have legitimate concerns about such initiatives, experts say the rewards outweigh the risks. Every pay period, your employees can look at their pay stub and see how much they’re earning. But do they see the whole picture? Pay stubs may contain standard employee information such as salary, bonuses, taxes and other deductions,…