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Author: LR Webber
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Health Savings Account (HSA) & High-Deductible Health Plan (HDHP) Annual Contribution Limits Will Increase for 2024
The Internal Revenue Service (IRS) released Revenue Procedure 2023-23 providing for the annual Cost-Of-Living-Adjustments (COLA) for Health Savings Accounts (HSA) and High-Deductible Health plans (HDHP) for the 2024 plan year. Conclusion Plan sponsors should ensure their plan documents, enrollment materials and other plan documents are up to date. Have questions? Work with your Webber Advisors…
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Benefits Buzz June 2023 | PA Benefits Firm
HSA/HDHP Limits Increase for 2024 On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: The maximum HSA contribution limit…
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Benefits Insights: Home and Auto Insurance | PA Employee Benefits Advisors
If your company offered home and auto insurance as a voluntary benefit, you could provide employees with discounted rates and the ease of payroll deduction to pay premiums. This benefit can be offered with little expense to you while providing great value for your employees. What Are Home and Auto Insurance Benefits? Home and auto…
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Up and Away – Healthcare Costs Are Taking Off | PA Employee Benefits Agents
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…
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Volunteering and It’s Surprising Mental Health Benefits | Pennsylvania Benefits Agency
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…
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Benefits and Me May 2023 | Pennsylvania Benefits Partners
Understanding Lifestyle Spending Accounts Chances are you’re paying more attention to your benefits and wondering how to get the best bang for your buck. You’re likely familiar with health savings and flexible spending accounts, but have you heard of lifestyle spending accounts (LSAs)? An LSA is an employer-funded account that can cover some health- and…
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Trends and Insights: Social Inflation: What it is and why it matters | PA Benefits Advisors
“Social inflation” refers to the impact of rising litigation costs on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. While there’s no universally agreedupon definition, frequently mentioned aspects include: Proliferation of class-action suits and other lawyer- and government-driven actions (“runaway litigation”); Growing awards from sympathetic juries (“nuclear verdicts”); “Litigation funding”…
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Your Plan Fiduciary Must-Do and Should-Do Lists | PA Benefits Firm
When you’re a plan fiduciary, you are, of course, prioritizing what ERISA law requires of you. You have a checklist of Must-Dos. But there is also a list of things that you can do proactively that will keep the plan—and plan fiduciaries—out of trouble. These tasks aren’t required by law, but they are certainly worth…
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Benefits 101: Vision Insurance | PA Employee Benefits Agents
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…
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Know Your Insurance: Navigating the Auto Insurance Marketplace in 2023 | PA Employee Benefits Advisors
Navigating the Auto Insurance Marketplace in 2023 Auto rates increased an average of 9% for drivers in 2022, with 1 in 5 US drivers reporting multiple auto rate increases over the 12-month period, according to Insurify. Unfortunately for drivers and auto insurance consumers, these rate increases are expected to continue in 2023. More accidents, rising…
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