The Value of Employee Health Benefits

Wendy Lopez

In today’s world, where healthcare costs can be a significant burden on individuals and families, employer-provided health coverage stands out as a vital resource. More than half of all Americans – over 180 million hardworking individuals and their families – rely on their jobs to secure access to healthcare. In this blog, we’ll explore the invaluable benefits of employer-provided coverage and how it offers affordable access to care, improved health, and peace of mind. Affordable Access to Care Healthcare expenses can quickly add up, and without insurance, it can be a daunting task to manage them. However, for millions of Americans, the path to affordable healthcare begins with their employers.… Read More

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CMS announces lower Medicare Part D premium for 2024 

Wendy Lopez

According to an official statement by the Centers for Medicare and Medicaid Services (CMS) on Monday, the projected average total premium for Part D beneficiaries is anticipated to decrease by 1.8% in 2024. This reduction would bring the average monthly premium down to $55.50 from the 2023 figure of $56.49. The computed average monthly premium for Medicare Part D coverage in 2024, at $55.50, encompasses the combined average basic premium and the supplementary premium for plans featuring enhanced coverage. CMS emphasizes that this projection offers the most precise estimate of individuals’ 2024 Part D premium expenses. In addition to this update, CMS has disclosed several other important figures for the… Read More

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Does a Health Savings Account (HSA) have Reimbursable Expenses?

Ed MacConnell

Employees can use the HSA to pay for Code §213(d) medical expenses, expenses such as expenditures for medical care, to the extent that such amounts are not reimbursed by insurance or any other source. Medicines and drugs (other than insulin) can be qualified medical expenses only if they are prescribed. Under the CARES Act, employers can also allow for reimbursement of OTC drugs. With certain exceptions, qualified medical expenses do not include payments for health insurance premiums or coverage contributions toward self-funded health coverage. However, the expense for coverage under any of the following will be an HSA-qualified medical expenses: HSA funds may not be used to pay insurance premiums… Read More

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