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As we approach the 2024 United States presidential election, Chris Byrd, senior vice president, health executive and, more broadly, head of Government Affairs at WEX, joined our Benefits Buzz podcast for an insightful conversation on how election years can influence employee benefits.
If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of healthinsurance in the country. Going out of network is discouraged with high out-of-pocketcosts.
If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of healthinsurance in the country. Going out of network is discouraged with high out-of-pocketcosts.
As prescription drug costs continue growing and pricey new pharmaceuticals add to health plans’ cost burdens, some carriers are starting to reduce the number of medications they’ll cover and are imposing new barriers to accessing the most expensive ones.
Employers who were surveyed for a new report expected that group healthinsurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. 24% said they would up employee cost-sharing, but by less than the projected increase. copay plan).
Despite group healthinsurancecosts expected to rise 5.4% this year, the tight labor market is forcing employers to prioritize enhancing benefits over cost-cutting measures, according to a new report by Mercer. The expected healthinsurancecost growth of 5.4% What employers are doing.
Finally, Sanofi two days later announced that it would cap the out-of-pocketcost of its most popular insulin, Lantus, at $35 per month for people with private insurance. In the small group market, the median costhealth plan enrollees pay is $54 per month, while one-quarter pay $83.
House of Representatives has passed legislation that would cap the out-of-pocketcost of insulin at $35 a month for people with group or private healthinsurance. While the measure still has to face a vote in the Senate, it has broad backing after the cost of insulin has skyrocketed in recent years.
Transparency in Health Coverage. As we discussed in our CAA webinar last July and our January compliance update, new transparency in coverage requirements apply to group health plans and healthinsurers in the individual and group markets. Links and Resources . Transparency in coverage FAQs were released on Aug.
Insulin prices have increased 600 percent over the last 20 years causing many consumers to be at risk of non-adherence due to cost. 4 Solving the Affordability Issue – Legislation Influence The Inflation Reduction Act , a spending package Congress approved in 2022, capped insulin out-of-pocketcosts at $35 for Americans with Medicare.
Are you offering your employees healthinsurance options that work for their budgets? While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account. Many people find healthinsurance terms to be confusing.
Some large employers have turned to third party fertility benefit providers, which operate outside traditional health plans, to offer IVF coverage. Actions taken at the legislative level According to legal experts, Congress would have to pass legislation to mandate broader healthinsurance coverage for IVF.
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