Curious about the future of healthcare costs? In the latest news brief , we reveal how the soaring popularity of weight loss drugs like Ozempic and Wegovy could impact your organization's budget by 2025. Discover key insights into rising pharmacy costs, employer strategies and what it means for your benefits plan.   [Download the report]   Quick summary  The report underscores the significant shift in pharmacy cost allocations as more individuals seek access to these medications. With the increasing acceptance of Ozempic and Wegovy as part of weight management strategies, organizations face new challenges in managing benefit costs.   By equipping yourself with these insights, you empower your organization to ascertain the most effective path forward amidst evolving healthcare landscapes. Prepare for the future by understanding present dynamics and reshaping your benefits strategy accordingly.   Contact us for additional information  If you have any questions, feel free to reach out

The October 2024 edition of our newsletter, Live Well, Work Well , focuses on:  Topic #1: What to know about this year’s flu season.  Topic #2: The power of breathwork.  Topic #3: Start planning now for a stress-free holiday season.  Bonus: A pumpkin chili recipe!   [Download the latest edition today]   Empower your team to live and work well every day!  Share the newsletter with your team  Encourage your team to thrive by sharing our Live Well, Work Well newsletter! Packed with valuable insights on health, wellness and work-life balance, this monthly publication is designed to help employees lead healthier, happier lives both inside and outside the workplace.    By sharing this resource, you can foster a positive work environment, promote well-being and demonstrate your commitment to employee wellness. Get caught up by reading our September 2024 edition on cholesterol, disaster preparedness and mental health — plus, there’s a rice bowl breakfast recipe.     Have questions? TruePlan c

As the labor market continues to slow, it’s anticipated that organizations will have difficulty attracting and retaining talent—leaving employers more eager than ever to tangibly incorporate successful talent strategies. Read the latest edition of the Attraction & Retention newsletter to get key employer takeaways on:  the slowing labor market;  using employee benefits as a workplace retention factor;  supporting working parents during the 2024-2025 school year; and   a Q4 2024 workplace outlook.  Get your labor market recap today. You can also review the Q3 2024 Attraction & Retention newsletter, which details employee retention statistics and best practices as well as how to attract millennial talent.  If you’d like more information regarding the newsletter and our services, contact our team of experts today ! We’re here to answer any questions surrounding your employee benefits and retirement plan efforts.   This is not intended to be exhaustive, nor should any discussi

Welcome to the October 2024 edition of Benefits Buzz! In this blog post, we dive into the latest topics related to the IRS and the Affordable Care Act (ACA). We also examine the Mental Health Parity and Addiction Equity Act (MHPAEA) final rule.  This month's highlights  Highlight #1: On Sept. 6, the IRS released the affordability percentage threshold for 2025 plan years under the Affordable Care Act’s (ACA) pay-or-play rules.  Highlight #2: On Sept. 9, DOL, Health and Human Services and the Treasury Departments released a final rule to strengthen the requirements of the Mental Health Parity and Addiction Equity Act (MHPAEA).  Download the full story  For an in-depth look at this month's highlights, download the PDF below.   [Download the full story]   Stay informed, stay empowered and make the most of your benefits with Benefits Buzz! Be sure to follow us on LinkedIn for monthly updates and never miss out on the latest in benefits news.   Have questions?  Feel free to contac

The No Surprises Act, enacted as part of the Consolidated Appropriations Act , includes transparency provisions requiring group health plans to report information on prescription drugs and healthcare spending to the departments of Labor, Health and Human Services and the Treasury (“the departments”). This requirement applies to group health plans and health insurance issuers in the individual and group markets but does not apply to account-based plans and excepted benefits. This reporting process is referred to as the prescription drug data collection (or “RxDC report”). The first RxDC report was due Dec. 27, 2022 (covering data for 2020 and 2021); however, the departments provided a submission grace period through Jan. 31, 2023, for this first report. Subsequent RxDC reports are due by June each year covering data for the previous calendar year. According to interim final rules , employers may use issuers, third-party administrators, pharmacy benefit managers or other third parties t

