HANYS Benefit Services

  Selecting the right health benefits is complicated for even the most educated consumer. It can be overwhelming to sift through benefits options during open enrollment and when receiving health services. If you’re not aware of how your health benefits impact your employees’ morale and productivity, you may be making a big mistake. In fact, eight out of 10 employees said they faced challenges when receiving care, according to Quantum Health ’s study. These challenges were worsened by the complexity of their healthcare benefits. If you haven’t considered how confusion toward health benefits can take a toll on employees in the workplace, keep reading. You’ll be surprised to learn what you can take away as an employer. Unexpected findings on complex health benefits The Quantum Health study tracked how employee morale and productivity were impacted by complex health benefits. The results were unexpected. The study concluded that a vast majority of consumers reported facing hurdles in the p

For individuals who rely on health savings accounts and high-deductible health plans, there is some good news on the horizon. Each year, the IRS announces inflation-adjusted limits for these plans, helping individuals save money on healthcare costs.  Looking ahead to 2024, the new limits bring some key changes over the previous year. Our free downloadable chart below shows how much individuals can save in their HSA accounts and what the minimum deductibles and out-of-pocket expenses will be.  Read more about how HSA and HDHP limits will increase for 2024. Of course, it's important to note that these limits don't apply to everyone, as they're only for those eligible for HSA-qualified HDHPs. But for those who can take advantage, the new limits offer a welcome opportunity to build up funds while taking control of their healthcare expenses.  If you have questions or need help determining your coverage, HANYS Benefits Services can help review your plans to see how the changes w

On May 16, the IRS released  Revenue Procedure 2023-23 , which provides the inflation-adjusted limits for health savings accounts and high-deductible health plans for 2024. The IRS is required to publish these HSA and HDHP 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 for 2024, up from $3,850 for 2023. Eligible individuals with family HDHP coverage will be able to contribute  $8,300  to their HSAs for 2024, up from $7,750 for 2023. Individuals age 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 for 2024, up

The 5th U.S. Circuit Court of Appeals has issued a stay of enforcement of a lower court’s ruling in  Braidwood Management Inc. v. Beccara . In  Braidwood , the lower court vacated a key portion of the Affordable Care Act’s preventive care coverage requirement.  In this issue, let’s get into what the court’s reinstatement of the ACA’s preventive care mandate means. We’ll also look at another ACA insurance-related topic: Patient-Centered Outcomes Research Institute fees. The ACA Preventive Care Mandate Explained  The ACA requires most health plans and health insurance issuers to cover a set of preventive services without imposing cost-sharing requirements when the services are provided by in-network providers. Among these are evidence-based items or services that have a rating of A or B in the current recommendations of the U.S. Preventive Services Task Force. In  Braidwood , the lower court ruled that preventive care coverage requirements based on an A or B rating by the USPSTF on or af