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Boost Retention with Better Benefits, Culture & Safety

… January 2022 alone.1 This level of turnover is costly to your company both in time and money. It’s time-consuming to recruit and train new employees – not to mention the loss of institutional knowledge and reduction in productivity while positions remain vacant. It is estimated that losing an employee can cost your company six to nine months of that employee’s salary,2 making current employee retention a concern for all industries. To win this battle, you must proactively combat the top factors that cause employees to take other jobs including competitive compensation, better benefits, work/life balance …

https://www.epicbrokers.com/insights/boost-retention-benefits-culture-safety/

Leverage Forward-Thinking Insurance Solutions to Boost Your Recruiting Efforts

… their families coverage for their physical health, but they also desire a package that will cover their emotional, financial, and even digital health. EPIC will develop a customized strategy that meets the needs of your employee demographics while managing medical cost inflation and relieving your HR team to focus on employee recruiting and engagement. Our experienced Employee Benefits team can assist with: Managing escalating pharmacy costs to offer candidates more coverage options Identifying solutions that meet your candidates where they are (remote or hybrid working arrangements, new to the workforce, aging parents, or nearing retirement) Developing professional benefits communications to …

https://www.epicbrokers.com/insights/boost-your-recruiting-efforts/

EPIC Adds to Life and Executive Benefits Platform with the Acquisition of Dixon Wells, Inc.

Expanding National Footprint Across its RIA, Family Office, High Net Worth and Corporate Client Markets EPIC has acquired Dixon Wells, Inc. (“Dixon Wells”) in a strategic move to expand EPIC’s geographic footprint in the life insurance, executive benefits, and financial advisory distribution businesses under the Vanbridge Life and Executive Benefits umbrella. The transaction will broaden the reach of EPIC’s current practice and provide Dixon Wells with an expanded suite of offerings and resources to accelerate growth and improve client service in an ever-changing complex environment. Dixon Wells partners with financial advisors on a national scale to help …

https://www.epicbrokers.com/insights/epic-acquires-dixon-wells/

Compliance Alert: Machine-Readable TiC File Requirement Is Looming

Quick Facts Group health plans and issuers are now required to make publicly available a machine-readable file (MRF) disclosing information about costs, covered items and services starting on July 1, 2022. Additional requirements for prescription drug data and cost transparency tools are coming in the future. MRFs must contain specific information, follow a specific format and be posted on a publicly accessible website. Both fully insured and self-funded plan sponsors must comply with the requirements and will need to lean heavily on their carriers and third-party administrators (TPAs) for compliance assistance. Background In recent years, multiple new …

https://www.epicbrokers.com/insights/compliance-alert-tic-file-requirement/

Compliance Alert: Form 5500 Frequently Asked Questions

… is required for each employee welfare benefit plan sponsored by an employer that is subject to the Employee Retirement Income Security Act (ERISA). Each separate ERISA plan with 100 or more participants enrolled at the beginning of the plan year is required to file a Form 5500. Examples of common employee welfare benefit plans subject to ERISA include: Medical, surgical, or hospital care or benefits; Benefits in the event of sickness, accident, disability, or death. Some benefits, such as formal scholarship plans or severance plans, may also be ERISA plans and thus subject to filing. Such plans will require a …

https://www.epicbrokers.com/insights/compliance-alert-form-5500-faqs/

The Affordable Insulin Now Act Moves Through the House

With limited Republican support and a vote of 232-193, the U.S. House of Representatives passed the Affordable Insulin Now Act (Act). The Act, although narrower than President Biden’s Build Back Better framework, will have an impact on many of the 1.9 million diabetics in the United States. Type 1 diabetics are dependent on insulin every day and face an average monthly cost for the life-sustaining medicine of $375 to as high as $1,000 each month. The Health Care Cost Institute, an independent nonprofit that studies healthcare prices, notes that the price of insulin doubled …

https://www.epicbrokers.com/insights/affordable-insulin-now-act/

IRS Releases 2023 HSA & HDHP Limits

Quick Facts The Internal Revenue Service (IRS) updates High Deductible Health Plans (HDHP) and Health Savings Account (HSA) limits annually for inflation. In May 2022, the IRS released Revenue Procedure 2022-24 updating cost-sharing limits for HDHPs, maximum HSA contribution limits and the maximum amount that may be made available for an excepted benefit Health Reimbursement Arrangement (HRA) in 2023. Overview The IRS recently released Revenue Procedure 2022-24, which includes the 2023 inflation-adjusted amounts for HSAs, HDHPs and excepted benefit HRAs. These limits include the maximum HSA contribution limit, the minimum deductible amount for HDHPs, the maximum …

https://www.epicbrokers.com/insights/irs-releases-2023-hsa-hdhp-limits/

IRS Issues Proposed Rules to Fix the Affordability “Family Glitch”

… the way employer-sponsored coverage would be treated when determining if a family is eligible for premium tax credits (PTC) when purchasing individual health insurance through a public Marketplace. The proposed rules would fix the so-called “family glitch” that currently requires employer plan affordability to be based on the employee-only cost for coverage, while not taking into consideration the cost for the employee’s family to participate. The change would allow more spouses and dependents to qualify for premium tax credits toward the cost of individual health coverage purchased through a public Exchange. Current Rules and Proposed Changes …

https://www.epicbrokers.com/insights/rules-fix-affordability-family-glitch/