The IRS, yesterday, released the 2024 Health Savings Account (HSA) inflation adjustments. To be eligible to make HSA contributions, an individual must be covered under a high-deductible health plan (HDHP) and meet certain other eligibility requirements.
New HSA 2024 limits are as follows:
2024
2023
HSA Annual Contribution Limit
$4,150; $8,300
$3,850 – Single; $7,750 – Family
HDHP Minimum Annual Deductible
$1,600; $3,200
$1,500 – Single; $3,000 – Family
HDHP Out-of-Pocket Maximum
$8,050; $16,100
$7,500 – Single; $15,000 – Family
Age 55+ Catch-Up Provision
$1,000; $2,000
$1,000- Single; $2,000 – Husband/Wife
Age 55 Catch-Up Contribution
As in 401k and IRA contributions, you are allowed to contribute extra if you are above a certain age. If you are age 55 or older by the end of the year, you can contribute an additional $1,000 to your HSA. If you are married, and both of you are age 55, each of you can contribute an additional $1,000. A savvy strategy for high-income earners is to invest the money in your HSA for the long haul. Once you’re 65, you can take out tax-free distributions to cover Medicare premiums. If you withdraw money at that point for non-medical uses, you pay the same tax as you would on withdrawals from a pretax 401(k). But you can also take money out tax-free to reimburse yourself for prior years’ out-of-pocket medical expenses if you have the old receipts.
COVId-19 Update:
You can even use an HSA to save on a typical trip to the CVS. Thanks to a tax relief provision tucked in the last Covid-19 stimulus package, you can use the money you stash in an HSA or FSA (more on those later) for over-the-counter medications like Tylenol or Flonase as well as menstrual products like tampons and pads. That reverses Obamacare restrictions on OTC meds requiring a doctor’s prescription for them to be eligible for reimbursement.
HSA/HDHP Market Growth
HSA holders own the assets in the accounts and can build up substantial sums over time. Enrollment in HSA-compatible insurance plans has increased to 10 million earlier this year, from 1 million in March 2005, according to, America’s Health Insurance Plans (AHIP), a trade group.
HSAs were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of health plans participating in the HSA/HDHP market.
The number of people with HSA/HDHP coverage rose to more than 11.4 in January 2011, up from 10.0 million in January 2010, 8.0 million in January 2009, and 6.1 million in January 2008.
30 percent of individuals covered by an HSA plan were in the small-group market, 50 percent were in the large-group market, and the remaining 20 percent were in the individual market.
14% of all workers in the private sector have access to a Health Savings Account acc. to the Bureau of Labor Statistics.
States with the highest levels of HSA/HDHP enrollment were California, Ohio, Florida, Texas, Illinois, and Minnesota.
HSA Advantages:
Opportunity to build savings – Unused money stays in your account from year to year and earns tax-free interest. The HSA also gives you an investment opportunity.
Tax-free contributions and earnings – You don’t pay taxes on contributions or earnings.
Tax-Free Money allowed for non-traditional Medical coverage– As per IRS Publication 502, unused money can be used for dental, vision, Lasik eye surgery, acupuncture, yoga, infertility, etc. Popular Examples
Portability – The funds belong to you, so you keep the funds if you change jobs or retire.
Our overall experience with HSAs has been positive when employer funding is at a minimum 50% using either the HSA or an HRA (Health Reimbursement Account-employer keeps unspent money). Traditional plans’ trend of higher copays and new in-network deductibles has also led to the popularity of an HSA.
Next Steps
Plan sponsors should update payroll and plan administration systems for the 2023 cost-of-living adjustments and should incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents, and summary plan descriptions.
Is your HSA compliant? Which pre-tax qualified HSA, FSA, HRA spending card is right for you? Please contact our team at Millennium Medical Solutions Corp (855)667-4621 for immediate answers. Stay tuned for updates as more information gets released. Sign up for the latest news updates.
About this Session: There is no shortage of third-party vendors trying to partner with you. Selecting the right vendor that can make the right impact within your organization is imperative. During this session, we will discuss how you can implement successful, flexible, and fluid solutions that work together to drive clinical performance and have positive outcomes on the health of your employees.
