The Biden-Harris Administration recently issued a proposal to eliminate medical debt from credit reporting. If the proposal becomes law, medical debt will no longer be reported by credit reporting agencies nor be a factor in determining credit scores. A Sweeping Change for Credit Reports Currently, medical debt affects millions of Americans, with 46 million people […]
The Department of Labor (DOL) Wage and Hour Division issued final regulations, effective March 11, 2024. These rules established an economic realities test which will serve as a practical guide for employers in determining whether a worker is an employee or independent contractor under the Fair Labor Standards Act (“FLSA”). [29 CFR part 795]. How […]
Let’s face it, healthcare costs are out of control for everyone. This is especially true for employers who provide important healthcare benefits to their employees. According to AON, the average cost of employer-sponsored healthcare in the US is expected to rise by more than 6.5% in 2023. That means per-employee costs are expected to reach […]
If you’re an employer who’s trying to contend with excessive healthcare costs, you are not alone! While per-employee medical costs increased by 3.2% in 2022, according to Mercer’s annual survey, health plans are expected to see another sharp increase and rise another 5.6% in 2023. Needless to say, healthcare has become unconscionably expensive. The increasing […]
Most employers are bracing themselves for another round of rising healthcare costs, according to a recent survey by Willis Towers Watson consultants. Responses indicate that over the next three years, 7 out of 10 employers plan to prioritize curbing their rising healthcare costs. The fact that rising healthcare costs may require some companies to cut […]
While many employers provide healthcare coverage as a primary employee benefit, few realize they have the capability to negotiate lower costs for expensive procedures like major surgeries. This is one of the main disadvantages of traditional healthcare models: those responsible for medical costs usually have little say in how much they pay. In response, some […]
Many businesses are switching to self-funded healthcare plans—also called self-insured health plans—in response to the ongoing escalation of healthcare costs. In comparison to fully insured plans that go through private insurance providers, with self-funded plans, companies use their own funds to pay for employee healthcare. Why would businesses make this choice? Because eliminating the middleman […]
Among small to mid-sized enterprises, self-funded healthcare models are becoming increasingly appealing—especially as healthcare costs continue to rise, escalating premiums and deductibles as well. This continual creep in costs has made healthcare exceedingly expensive for employers, forcing many to consider cutting back on the healthcare they provide employees. Self-funded healthcare plans offer employers a viable […]
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