Mental Health Parity Compliance Remains a Key Focus in 2024
The U.S. government is continuing its efforts to improve access to mental health and substance use disorder (MH/SUD) care in 2024 — with a top enforcement priority being compliance with the Mental Health Parity and Addiction Equity Act (MHPAEA) for employer-sponsored health plans. MHPAEA is a federal law that prevents group health plans and health insurance […]
Medicare Part D Changes May Impact Creditable Coverage Status of Employer Plans
The Inflation Reduction Act of 2022 (IRA) includes several cost-reduction provisions affecting Medicare Part D plans, which may impact the creditable coverage status of employer-sponsored prescription drug coverage beginning in 2025. Employers that provide prescription drug coverage to individuals who are eligible for Medicare Part D must inform these individuals and the Centers for Medicare […]
The Trendiest Benefits for 2024
There’s no denying that employees’ needs have changed over the past few years. As such, employers can offer benefits to meet evolving worker needs shaped by the lingering effects of the COVID-19 pandemic, a tight labor market, and rising inflation. Many workers are paying more attention to their benefits and wondering how to stretch their […]
Improving the Utilization of Employee Assistance Programs
Employee assistance programs (EAPs) are employer-sponsored programs that offer services or referrals to help employees deal with personal problems. These programs can boost employee well-being, satisfaction, performance and health. Unfortunately, these programs are often heavily underutilized. According to Mental Health America, 98% of mid- to large-sized companies offer EAPs, but only 4% of employees use […]
8 Tips for Modernizing Hiring in 2024
As talent acquisition continues to evolve, staying ahead of the curve is crucial for organizations aiming to attract and retain top-tier talent. Last year highlighted labor shortages, looming retirements and a demand for evolving skills. As 2024 begins, the traditional hiring approaches are being reshaped by technology, remote work dynamics and shifting employee expectations.
Supporting Caregivers in the Workplace
In 2023, 38 million people across the U.S. provided unpaid care for their loved ones, according to AARP. Another study fromHarvard Business School estimated that 73% of employees have some caregiving responsibility, making caregivers the fastest-growing employee group. Unfortunately, the stress and burden of providing unpaid care can take a significant toll on employees’ mental, […]
ACA Reporting: Most Employers Must File Electronically Beginning in 2024
The Affordable Care Act (ACA) created reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. Currently, any reporting entity that is required to file at least 250 individual […]
Mental Health Benefits
More than 1 in 5 Americans have diagnosable mental health conditions at some point in their lives, yet only about half of those individuals receive professional mental health treatment. One major determinant of an individual’s access to mental health care is whether he or she has health insurance that includes mental health benefits. Now, under […]
Common Mistakes with 401(k) Plan Loans
IRS section 401(k) plans are the most popular retirement plan in the United States, with over 60 million employees opting to receive coverage. Despite this, some employers fall short of adhering to the plan’s requirements. The following are common mistakes employers make with 401(k) plan loans and corrective actions needed to keep costs down and […]
7 Key Employee Benefits Trends in 2024
Attracting and retaining employees has challenged employers since the onset of the COVID-19 pandemic and as employee benefits trends evolve. 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 […]