Don’t Be a Passenger: Leverage Data to Drive Better Plan Spend. During this session, we will look at leveraging your population health data to drive the best-suited plan design with the right incentives for your employees. Next, we will discuss how to provide them with the information they need, leverage incentives, make the service selections they need, and help drive down your costs.
To prepare for 2024 open enrollment, health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan.
Earlier today, the long-awaited NYS Dept of Financial Services approved 2024 health insurance rate requests. And it was worth it with small groups stabilized. Small group rates increased by 7.4% and 12.4% for individuals. Oxford/Unitedhealthcare, notably, got only a 4.7% rate increase approval for next year
On January 30, 2023, the federal government announced that the two national emergencies addressing COVID-19, the public health emergency (PHE) and the national emergency, will end on May 11, 2023.
Starting May 12, 2023, health plans and group plan sponsors will no longer be subject to federal requirements for coverage of COVID-19 testing, vaccinations and treatments. Therefore, there may be changes you should be aware of regarding your health insurance plan and COVID-19.
Below are links to communications by carrier on how they will handle COVID-19 coverage when the public health emergency ends.
Additional resources on the ending of the COVID-19 emergency periods are available on the Department of Labor’s Response to COVID-19 website.
We will communicate additional information as it becomes available. Sign up for the newsletter or for updates email us directly at info@mediclaolsutionscorp.com.
PLEASE NOTE: This information is for general reference purposes only. Because laws, regulations, and filing deadlines are likely to change, please check with the appropriate organizations or government agencies for the latest information and consult your employment attorney and/or benefits advisor regarding your responsibilities. In addition, your business may be exempt from certain requirements and/or be subject to different requirements under the laws of your state.
Contact us at (855) 667-4621 or email us at info@medicalsolutionscorp.com
Artificial intelligence can help spot early signs of cancer in chest x-rays, according to a new study.
Scientists found that a state-of-the-art AI tool can identify normal and abnormal chest x-rays in a clinical setting.
Scientists said that an AI tool could accurately differentiate between normal and abnormal chest x-rays. (Photo via SWNS)
Chest X-rays are used to diagnose several conditions to do with the heart and lungs.
An abnormal chest X-ray can be an indication of a range of conditions, including cancer and chronic lung diseases.
Scientists say that an AI tool that can accurately differentiate between normal and abnormal chest X-rays would greatly reduce the heavy workload of radiologists.
Study co-author Dr. Louis Lind Plesner said: “There is an exponentially growing demand for medical imaging, especially cross-sectional such as CT and MRI.
“Meanwhile, there is a global shortage of trained radiologists.
“Artificial intelligence has shown great promise, but should always be thoroughly tested before any implementation.”
Dr. Plesner and his colleagues wanted to determine the reliability of using an AI tool that can identify normal and abnormal chest X-rays.
They used a commercially available AI tool to analyze the chest X-rays of 1,529 patients from four hospitals in Denmark.
Chest X-rays were included from emergency department patients, in-hospital patients and outpatients.
The X-rays were classified by the AI tool as either “high-confidence normal” or “not high-confidence normal,” as in normal and abnormal, respectively.
Two board-certified radiologists were used as the reference standard. A third radiologist was used in cases of disagreements.
Of the 429 chest X-rays that were classified as normal, 120 (28 percent) were also classified by the AI tool as normal. Those X-rays – 7.8 percent of the total – could be potentially safely automated by an AI tool.
The AI tool identified abnormal chest X-rays with a 99.1 percent of sensitivity.
Dr. Plesner, from the Department of Radiology at the Herlev and Gentofte Hospital in Copenhagen, said: “The most surprising finding was just how sensitive this AI tool was for all kinds of chest disease.
“In fact, we could not find a single chest X-ray in our database where the algorithm made a major mistake.
“Furthermore, the AI tool had a sensitivity overall better than the clinical board-certified radiologists.”
He said the AI tool performed particularly well at identifying normal X-rays of the outpatient group at a rate of 11.6 percent.
Dr. Plesener said the findings, published in the journal Radiology, suggest that the AI model would perform especially well in outpatient settings with a high prevalence of normal chest X-rays.
He added: “Chest X-rays are one of the most common imaging examinations performed worldwide.
“Even a small percentage of automatization can lead to saved time for radiologists, which they can prioritize on more complex matters.”
