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New guidance issued by the IRS expands the types of preventive care benefits that high-deductible health plans are required to cover with no out-of-pocketcosts on the part of plan enrollees. The changes are aimed at reducing out-of-pocketcosts for diabetes-related expenses, certain cancer screenings and contraceptives.
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.
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-pockethealth care expenses, even beyond what insurance covers.
Understand your options Familiarize yourself with the various options that you have: Health maintenance organizations – HMOs are typically the least expensive plans because they require enrollees to visit their personal physicians and tightly controlled in-network doctors. Going out of network is discouraged with high out-of-pocketcosts.
Understand your options Familiarize yourself with the various options that you have: Health maintenance organizations – HMOs are typically the least expensive plans because they require enrollees to visit their personal physicians and tightly controlled in-network doctors. Going out of network is discouraged with high out-of-pocketcosts.
Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. It definitely means paying close attention when employees say they need better support for their mental health.” copay plan).
More and more insurers are expanding the use of telemedicine, just as a new study shows promising costsavings of up to 25% from virtual care when implemented properly. Last year, the wavier was extended by legislation through Dec.
Are you offering your employees health insurance 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 healthsavingsaccount.
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-pockethealth care expenses, even beyond what insurance covers.
1, 2024: A list of the remainder of all items and services is required for plan years beginning on or after Jan. 29, 2020, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule regarding transparency in coverage. Links and Resources . Machine-readable Files.
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 healthcosts include behavioral health utilization and prescription drug spending.
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