News

Compliance Priorities for 2023

A new year is upon us, and with it, the end of many temporary, COVID-related regulatory and legislative provisions. Mercer’s U.S. Health Law and Policy team has selected the top healthcare compliance priorities for 2023. Below are highlights of 10 areas considered most likely to impact employee benefits plans. For more context and discussion, see the Mercer site and consult your qualified benefits counsel. Prescription Drugs In light of recent presidential directives, Congress and federal

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Health Reimbursement Arrangement Frequently Asked Questions

A Health Reimbursement Arrangement (HRA) is part of consumer driven healthcare. While HRAs have the same basic legal guidelines as other types of reimbursement accounts, they differ in that they’re funded exclusively by the sponsoring employer. Funding amounts and eligible expenses are unique to each employer.

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New Year’s Resolutions and Mental Health

With the holidays upon us and a New Year approaching, many Americans are preparing to make resolutions regarding exercise, weight, smoking, and overall physical health, among others. Having survived many life changes over the last couple of years, many people are also looking specifically to enhance their mental health and well-being. Mental Health Resolutions In a recent Forbes poll, 45% of all respondents ranked achieving better mental health among their top resolutions. By age group, 50%

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6 Things to Know About HSAs

Many employers embrace HSA-eligible, High Deductible Health Plans (HDHPs) to reduce premium costs, pairing them with Health Savings Accounts. While the primary intent of HSAs was to help reduce the cost of healthcare through tax-free contributions, earnings, and withdrawals, they also offer less well-known benefits. Here are six additional ways HSAs can help account owners make the most of their tax-advantaged savings. No Reimbursement Deadlines HSA account owners can receive reimbursements for eligible expenses at ANY

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BenefitsPRO features COBRA Communications article by DataPath Product Manager

“We have the opportunity to apply lessons learned from the pandemic to develop ways to serve the needs of our multi-generational workforce with more effective COBRA communications.“ November 30, 2022 By Levita ScullOriginally Posted on BenefitsPRO.com The COVID-19 pandemic dramatically changed American attitudes toward work. The Great Resignation and Quiet Quitting phenomena have proven that workers expect more support and attention from their employers than in the past and are willing to risk their jobs

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Benefit Accounts Address Economic Challenges

A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year (YOY) in every category the CPI measures, including fuel oil (68.5%), natural gas (20.0%), gasoline (17.5%), transportation services (15.2%), and

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Investing HSA Funds – The Key to Substantial Growth

Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with High Deductible Health Plans (HDHPs) pay for out-of-pocket healthcare expenses. HSA accounts have seen substantial growth since their introduction in 2004. Devenir’s mid-year 2022 update reports that nearly $99 billion in assets were held in almost 34 million HSA accounts. There are many reasons why HSAs have become so popular. One great attraction is that holders own HSAs for the life

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Employer-Sponsored Debit Cards Make Life Easier

In today’s fast-paced world, debit cards provide an efficient payment method for consumers everywhere. Providers can automatically track purchases, and the cardholder can easily view and manage activity online. Additionally, debit cards are accepted all over the world. For Third-Party Administrators (TPAs), account-linked debit cards can help control costs through more efficient benefits administration. Many TPA clients are savvy employers who incorporate them into their employee benefits offerings. This option allows companies to attract and

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Public Health Emergency Continues into 2023

In response to the COVID-19 outbreak, the U.S. government first enacted a National Public Health Emergency in March 2020. Intended to last one year, it has been extended twice. The current extension is scheduled to end in January 2023. Public health emergency status gives the government special, temporary powers. For example, regulatory agencies can approve drugs and treatments faster than under normal protocols. Although there is currently no announced plan to extend beyond January 2023,

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Financial Benefits Continue to Gain in Importance

In Morgan Stanley’s second annual State of the Workplace Financial Benefits Study, 71% of employees said financial stress negatively affected their personal lives and work. More than four out of five (84%) believe employers should provide more tools to help them navigate economic challenges. Traditional Financial Benefits Employers have long offered financial tools like profit-sharing plans and 401Ks. Both offer some tax savings and enable a path toward a more comfortable retirement. However, they come with

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