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  • The Internal Revenue Service (IRS) has responded to rising inflation by raising the contribution limits for health savings accounts (HSA). An HSA is a savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. Starting in 2024, individuals can allocate more funds towards their HSAs, offering a powerful way to save for medical expenses.

    What To Expect In 2024

    In 2024, the annual HSA contribution limit for self-only coverage will surge to $4,150, representing a remarkable seven percent increase from 2023. This means you can set aside even more money on a pre-tax basis, significantly boosting your health care savings potential. But that’s not all; for those with family coverage, the HSA contribution limit is increasing to $8,300 in 2024, a substantial rise from the previous limit of $7,750. This adjustment allows families to allocate more funds towards their health care expenses, ensuring comprehensive coverage and financial peace of mind. Additionally, individuals aged 55 and older can take advantage of being able to contribute an extra $1,000 to their HSAs.

    High-deductible health plans (HDHPs) are also subject to updates in 2024, ensuring a balance between affordability and comprehensive coverage. An HDHP is a plan with a higher deductible than a traditional insurance plan. The monthly premium is usually lower, but you pay more health care costs yourself before the insurance company starts to pay its share (your deductible). In 2024, HDHPs must have a minimum deductible of $1,600 for self-only coverage and $3,200 for family coverage. The annual out-of-pocket expense maximum cannot exceed $8,050 for self-only coverage in 2024 or $16,100 for family coverage, representing significant increases.

    What Employers Should Know

    Apart from individual benefits, the IRS has introduced updates that benefit employers as well. The IRS announced that in 2024, it will also raise the maximum amount employers may contribute to an excepted-benefit health reimbursement arrangement (HRA) to $2,100. An HRA is an account an employer can set up to reimburse employees for out-of-pocket health care expenses. This means you can provide your employees with even more financial support for their out-of-pocket health care costs. Show your team you care by offering enhanced benefits that truly make a difference.

    Boost Your Benefits For Your Team

    As we recognize the IRS’s boosts to HSA and HDHP limits in 2024, it’s important to remember that navigating these changes can be complex. As a business owner that has made it through unprecedented times, such as the COVID-19 pandemic and the intense labor market, you understand how important it is to stay ahead of the curve. This is where a professional employer organization (PEO) like GMS enters the picture to become a small business owner’s best friend.

    When you partner with GMS, you gain access to our comprehensive group health coverage plan that ensures compliance with the latest regulations and provides cost-effective solutions tailored to your unique needs. GMS represents more than 45,000 employees, which allows us to help small businesses purchase group health insurance for an average of a 24% lower cost for employee premiums and 21% lower for family premiums than the U.S. average.

    Allow us to guide you through these transformative times, empowering you to focus on what you do best – growing your business while securing the well-being of your employees. With GMS by your side, you can confidently embrace the future of health care and thrive in an ever-changing business landscape. Interested in learning more? Contact us today.

  • We’ve discussed it before, and we’re here to discuss it again – telehealth. The COVID-19 pandemic transformed our lives in ways we never knew were possible. From working remotely to completely separating ourselves from everyone, it was undoubtedly a shock to our systems. While the pandemic negatively affected our everyday lives, it certainly had a handful of positives. While telehealth was a thing of the past, it became more prevalent during the COVID-19 pandemic when we were all stuck at home. Continue reading to learn its benefits for business owners and their employees.

    What Is Telehealth?

    Telehealth, often referred to as telemedicine, allows your health care provider to care for you without an in-person office visit. You can talk to your health care provider live without having to leave your house, send and receive messages, and use remote monitoring so your health care provider can check on you at home.

    There is a variety of specialized care you can receive through telehealth, including the following:

    • Lab test or x-ray results
    • Mental health treatment, including online therapy, counseling, and medication management
    • Recurring conditions such as migraines or urinary tract infections
    • Skin conditions
    • Prescription management
    • Urgent care issues such as colds, coughs, and stomach aches
    • Post-surgical follow-up
    • Treatment and follow-up appointments for attention deficit disorder (ADD) and attention deficit hyperactivity disorder (ADHD)
    • Physical therapy and occupational therapy
    • Remote monitoring services that help you track your health goals and manage chronic conditions, including diabetes, high blood pressure, and high cholesterol

    Telehealth continues to be one of the fastest-growing trends after the COVID-19 pandemic. In 2021, nearly four in 10 American adults (39%) have now utilized remote health care services, representing an exponential growth from 2019.

