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 […]
DOL Increases Civil Penalty Amounts for 2024
The Department of Labor (DOL) has released its 2024 inflation-adjusted civil penalty amounts that may be assessed on employers for violations of a wide range of federal laws, including: The Fair Labor Standards Act (FLSA); The Employee Retirement Income Security Act (ERISA); and The Family and Medical Leave Act (FMLA) To maintain their deterrent effect, […]
4 Key Trends Driving Employer Health Care Costs in 2024
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 $15,000per employee), nearly double 2023’s figure. In line with those findings, the Business Group on Health’s […]