News/Blog

Attracting and retaining employees has challenged employers since the onset of the COVID-19 pandemic. In 2024, the labor market is expected to cool slightly; however, competition for talent will remain. As such, employers must remain agile and adapt to developing labor and market trends that will shape the market in 2024. In particular, current labor…

Healthy Habits That Can Lower Your Risk of Depression A recent international study published in the Nature Mental Health journal found that certain lifestyle factors can reduce the risk of depression by 57%. This study, which examined data from nearly 290,000 people over a nine-year period, found that there are seven lifestyle factors associated with…

Chicago has expanded its paid leave mandate with an ordinance that requires 40 hours of paid leave (PL) plus 40 hours of paid sick leave (PSL) as of Dec. 31, 2023. The new ordinance replaces the city’s current paid sick leave law. Covered Employers and Employees The new law covers all employers that employ at…

Amid ongoing inflation pressures, employees and employers alike can expect their health care costs to increase in 2024. Global professional services firm Aon reported that health care costs for employers will grow by 8.5% in 2024 (to more than $15,000 per employee), nearly double 2023’s figure. In line with those findings, the Business Group on…

On Nov. 9, 2023, the IRS released Revenue Procedure 2023-34 (Rev. Proc. 23-34), which includes the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs increases to $3,200. This is a $150…

The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2024 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2024 Increases The employee contribution limit for 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. Other key limit increases include the following:…

Family Coverage Costs Nearly $24,000 in 2023 The Kaiser Family Foundation’s (KFF’s) 2023 Employer Health Benefits Survey revealed that workers and employers alike are paying more for job-based health insurance this year. In 2023, the average premiums for employer-sponsored health insurance were $8,435 for single coverage and $23,968 for family coverage. The average single and…

Key Facts Covered PlansThe PCORI fees generally apply to insurance policies providing accident and health coverage and self-insured group health plans. Applicability DatesThe PCORI fee applies to plan or policy years ending on or after Oct. 1, 2012, and before Oct. 1, 2029. Payment DeadlinePCORI fees are due for plan or policy years ending in…

Medicare is a federal health insurance program for individuals ages 65 and over, regardless of income, health status or medical history. Medicare plays a vital role in providing health care and financial security to older Americans. Employers can also help by providing supplemental benefits to Medicare enrollees. This is becoming more important as a growing…

Currently, health care costs in the United States are high and rising, outpacing inflation and wage increases. While many employers had relatively lower claim costs during the COVID-19 pandemic, medical plan costs are approaching pre-pandemic levels as health care utilization rebounds. Other factors like inflation, specialty and novel prescription drugs, new medical technology, catastrophic claims,…