Year: 2024
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Compliance Recap February 2024
In early February, a federal class action lawsuit was filed against Johnson & Johnson (JNJ) and its plan fiduciaries, alleging overpayment for prescription drugs within its prescription drug plan. The complaint alleges that under the Employee Retirement Income Security Act of 1974 (ERISA), JNJ’s plan fiduciaries are obligated to diligently compare service providers, seek cost-effective options, and…
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Health Insurance Basics: Part 2
Does a Health Plan Typically Pay for Services from Any Doctor? Not always. Some types of plans encourage or require consumers to get care from a specific set of doctors, hospitals, pharmacies, and other medical service providers who have entered into contracts with the plan to provide items and services at a negotiated rate. The…
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Benefits 101: Personal Leave
A better work/life balance is at the top of the list for many employees. However, with the absence of nationwide paid leave regulations for American workers, employers typically determine the extent of paid time off for their employees. In an increased effort to remain competitive and improve employee attraction and retention, a new survey found…
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Compliance Recap
QUESTION OF THE MONTH Q: My wife and I work in the same small company. Is having her on my plan as spouse allowed? Can we both contribute separately from our own paychecks into our own Health Savings Account (HSA)? Or does it need to be my deduction only since I am the policy holder? A: Yes,…
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Compliance Recap January 2024
NEW EMPLOYEE CLASSIFICATION RULE In January, the Department of Labor (DOL) Wage and Hour Division introduced a rule that changes the way workers are classified under the Fair Labor Standards Act (FLSA). This Final Rule, effective March 11, 2024, offers a more comprehensive test to determine a worker’s status, potentially making it more challenging to classify…
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Health Insurance Basics: Part 1
What is Health Insurance and Why is it Important? Health insurance is a legal entitlement to payment or reimbursement for your health care costs, generally under a contract with a health insurance company. Health insurance provides important financial protection in case you have an accident or sickness. For example, health insurance may help to pay…
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Benefits 101: What Is Critical Illness Insurance?
Critical illness insurance is known by many names: heart attack insurance, catastrophic illness insurance and sick insurance are just a few. No matter what it’s called, it’s designed to guard against the financial costs of a serious disease or condition. As the average life expectancy in the United States continues to increase, insurance brokers are…
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Top Benefit Trends for 2024
The challenges that influenced the benefits landscape in 2023 persist—perhaps even more so. Rising costs, due to inflation and increasing health care prices, will continue to present challenges this new year. But employers who understand the benefits landscape for 2024 can mold their approach for the upcoming year. A new year means revisiting your existing…
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Compliance Recap December 2023
WORKPLACE POSTERS The U.S. Department of Labor (DOL) enforces the posting of employee notices in the workplace to comply with various DOL statues. The posters are available for free in multiple languages. To determine which posters are needed for your business, the DOL FirstStep Poster Advisor can help. Employers can download and print the posters directly from…
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New Year, New You: Mental Health Tips for 2024
As we begin to settle into 2024, many of us are thinking about New Year’s resolutions. The start of a New Year signals a time for change, reflection and a sense of ‘starting afresh’. This year, you can seize the new year’s spirit of renewal and make mental health your top priority! A healthy mind…
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Year-Round Benefits Education
For most organizations, employee benefits communication kicks into high gear during open enrollment season. During this time, there is a surge in emails, educational webinars, fliers throughout the office, and a barrage of forms demanding signatures. Post open enrollment, however, employees often receive minimal information about their benefits. While sporadic email updates or new laminated…
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8 HR Trends for 2024
With the arrival of 2024, Human Resources professionals are contemplating the future. Everyone is looking into that crystal ball to try and understand what the most pressing issues in talent management will be. HR Exchange Network is no different, so we turned to the experts on Featured to ask what they think will be the biggest trend of…
