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On Nov. 17, 2021, federal agencies released an interim final rule requiring health plans and issuers to report information regarding the cost of prescription drugs and certain medical expenses. This rule is a continuation of the Biden administration’s efforts to promote greater transparency in health care spending. Overview of the Interim Final Rule This rule…

On Thursday, Dec. 2, 2021, President Joe Biden spoke at a press conference where he outlined a multiprong approach to combat COVID-19 this winter. The plan is described as having the following goals: Drafting a rule that requires private insurers to reimburse the costs of at-home COVID-19 tests Getting the approximately 43 million vaccine holdouts…

Board composition contributes greatly to the overall success of a business. To be effective, boards must reflect the strategic priorities and challenges of the company, the relevant areas of risk and the diversity of stakeholders. The skills and experience of the board should align with the company’s long-term strategy. While stakeholders may not know the…

The White House’s new $1 trillion infrastructure bill was signed into law on Nov. 15, 2021. This bill contains several provisions affecting commercial motor vehicle (CMV) safety and operations. These provisions can be found in the Surface Transportation Act of 2021 part of the bill. This article outlines some of the provisions within the Surface…

The COVID-19 pandemic forced businesses to adapt and test their operational capacities. One of the most common pivots has been remote work. Now that workplaces are reopening, a significant number of employees want to retain their remote status. In fact, 58% of workers said they want a fully remote position, and only 3% said they…

Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs);Health flexible spending accounts (FSAs);401(k) plans; andTransportation fringe benefit plans. The IRS typically announces the dollar limits…

As the holidays approach and COVID-19 vaccination eligibility expands to younger children, many Americans may be making plans to travel. According to Tripadvisor, 55% of Americans plan to travel this winter, which is a 5% increase from those who traveled last winter. Not surprisingly, the most popular travel dates are the Thanksgiving and Christmas holidays.…

HRAs reimburse employees for certain medical costs. Depending on the plan, such expenses may include doctor visits, medical procedures and prescriptions. An employee must be enrolled in their employer’s group health plan to qualify for an HRA. ICHRAs are a bit different. These accounts can reimburse employees for certain medical expenses, insurance premiums or both.…

Ransomware actors shifted to more “mid-game hunting” in the third quarter (Q3) of 2021, resulting in fewer large ransom payments and more lower payments made by middle-market organizations, according to recent data from Coveware, an incident response and ransomware negotiation firm. The average ransom payment amount stayed around the same level between the second quarter…

Health care is rarely straightforward for the average consumer. Many individuals need help making sense of their options both during open enrollment and when receiving health services. In fact, 8 out of 10 people said they faced challenges when receiving care, according to a recent study from Quantum Health. According to the study, the vast…