Form 5500 Deadline is July 31st Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing exemption applies. Employers with employee benefit plans that operate on a calendar year basis [...]
Medicare Part D Changes May Impact Creditable Coverage Status of Employer Plans The Inflation Reduction Act of 2022 (IRA) includes several cost-reduction provisions affecting Medicare Part D plans, which may impact the creditable coverage status of employer-sponsored prescription drug coverage beginning in 2025. Employers that provide prescription drug coverage to individuals who are eligible [...]
Report Shows Majority of Workers Are Dissatisfied With Health Benefits More than half of Americans under the age of 65 receive health insurance through their employer. Still, employers, in general,should consider diversifying their health benefits to improve employee satisfaction and retention, according to a new report from SureCo, an Individual Coverage Health Reimbursement Arrangement [...]
President Biden Signs Executive Order Expanding Women’s Health Research President Joe Biden hinted at a women’s health initiative during his third State of the Union (SOTU) address in early March and, on March 18, 2024, signed an executive order promoting women’s health research. This announcement comes as many Americans celebrate Women’s History Month. The [...]
Preparing for the DOL’s New Overtime Rule In early March 2024, the U.S. Department of Labor’s (DOL) proposed overtime rule, announced in August 2023, entered its last stage of review. Publication of the final rule is expected soon. The rule would amend the requirements that employees in certain white-collar occupations must satisfy to qualify [...]
FMLA: Covered Employers The federal Family and Medical Leave Act (FMLA) requires employers covered by the law to provide eligible employees unpaid, job-protected leave for qualifying reasons. Covered Employers The following employers are covered by the FMLA: Public agencies, including federal, state and local governments; Local educational agencies, including public and private elementary and [...]
Comparing HSAs, HRAs and FSAs: Which Approach Is Best? Employers are increasingly looking to consumer driven health plans to help soften the blow of continually rising health care costs. Depending on the model, consumer driven health plans typically include health reimbursement arrangements (HRAs),flexible spending accounts (FSAs) or health savings accounts (HSAs). Consumer driven health [...]
Report: Obesity Cost Employers and Employees Over $400 Billion in 2023 A new report by data and analytics company Global Data revealed that obesity and overweight are estimated to have caused$425.5 billion in economic costs to U.S. businesses and employees in 2023. Excess body weight is linked to a heightened risk of chronic disease, [...]
Employers Should Start Preparing for 2024 RxDC Reporting Group health plans and health insurance issuers must annually submit detailed information on prescription drug and healthcare spending to the Centers for Medicare & Medicaid Services (CMS). This reporting is referred to as the “prescription drug data collection” (or “RxDC report”). The next RxDC report is [...]
Electronic Filing of ACA Returns Beginning in 2024, employers that file at least 10 returns during the calendar year must file their ACA returns electronically. Employers that have not requested an extension or an electronic filing waiver, and that are subject to the ACA reporting rules should be exploring options for filing electronically to [...]
