Total rewards packages refer to the compensation and benefits plans that companies offer. This phrase, however, extends beyond mere salary or wages and traditional benefits, like health insurance, to provide both recruits and employees with a rundown of what makes the employer special. Some in Human Resources might regard the total rewards package as the • Read More »
Benefits 101: What is an HSA?May 30, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Custom Content, Employee Benefits.
Are you the type of person who loves to save money? You’ll be happy to know that there’s a way to do so with your health care costs. It starts with medical expense accounts which let you set aside money to pay for certain health products and services. One type of medical expense account is • Read More »
Tags: Health Savings Account, HSA
Compliance Recap April 2023May 23, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Compliance.
2024 BENEFIT PARAMETERS FOR MEDICARE PART D CREDITABLE COVERAGE DISCLOSURES ANNOUNCED The Centers for Medicare and Medicaid Services (CMS) released a Fact Sheet announcing the 2024 benefit parameters for Medicare Part D. These factors are used to determine the actuarial value of defined standard Medicare Part D coverage under CMS guidelines. Each year, Medicare Part D requires • Read More »
Up and Away – Healthcare Costs Are Taking OffMay 16, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Custom Content, Health Care Cost.
Healthcare costs, and consequently employee health benefit costs, have been growing at an alarming rate in recent years. The U.S. as a nation spends more on health care than any other developed country but has worse health outcomes. How is this possible? Four Key Factors Driving U.S. Healthcare Costs: Aging Population Healthcare gets more expensive • Read More »
Tags: Health Insurance
Volunteering and It’s Surprising Mental Health BenefitsMay 9, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Custom Content, Mental Health.
Volunteers make an immeasurable difference in people’s lives and often serve with the intention of helping others. But, did you know that volunteering can benefit your mental health as well? While it’s true that the more you volunteer, the more benefits you’ll experience, volunteering doesn’t have to involve a long-term commitment or take a huge • Read More »
Tags: Mental Health, Volunteering
What Are Medicaid Redeterminations and Why Do They Matter to Employers?May 1, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Health Care.
When we see the recent onslaught of news about Medicaid redeterminations (aka “the unwinding of Medicaid”), we might automatically relate it to individuals and not necessarily realize that some employees might have declined their company’s benefits and enrolled in Medicaid during the pandemic. Medicaid is a joint federal and state program that provides medical insurance • Read More »
Employee Benefit Trends: What is a Lifestyle Spending Account?April 18, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Custom Content, Employee Benefits.
A Lifestyle Spending Account (LSA) offers employers an opportunity to help fund health and wellness costs that a traditional group health plan won’t cover. LSAs are often used as perks to attract and retain quality employees and could be a desirable piece of the employee benefits puzzle. What Is a Lifestyle Spending Account? A Lifestyle • Read More »
Tags: Lifestyle Spending Accounts, LSAs
Benefits 101: Vision InsuranceApril 11, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Custom Content, Health.
According to WebMD, the eyes are the most highly developed sensory organs in your body. Did you know that more of your brain is dedicated to the sense of sight than to all of the other senses combined? So, it makes sense that you would do all that you can to protect and care for these • Read More »
Tags: Vision Insurance
Fact Sheet for Consumers About the End of the COVID-19 Public Health EmergencyApril 10, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Health Care.
The Centers for Medicare & Medicaid Services (CMS) issued a consumer-facing fact sheet to help people know what to expect at the end of the COVID-19 Public Health Emergency (PHE). The Department of Health and Human Services is planning for the federal PHE and the COVID-19 national emergency to expire at the end of the day • Read More »
Tags: End of PHE
Compliance Recap – March 2023April 10, 2023 | By Cleveland Benefits Partners | No Comments | Filed in: Compliance.
IRS RELEASES 2024 EMPLOYER SHARED RESPONSIBILITY PROVISION PENALTIES The dollar amount used to calculate the employer shared responsibility provision penalties (ESRP) has been provided for 2024. As background, the penalties can be assessed under Code § 4980H(a) if an applicable large employer (ALE) fails to offer minimum essential coverage to the required number of full-time • Read More »
Tags: Compliance News