Benefits Buzz

Posted August 30th, 2023 in Employers, Producers

The Internal Revenue Service (IRS) recently issued Rev. Proc. 2023-29 which includes information about the changes to the affordability percentage as it relates to the Employer Mandate for 2024.

Posted August 9th, 2023 in Employers, Producers

The state of Illinois has passed a law known as the Transportation Benefits Program Act which will require some employers in the Chicago metropolitan area to offer pre-tax transportation benefits to their employees.

Posted August 1st, 2023 in Employers, Producers

Cafeteria Plans allow employees to elect “qualified benefits” offered by their employer, and those qualified benefits may be paid for with pre-tax contributions by employees. Employees generally save on state income taxes, federal income taxes, and FICA taxes (i.e., Medicare and Social Security taxes). Employers also reduce their FICA taxes when a Cafeteria Plan is in place, so it is usually a win-win for all parties.

Posted July 14th, 2023 in Producers, Individuals

The Biden Administration has proposed regulations that would limit the maximum duration of short-term, limited duration insurance (STLDI) plans. 

Currently, STLDI plans can remain in effect for an initial term of 364 days. The plans can be renewed as long as the total duration does not exceed 36 months. Under the newly proposed regulations, STLDI plans can only have an initial term of up to 3 months, and the plans can only be renewed for a period of up to 1 additional month.

Posted June 22nd, 2023 in Employers, Producers

The use of telehealth (sometimes called telemedicine or virtual care) has expanded dramatically over the past few years. Telehealth generally involves connecting with a physician or medical provider by phone, internet, or a combination thereof for primary care, mental health, second opinions, or other medical reasons. It has become a faster and more convenient way to receive medical care.

Posted June 15th, 2023 in Employers, Producers, Individuals

Last month the Internal Revenue Service (IRS) published Rev. Proc. 2023-23 which includes the 2024 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Read on for a summary of these limits.

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