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As we step into 2024, it’s crucial to stay informed about the latest trends and strategies shaping our workplaces. We understand the delicate balance you maintain between nurturing your employees’ wellbeing and managing the practicalities of budgets and benefits.

So, we’ve combed through the Health & Benefit Strategies for 2024 survey report to break down the key takeaways, helping you stay ahead of the game while keeping your workforce happy and healthy. Read more

It’s a fact that employers cannot ignore: employee turnover is a fact of business, and the costs of replacing an employee are high. It’s estimated that replacing an employee costs 3 to 4 times that employee’s average annual salary. For example, if an employee’s average salary is $75,000, it will cost anywhere between $225,000 – $300,000 in hard and soft costs to replace them.

This figure often makes employers hesitant to discuss an employee’s career goals, fearing it might encourage them to seek opportunities elsewhere. However, avoiding these kinds of discussions is a mistake.

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As we step into 2024, the world of employee benefits continues to evolve. Understanding employee benefits trends isn’t just about keeping up with the latest perks; it’s about delving into what shapes employees’ working lives and wellbeing, and also the willingness of employers to tackle the trends and offer the benefits their employees want and need.

Employee benefits trends are a barometer for broader societal changes and workforce expectations, and reflect changing attitudes towards work-life balance, health and wellness, and an inclusive and supportive work environment. Whether it’s an emphasis on financial wellness in times of economic uncertainty or wanting to make healthcare more accessible to all, each trend provides insights into the evolving needs of today’s workforce.

In 2022, employee benefits were all about overall wellbeing and wellness. In 2023, the focus shifted towards work-life balance and integration. As we start 2024, let’s look at the trends and what benefits you might consider offering. Read more

 

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The Patient-Centered Outcomes Research Institute (PCORI) fee established by the Affordable Care Act helps fund research to evaluate and compare health outcomes, clinical effectiveness, risks, and benefits of medical treatment and services.  The fee is currently in place through 2029.  In Notfice 2023-70, the IRS announced that the PCORI fee for plan years ending between October 1, 2023, and September 30, 2024, is $3.22.  This is an increase from the $3.00 payment for policy or plan years that ended between October 1, 2022, and September 30, 2023.  Employers and plan sponsors with self-funded plans are typically responsible for submitting IRS Form 720 and paying the PCORI fee by July 31 of the calendar year immediately following the last day of the plan year, meaning that payments for plan years that end in 2023 will be due in July of 2024. 

PCORI fees for self-funded plans are assessed on all covered lives, not just on employees.  Plan sponsors can use one of three methods to calculate the average number of covered lives for the fee: the actual count method, the snapshot method, and the Form 5500 method.  The fee for employers with fully insured plans is assessed per employee, as opposed to per covered life.  Many fully insured employers do not need to take any action, as the insurer will submit the payment on their behalf.  However, remember that fully insured employers with self-funded HRAs must pay the fee for each employee covered under the account. 

  

2023 PCORI Filing Fee Calendar
Plan or Policy Year	PCORI Filing Fee
February 2022 – January 2023	$3.00
March 2022 – February 2023	$3.00
April 2022 – March 2023	$3.00
May 2022 – April 2023	$3.00
June 2022 – May 2023	$3.00
July 2022 – June 2023	$3.00
August 2022 – July 2023	$3.00
September 2022 – August 2023	$3.00
October 2022 – September 2023	$3.00
November 2022 – October 2023	$3.22
December 2022 – November 2023	$3.22
January 2023 – December 2023	$3.22

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