The editorial on the topic praised the potential to take care of 7.8% of all the normal readings for the radiologists, one of the key findings of the study, but suggests that as a labor-saving device, more research is needed to ensure radiologists aren’t putting patients at risk for a mere 7.8% reduction in workload.
Effective May 1, 2023 All Commercial Pro and Pro Plus Plans will be discontinued (except the Platinum Pro Plus Plan)
Note: This means an employer renewing 4/1/23 would receive 12 months of coverage as long as they aren’t in a discontinued Gold or Bronze Plan.
The last date of coverage for employers with Gold Plans that were previously discontinued (10/1/22) will be 8/31/23
The last date of coverage for employers with Bronze Plans that were previously discontinued (1/1/23) will be 11/30/23
All other plans except Platinum Plus will be discontinued on renewal beginning 5/1/23. The last possible date of coverage will be 3/30/24
If your group has one of the discontinued HealthFirst plans please contact us at (914) 207-6161 to discuss renewal options.
Learn more about how we have successfully helped navigate SMB for 25+ years. If you have any questions or would like additional information, please contact us at 855-667-4621 or info@medicalsolutionscorp.com.
All businesses today are aware that a healthy workforce translates to a happier and more productive employee. Nearly a quarter of participants in SHRM’s latest benefits survey plan to increase their Health & Wellness benefits, whose percentage was higher than other categories such as professional and career development, flexible work schedules, retirement and family-friendly policies. One unusual offering, workstations that allow people to stand, soared to 44% from just 13% in 2013 when the data was first tracked.
Helping your employees strive towards physical, emotional, mental, and even spiritual well-being can lead to increased productivity and employee longevity. But how can you offer wellness programs that your employees will actually use and find beneficial? There’s no one size fits all solution, and the best way to get started is to invite employee input. Need some inspiration? Here are 5 employee wellness programs that might be the right fit for your company this coming year:
1. Online Wellness/Health Screening
Did you know many health nurses today pay their employees to take an online health risk assessment? Covered members receive a lump sum benefit payment once a year if they complete certain health-related activities (i.e. routine screenings, programs like smoking cessation and weight reduction, and more). Payment options range from $50 to $150. Empire Blue Cross, for example, pays up to $300 for this including a smoking cessation online questionnaire and flu vaccination.
2. Gym Reimbursements
You might not be able to build a gym at the office, but that doesn’t mean you can’t take advantage of your neighborhood businesses. Did you know most healthcare compare today to offer up to $400 annual gym reimbursement? Most include a $200 spousal gym reimbursement as well.
3. Start a Walking Group
This solution is easy, free, and can be employee-driven. Failing to take breaks leads to burnout and eventually employee resentment. Encourage employees to take frequent breaks, but not just to the break room for more artificial lighting and a caffeine boost. Rally eager employees to lead morning, lunch, and/or after-work walking groups. The fresh air is energizing, boosts creativity, and helps feed social wellness needs, too.
4. Create a Healthy Challenge That Isn’t Based on Numbers
Although some businesses have success with Biggest Loser-style in-office challenges, it can also trigger disordered eating. Instead of focusing on numbers, focus on more subjective goals—like how many consecutive days fresh, local fresh vegetables can be part of a lunch. Kicking off these challenges with a brief intro to the importance of a healthy diet for life can help employees re-think their choices.
5. Seek Help from Outside Resources
There are several organizations that employers can turn to for information, research, and guidance on wellness programs. Below are just a few for you to explore for helpful ideas on how to develop a culture of health in your organization.
HERO is a national non-profit dedicated to identifying and sharing best practices in the field of workplace health and well-being (HWB). Their mission is to improve the health and well-being of workers, their spouses, dependents, and retirees. Check out the wealth of information on their site, including research studies and a blog.
The Health Project is a tax-exempt not-for-profit corporation formed to bring about critical attitudinal and behavioral changes in addressing the health and well-being of Americans. The Health Project focuses on improving personal healthcare practices and supporting population health by reaching adults where they spend most of their waking hours: at work. Many organizations have adopted health promotion (wellness) programs that encourage good health habits and an improved understanding of how individual workers and their families can more effectively use health services.
Harvard Health Newsletters are free newsletters targeted to individuals with the purpose of providing educational information to help them invest in their own health or the health of their families.
CLICK HERE
Contact us to learn more about how health and wellness benefits can help you attract and retain your top talent.