Prescription drug cost drivers Although prescription drug spending has historically been a small proportion of national healthcare costs compared to hospital and physician services, it has grown rapidly in recent years. According to CMS, prescription drug spending increased 7.8% to $378.0 billion in 2021, up 3.7% from the previous year. A recent study found that “In 2022, overall pharmaceutical expenditures in the US grew 9.4% compared to 2021, for a total of $633.5 billion. Utilization (a 5.9% increase), price (a 1.7% increase) and new drugs (a 1.8% increase) drove this increase.” These results illustrate increasing prescription drug spending, especially with new, specialty and cancer drugs. According to the same study, employers will have to watch for a predicted rise of 6% to 8%. A multitude of factors led to this steady rise in prescription drug pricing, including the following. An influx of specialty drugs Specialty medications account for a smaller portion of U.S. prescriptions

Implementing a comprehensive risk management strategy is imperative for C-level executives and senior management at HANYS member hospitals. One critical, but often overlooked component, is the executive disability income protection program. But what exactly is this program and why is it vital for high-income earners?   With increasing interest in executive disability income protection programs from C-suite executives, TruePlan Benefit and Retirement Advisors interviewed Bernard A. Gleeson, Director, Employee Benefit Services on Executive disability income protection programs FAQs.  What is an executive disability income protection program?  An executive disability income protection program (EDIPP) is a specialized form of disability insurance designed to supplement existing group disability plans offered by employers. These individual plans provide additional coverage beyond the typical monthly maximum benefit cap found in traditional employer-based offerings. By overlaying on top of g

Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings?   What are employee benefits?   Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates.   Personalized benefits examples   The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies .  1. Social opportunities   Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help improve and strengthen relationships. Try ge

Understanding leave management  Managing employee leave requests can be daunting for human resources (HR) professionals. From holidays to sick leave, emergencies to parental leave, organizing and handling these requests fairly and accurately is critical to ensuring that team members receive their benefits while keeping the business running smoothly. This process, known as leave management, is a fundamental aspect of HR management.  What is leave management?  Leave management, also referred to as time-off management, involves overseeing and regulating employees' time-off requests through a series of policies, guidelines and rules specific to your organization. Its primary goal is to balance employees' need for time off with the business's operational requirements.  Leave management is a critical aspect of HR management that ensures employees can take necessary time off while minimizing disruption to the business.   By implementing effective leave management practices and usi

Stay on track with our 2025 open enrollment timeline infographic!  Don’t let open enrollment sneak up on you! Our 2025 Open Enrollment Timeline Infographic is the perfect tool to help you stay organized and informed throughout the entire process. From key deadlines to important reminders, this visual guide breaks down each step, making it easy for both HR teams and employees to prepare.  With everything laid out in one clear, concise timeline, you'll have a hassle-free open enrollment experience. Download the infographic today and ensure you're ready for 2025!   Have questions? contact TruePlan  If you have any questions, don’t hesitate to contact us . We’re more than happy to discuss ways you can stay on track this open enrollment season. We can also talk about how to optimize your current employee benefits solutions for retention and attraction.  Don’t miss our additional open enrollment resources  Our resource library contains helpful open enrollment information that you c

Maximize your benefits with our 2025 open enrollment guide  As open enrollment approaches, what are you doing as an employer to ensure your employees are prepared? If your organization is currently sponsoring a high-deductible health plan (HDHP) compatible with HSAs, it's the perfect time to explore ways to keep your employees up to date.  Our full guide, Open Enrollment 2025 - Health Savings Accounts (HSAs) , covers everything you need to know, including:  how to communicate HSA rules to employees;  updating HDHP design; and  helpful IRS links and resources.  Download it today to unlock your HSA's full potential for 2025!   Want open enrollment communication resources?  Once you understand the compliance aspects of HSAs and HDHPs, you can start to learn effective ways to communicate open enrollment. Check out our blog on how to get the most out of your open enrollment communications. Then, dive into eight tips for effective open enrollment communication .  If you’d like to le

