CorpStrat

FEBRUARY 22, 2023

Healthcare costs have risen faster than inflation. In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. For 2023, the FSA limit has increased to $3,050 for an individual and $5,000 for a family. Over-the-counter medicine.

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Higginbotham

NOVEMBER 28, 2022

It can be funded on a pre-tax basis, and the owner can use the untaxed funds for qualified medical expenses. The total annual out-of-pocket expenses (not including out-of-network costs) can’t be more than $7,050 for individual coverage and $14,100 for family coverage. There are significant tax advantages.

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Higginbotham

SEPTEMBER 16, 2024

Employees must pay the deductible out of pocket before the plan contributes to covered care costs. However, depending on the specific plan, preventive care may be covered before the deductible is met with no out-of-pocket costs. By opting for a higher deductible, employees can secure lower monthly premiums.

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Benefit Resource Inc.

OCTOBER 17, 2023

ROCHESTER, NY — (October 17, 2023) — Benefit Resource LLC (BRI), a Millennium Trust solution and a leading provider of dedicated pre-tax account administration and COBRA services nationwide, announced today that it will offer HealthLock to its customers who use its Beniversal ® Prepaid Mastercard ®. Sources: 49+ U.S.

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Best Money Moves

OCTOBER 22, 2024

Healthcare costs and employee financial burnout Many workers face especially high anxiety over healthcare costs. According to the 2023-2024 Aflac WorkForces Report, 50% of workers report anxiety about out-of-pocket health care expenses, even beyond what insurance covers.

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HR Professionals Magazine

MARCH 2, 2022

While plans may require participants to pay for tests out-of-pocket and submit for reimbursement, regulators encourage plans to provide for direct reimbursement at the point of sale, with no out-of-pocket cost to the consumer.

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Higginbotham

DECEMBER 6, 2021

Although penalty relief has been provided in prior years for reporting entities that make good faith efforts to comply with the reporting requirements, this penalty relief is not available for reporting for tax year 2021 and subsequent years. Therefore, the IRS has discontinued the transitional good faith relief after tax year 2020.

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Higginbotham

JANUARY 24, 2025

Inflation is one factor, but health care costs have historically risen at levels that far exceed regular economic inflation rates, meaning that inflation doesnt provide a full explanation. According to PwC, other significant factors behind rising health costs include behavioral health utilization and prescription drug spending.

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