IRS Has Announced 2024 HSA Contribution Limits
The 2024 HSA Contribution Limits have been given a boost due to inflation, including minimum deductibles and maximum out-of-pocket expenses for HDHPs. Below, the changes are listed in comparison to 2023. Health Savings Accounts (HSAs) Type 2024 2023 HDHP Min Annual Deductible – Single $1,600 $1,500 HDHP Min Annual Deductible – Family $3,200 $3,000 HDHP […]
How The End Of The COVID-19 Emergency Effects Your Benefits Strategy
On April 10, 2023, President Biden officially signed to end the COVID-19 Emergency. This takes us out 60 days to the end of the Outbreak Period which falls on June 9, 2023. The emergency protocols allowed extended time periods for HIPAA enrollment, COBRA continuation, payments, and appeals related to the Flexible Benefits Plans. With the […]
What’s Behind Your Medical Premium Dollar?
Medical premiums are by far the largest portion of any benefits budget. Whether you are fully insured, level-funded, or self-insured, a large part of your benefits discussions likely revolves around how to control your medical cost. But how can you control these costs if you don’t understand what they consist of? Here is a breakdown […]
ACA Reporting and Medicare Part D CMS Filing Deadlines are Coming!
Beginning of the year filings and updates are still in full swing, and the team at Eli Advisors wants to make sure you meet all your deadlines. Two filings that are on the horizon are the ACA and CMS Filings. Learn more below about these deadlines and how Eli Advisors can help. ACA Reporting Applicable […]
The Path to Long-Term Benefit Cost Control
This renewal season, we received a proposal for one of our clients which contained over $100,000 in pharmacy rebates going back to them. Pharmacy rebates are baked into every contract, but frequently these funds are given as profit straight to the insurance carrier. But what if all companies, not just the large market, could have […]
The End of the Public Health Emergency And Its Implications
Since early 2020, the United States has been in a Public Health Emergency, which has affected health insurance and business regulations. This week, the White House announced that the State of Emergency could be lifted as early as May 11, 2023. Once lifted, certain regulations will be lifted as well. There are two significant impacts […]
Setting Up Your HR Year for Success
Employees are the driver of your business, so taking time to have a strategic plan for human resources is essential. Without an HR plan, your business will face challenges that might have been avoided. So, turn your HR department from task-focused to strategy-driven by setting the tone at the start of the year. Explore the […]
New Jersey WARN Law Updates
Last week, Governor Murphy signed into law an amendment to the NJ Warn Law to go into effect on April 10, 2023. This law applies to employers with at least 100 employees working in the US, so long as the employer has operated in New Jersey for three years. Understanding updates to this law are […]
IRS Releases 2023 Mileage Reimbursement Rate
Last week, the IRS announced its optional standard mileage rate for 2023. Effective January 1, 2023, reimbursement will be 65.5 cents per mile driven, and increase of 3 cents from their 2022 mid-year update. If you reimburse employees based on the IRS mileage rate, be sure to update your rates to this new limit! If […]
IRS 2022-2023 PCORI Fee Released
The Patient-Centered Outcomes Research Institute (PCORI) Fee is a charge to all employers and plan sponsors that offer self-funded plans (including HRAs). These fees help fund research to evaluate a variety of health outcomes, treatment effectiveness, risks, and benefits of treatments and medical services. In Notice 2022-59, the IRS announced an increase in rate from […]
