SHRM releases 20th annual employee benefits survey

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The Society for Human Resource Management (SHRM) released the 20th anniversary edition of its annual benefits survey on June 20th at the SHRM 2016 Annual Conference and Exposition in Washington, D.C. The survey looks at the popularity of various benefits and highlights statistically significant differences between the results of this year’s survey and results from last year, five years ago, and the initial 1996 survey.

Methods

This year’s survey comes from the responses of HR professionals ...

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Planning for out-of-pocket costs a critical component of health plan affordability

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Comparing health plans can be difficult. With so many variables in play, many people focus on two amounts: the amount they will need to pay each month to maintain their coverage (the premium) and the amount they will need to pay before the insurance will begin covering major medical expenses (the deductible). However, the maximum amount an insured is responsible for paying out of pocket in a year (the out-of-pocket limit, or out-of-pocket maximum) is also a critical component of ...

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More Employers Covering Maintenance Meds at 100%

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More employers are treating maintenance medications, like those treating cholesterol or blood pressure, as a preventative prescription which is eligible for 100% coverage in high deductible health plans.  Typically, these prescriptions would be subject to the individual or family deductible, and the consumer would pay the entire cost of the medications until the deductible is met.  However, IRS 223(c), exempts preventative health care and prescriptions from the deductible in a high deductible health plan.  This lack of clarity regarding the definition of a ...

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Consumer-driven health plans offer opportunities for employers, employees

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Consumer-driven health plans (CDHPs) continue to grow in popularity due to the opportunities they offer both employers and employees. According to America’s Health Insurance Plans (AHIP), CDHP enrollment rose to 17.4 million in 2014, an increase of 6 million since 2011.

Consumer-driven health plans can be distinguished from traditional health plans by their higher annual deductibles and the opportunity to invest in a Health Savings Account (HSA). Higher deductibles make members more mindful of the cost of their care, which promotes ...

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2015 HSA Limits

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The IRS increased the maximum health savings account (HSA) contributions for 2015.  HSA contribution limits are adjusted annually to reflect changes in the cost of living.  The following changes are effective January of 2015.

In 2015, HSA maximums for individuals with self-only coverage will be $3,350 and up to $6,650 for family.  This is a $50 increase for singles and a $100 increase for families.  The out of pocket maximum will increase to $6,450 for single and $12,900 for family.

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