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Benefits Buzz - June 2023

  HSA/HDHP limits increase for 2024 On May 16, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts and high-deductible health plans for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: the maximum HSA contribution limit; the minimum deductible amount for HDHPs; and the maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs in 2024, up from $3,850 in 2023. Eligible individuals with family HDHP coverage will be able to contribute $8,300  to their HSAs in 2024, up from $7,750 in 2023. Individuals aged 55 or older may make an additional $1,000 “catch-up” contribution to their HSAs. The minimum deductible amount for HDHPs increases to $1,600 for self-only coverage and $3,200 for family coverage in

Comparing Different Types of HRAs

Health reimbursement arrangements are employer-funded accounts that reimburse employees for their eligible out-of-pocket medical expenses on a tax-favored basis. This allows employees to enjoy significant tax benefits while covering their healthcare expenses. Although HRAs provide significant tax benefits, they are subject to strict plan design rules. The different types of available HRA plan designs are: HRAs integrated with group health plans; Individual coverage HRAs; Excepted benefit HRAs; Qualified small employer HRAs; HRAs that only pay excepted benefits; and Retiree-only HRAs. For a complete overview and comparison of the types of HRAs, view our Compliance Overview . For more information about  employee benefits, our services and products , contact HANYS Benefit Services by  email  or call 800.388.1963. This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.

Key HRA Decision Points

If you are an employer considering implementing health reimbursement accounts or high deductible health plans with HRAs, you should consider several things first, including your objectives and possible plan designs. Below are questions to think about. Determining company objectives Evaluate your objectives for your benefits package and how HDHP/HRAs contribute to your goals. Is your primary goal to save money on health costs or to move toward employee-driven healthcare decisions? What is your strategic timeline for making these changes? Do you have existing educational resources to help employees understand the effects of healthcare premium costs on your business? How will your choice of healthcare plans affect your employee recruitment and retention efforts? What is your corporate culture today and how well does your organization embrace change? Company characteristics that influence the ability to introduce HRAs include a paternalistic culture, high turnover, communication ability an

Attraction & Retention Newsletter - Q2 2023

Each quarter, the  Attraction and Retention newsletter offers statistics about the employment market, suggestions on securing top talent and insight to attract and retain workers. The  second quarter edition explores: the labor, attraction and retention challenges expected in 2023; how to build an employee value proposition; and how to use skills-based hiring. Employers are increasingly recognizing and responding to a competitive labor market with strategies that attract top talent. As we move into the future of work, some industries may have more pronounced talent recruitment challenges than others. Corroborated by Willis Towers Watson research, 40% of businesses anticipate attraction difficulties in 2023 — significantly less than the 95% that faced similar challenges just one year earlier. To stay ahead in this race for skilled professionals, employers are exploring strategies such as competitive compensation, benefits to meet the needs of workers, pay transparency and continued fle

Benefits Buzz - May 2023

End of COVID-19 National Emergency Impacts Health Plan Deadlines     On April 10, President Joe Biden signed a resolution ending the COVID-19 national emergency. The national emergency was originally scheduled to end May 11 , when the COVID-19 public health emergency ends. Various employee benefit plan deadlines have been extended during an “outbreak period.” The outbreak period continues until 60 days after the end of the national emergency (or such other date as announced by the federal government). Deadline extensions that apply during the outbreak period include: HIPAA special enrollment — The 30-day period (or 60-day period, if applicable) to request special enrollment. Claims and appeals — The deadline to file a benefits claim, file an appeal of an adverse benefit determination or request an external review under the plan’s claims and appeals procedures. COBRA notices and premiums — The period for qualified beneficiaries to elect COBRA coverage and make COBRA premium payments, a

HBS Q1 Market Recap: March Madness for Investors

Following a disappointing 2022, where both equity and fixed-income markets struggled, investors looked forward to a more stable 2023 with diminished recession fears. While asset prices have partially recovered from 2022 losses, worries about an impending recession persist. January was a particularly strong month for U.S. equity markets, with the S&P 500 gaining 6.18%, but volatility through February and March gave back some of January’s gains. In Q1, fixed income continued to face restrained returns offering indications of the economy's path. Instability within the banking sector has been the focus of financial headlines, spearheaded by the collapse of three financial institutions, all within the span of five days. Even though these collapses have been contained and are primarily due to individual factors, a renewed public fear and distrust of financial institutions appears to be on the rise. Markets outside the U.S. were mixed in Q1. Investors are hoping for a return to normal

SECURE 2.0 Discussion Series: Session Two

The retirement industry has been buzzing since the SECURE 2.0 Act was signed into law last December. This new, comprehensive legislation has sparked a lot of discussion. As with any major reform, it will take time for the industry to fully adapt and understand all its implications. Following our April 11 webinar on the first three months of the industry’s response, our team reconvened to discuss some of what we have heard from our client and vendor partners and to respond to some of the great questions we heard from attendees. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. The Discussion SB – Throughout the webinar, I wanted to stress two things: 1) confusion about where to start and what is expected from plan sponsors is normal; and 2) even more than three months in, this is a developing situation and people should expect changes as time goes on. With those in mind, engagement through