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 ove...

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 im...

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 pract...

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 i...

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 commu...