Level-Up Dialogues: Give a Boost to Team Ambition and Growth

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.

Read more

Maximizing Employee Benefits: Strategies for Effective Communication

Employers know employee benefits are important. 80% of employers think benefits increase productivity, and 78% think benefits increase loyalty. Employees want the total compensation package, which includes salary, company culture, and benefits. 

Since employee benefits are such a major investment, it’s crucial to have a plan in place that ensures employees are getting the most out of their benefits package. Read more

6 Employee Benefits Trends to Watch in 2024

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

Cultivating Creativity: Transforming Organizational Mindsets

Humans tend to put themselves into metaphorical boxes, defining their abilities and characteristics in rigid, “either/or” ways.

Consider this: Many people claim they’re analytical and not creative, believing these traits to be mutually exclusive. However, this binary thinking of “you’re either creative or you’re notis restrictive. The brain is not divided into only “creative” and “analytical” segments. Our cognitive processes are far more integrated and fluid.

Contrary to popular belief, creativity is not solely the domain of artists. It is a multifaceted skill that encompasses innovative thinking, problem-solving, and idea generation, all of which are crucial for personal, professional, and organizational growth. Read more

2023-2024 PCORI Fee Released

MZQ Logo

 


 

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 

Read more

Beyond the Paycheck: 5 Ways to Show You Value Your Employees

Employees are the backbone of your company. They drive growth and ensure stability and success. But office life is hectic, and showing appreciation can sometimes slip through the cracks or put as an “I’ll do it later” item on your to-do list.

Yet, when employees are recognized for their efforts, they are more engaged and productive and put their hearts into their work when they feel it matters. The numbers don’t lie:  Happy employees are 20% more productive.  

Here are five straightforward ways to show your employees they’re appreciated and valued. Read more

Elevate Your Business in the New Year: Make Information Management a Priority

It’s that time again – when we all make resolutions that we swear we’ll stick to this time. We swear we’ll stay caught up on our to-do lists, organize our emails, or make those important telephone calls. 

But here’s one your business genuinely can’t afford to skip: implementing a rock-solid information management system. Why, you ask? Let’s break it down. Read more

Electronic Filing Threshold Reduced in Draft 2023 Form 1094 and 1095 Instructions

MZQ Logo


 

The Internal Revenue Service (IRS) recently released draft instructions for preparing, distributing, and filing 2023 Forms 1094-B/C and 1095-B/C. These instructions largely mirror guidance the IRS has published in previous years, except that the electronic filing threshold has been reduced from 250 forms to ten forms in aggregate.  

This year, employers could mail their Forms 1094 and 1095 to the IRS if their submission included fewer than 250 forms. For the 2023 ACA filing and beyond, employers that cumulatively submit at least ten forms to the IRS, including W-2s, 1099s, ACA Forms 1094/1095, and other common form series, must file all of those forms electronically. For example, if an entity issues four 2023 Forms W-2, five 2023 Forms 1095-B, and one 2023 Form 1094-B, then that sum of ten forms means they must file all of them electronically with the IRS when due in 2024. This change resulted from a final regulation the IRS issued earlier this year that officially reduced the electronic filing threshold for many form series. 

Employers that have historically submitted their Forms 1094/1095 to the government via paper mailing will need to consider overall how many forms they will be filing with the IRS in 2024, not just Forms 1094/1095, to determine whether they can continue to do so. Ultimately, the ten-form aggregate threshold will necessitate electronic filing for nearly every employer. We urge employers that have traditionally paper-filed their ACA forms to either register with the IRS as soon as possible so they can e-File themselves or to contract with a vendor that can confidently e-File on their behalf. 

Read more

2024 Health FSA Inflation Adjustments Released

MZQ Logo

Read more

Medication Non-Adherence: A Problem Employers Can Help Fix

Over 9 million adults cannot or do not take their medications as instructed.

Did that stat make you pay attention? It should.

Even if you offer insurance to your employees, they still might struggle with taking their medications and treating chronic conditions such as diabetes, high blood pressure, or high cholesterol—or taking any needed medicines for their health.

And you may not even know it. Read more