Category: Health Insurance
Benefits Buzz | January 2025
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PCORI Fee Amount Adjusted for 2025 The IRS recently issued Notice 2024-83 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2024, and before Oct. 1, 2025. The updated PCORI fee amount is $3.47 multiplied by the average number of lives covered under the plan.…
Benefits Insights: Key Drivers of 2025 Health Care Cost Increases
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Healthcare costs are projected to increase substantially in 2025. Estimates show a similar growth in spending to 2024, marking multiple years of compounding costs. Specifically, healthcare costs in the United States are likely to increase by 7%-8% in 2025, according to the following data from multiple surveys: As 2025 approaches, many employers remain curious about…
Massachusetts Health Care Reform & Reporting Requirements
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The Massachusetts Health Care Reform Act (Act) was enacted in April 2006 to provide nearly universal health care coverage forMassachusetts residents. To carry out this objective, the Act created an individual mandate and employer coverage andreporting requirements, among other things. The Act precedes the federal healthcare reform law—the Affordable Care Act(ACA)— that was enacted in…
Navigating Employee Benefits: A Glossary
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Employee benefits can be a complex landscape, filled with acronyms and unfamiliar terms. In fact, more than 50% of American adults report that they don’t have a clear understanding of their health insurance. Many people are confused because they reach adulthood without ever learning the basics of health insurance terminology. Illiteracy about health insurance is…
Gag Clause Attestation Deadline
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As the year comes to an end, a crucial compliance deadline looms for employers with health plans. Under the Consolidated Appropriations Act (CAA), health plans and insurance issuers must submit a Gag Clause Compliance Attestation by December 31, 2024. Since its enactment in 2020, this regulation prohibits health plans from including gag clauses—provisions that limit…
Health Plans Must Update HIPAA Policies for New Reproductive Health Care Rights
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Beginning Dec. 23, 2024, covered entities and their business associates must comply with stricter HIPAA privacy protections for reproductive health care. These new protections prohibit regulated entities from using or disclosing protected health information (PHI) related to lawful reproductive health care: In addition, regulated entities must obtain a valid attestation when a request is made…