The U.S. Department of Labor (DOL) released a new model employer Children’s Health Insurance Program (CHIP) notice with information that is current as of July 31 .   Under the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA), employers maintaining group health plans in states that provide premium assistance subsidies under a Medicaid plan or a CHIP plan must send employees an annual notice.   An employer can choose to provide the notice on their own or concurrent with the furnishing of:   materials notifying the employee of health plan eligibility;  open enrollment materials; and  the summary plan description.  An employer is subject to this annual notice requirement if their group health plan covers participants who reside in a state that provides a premium assistance subsidy, regardless of the employer’s location.   Employers may use the DOL’s model notice for this disclosure. DOL updates the model notice periodically to reflect changes in the states that offe

The September 2024 edition of our Newsletter, Live Well, Work Well , focuses on important employee health information. It contains quick resources on cholesterol, disaster preparedness and mental health — plus, there’s a rice bowl breakfast recipe.   Share our newsletter with your team today!  Encourage your team to thrive by sharing our Live Well, Work Well newsletter! Packed with valuable insights on health, wellness and work-life balance, this monthly publication is designed to help employees lead healthier, happier lives both inside and outside the workplace.   By sharing this resource, you can foster a positive work environment, promote well-being and demonstrate your commitment to employee wellness. Download the latest edition today and empower your team to live and work well every day!  Have questions? TruePlan can help  If you have any questions about this issue contact us . We focus on employee benefits and retirement solutions and provide valuable resources for HR teams, p

Simplify your 2025 open enrollment with our planning infographic!  Open enrollment season can be overwhelming, but it doesn't have to be! Whether you're a human resources professional or an employee looking to make informed decisions, our 2025 Open Enrollment Planning Infographic is here to help.   This visual guide simplifies the process, highlighting how to tailor your benefits, determine key messaging and communicate about your benefits.  Why struggle through pages of information when you can have everything at a glance? Download the infographic today and make your 2025 open enrollment smoother, more efficient and stress-free!   Want more open enrollment resources?   TruePlan has got you covered. Our resource library contains helpful information on how to get the most out of your open enrollment communications , detailing the best ways to alert employees. You can take this a step further by reading our additional blog on eight tips for effective open enrollment communicatio

All the comprehensive information you need in one place  Preparing for open enrollment can feel like a lot to manage, but our 2025 Open Enrollment Checklist makes it simple! This comprehensive guide outlines everything you need to review for the upcoming year, including plan design changes and open enrollment notices.  Whether you're an employee or part of the HR team, our checklist ensures that nothing important slips through the cracks. Don’t wait until the last minute — download the checklist today to stay organized and make confident benefit choices for 2025!   Need more assistance? Check out these resources  Equip yourself this open enrollment season with these key resources to choose from:  how to get the most out of your open enrollment communications;   eight tips for effective open enrollment communication;    2025 open enrollment planning infographic ; and  2025 open enrollment timeline infographic.   If you have any questions, contact us . We’re more than willing to wal

Open enrollment is a crucial period for both employers and employees. It’s when employees can make important decisions about their benefits and an opportunity for employers to engage with their workforce effectively. As organizations continue to adapt to evolving workforce needs, open enrollment communication becomes more critical than ever.   This article highlights why open enrollment communication to employees matters and provides tips on what to do before, during and after enrollment to maximize its effectiveness.   Why communication matters   Communication matters because it enables employees to understand the open enrollment process in a clear and accessible manner, which can boost active participation in benefits selection. Employees who feel valued and informed about their benefits are more likely to appreciate their employer’s efforts and stay engaged with their work.   Before open enrollment   Effective open enrollment communication to educate and inform employees about new,

Now more than ever, employees are looking to their employers for guidance on navigating available benefits and how to stretch their dollars further. As such, effective communication for open enrollment 2025 is critical. According to a Willis Towers Watson report , 84% of employers plan to expand their tools in 2023 to help employees navigate their enrollment decisions, compared with 70% last year. Employees are likely paying more attention this year as they navigate record-high inflation and work to maximize every hard-earned dollar. Many of today’s workers want help understanding how much money to put aside for retirement, emergency savings and healthcare expenses. Employers have an opportunity to shine by effectively communicating and guiding employees throughout the enrollment process and the rest of the year. As the 2025 open enrollment season approaches, employers are poised to provide their employees with resources and digital tools. Here are eight tips you can use to effectively