    Let’s Take A Deep Dive Into What This Means For Employers

    Employees are looking for benefits that reflect their culture and values. You can see this throughout the Great Resignation when 43% of employees quit their jobs and left for better benefits. The following are the benefits of providing your employees with access to telehealth which can promote equity and make for a more inclusive benefits environment:

    • Provider diversity options
    • Accessibility and convenience
    • Safety
    • Affordability – saves employees money
    • Offers speedy access to care
    • Supports mental well-being
    • Provides competitive advantage
    • Enhances productivity and performance

    A significant part of retaining a productive and diverse workforce is ensuring your employees feel appreciated and cared for. Providing this benefit to your employees allows them to communicate with health professionals without visiting a doctor’s office.

    Telehealth also means saving you time and money. Employers can reduce costs and cut down on missed work related to health issues. Ultimately, telemedicine helps employers in lowering the expense of their health care plans. A study by the Jefferson Health System dictated that each avoided emergency department visit accumulated cost savings ranging from $309 to more than $1,500. Telehealth visits cost, on average, $79 compared to $146 for a doctor’s visit and $1,734 for an emergency room visit.

    GMS Can Help

    Looking at the advantages telehealth provides your employees, and your business is a no-brainer. Telehealth is a benefit you should begin offering to your employees. Group Management Services (GMS) provides your employees with 24/7 access to a free doctor as part of our premier employee benefits administration service through Teladoc. The convenience of Telehealth saves you and your employees time by cutting out travel and sitting in waiting rooms. In addition, it limits the need to take time off work to fit an employee’s ailments into a doctor’s schedule and cuts out costly co-pays. At the end of the day, healthy employees are good for every business. Contact our HR experts about adding telehealth services to your business’s health plan. You’re just one click away from helping your employees stay healthy and productive.

  • Since the COVID-19 pandemic changed the health care industry, telehealth has emerged as an unexpected silver lining. Telehealth has improved access to care and has facilitated a transition toward digital medicine. During a time of hardships amongst individuals worldwide, telehealth enables virtual doctor visits when in-office visits become almost impossible. Now, telehealth is here to stay indefinitely.

    The Evolution Of Telehealth

    Telehealth, often referred to as telemedicine, allows your health care provider to care for you without an in-person office visit. It’s done primarily online with internet access on your computer, tablet, or smartphone. While telehealth has become increasingly important since the COVID-19 pandemic, it has actually been around for quite some time.

    One of the earliest uses of hospital-based telemedicine was in the late 1950s when a closed-circuit television link was established between the Nebraska Psychiatric Institute and Norfolk State Hospital for psychiatric consultations. Telemedicine became most prevalent in rural areas where populations had limited access to health care and could reach specialists from afar. Since then, technological advances have improved telemedicine efforts, but still resemble earlier telemedicine equipment.

    In the fall of 2020, nearly two-thirds of Medicare beneficiaries reported that their provider offered telehealth appointments, up 18% from before the pandemic. A survey was conducted regarding telehealth, and 69% of the respondents said that they use telehealth because it’s more convenient than an in-person appointment. In addition, 78% said telehealth made it easier for them to seek out health care when they need it.

    The Future Of Telehealth

    Given the rise and sustained higher use of telehealth since the COVID-19 pandemic, the following are trends to be aware of moving into the new year:

    • There will be restrictions on telehealth use, and reimbursements will be permanently lifted
    • Telehealth business models will continue to evolve
    • The types of care that can be provided through telehealth will continue to expand
    • Telehealth will serve as a catalyst to expand the range of mental and behavioral health services

    Telehealth will continue to be an essential means of delivering care to individuals across the United States. 

    What This Means For Business Owners

    Understanding the importance and the future of telemedicine is beneficial for any business owner. When providing your employees with a benefits program, it’s worthwhile to look into telemedicine options to offer them the resources they need. We all know that seeing a doctor in person isn’t always convenient. Depending on your doctor’s availability, you may have to deal with several scheduling headaches to get an in-person meeting. The convenience of telehealth saves you and your employees time by cutting out travel and sitting in waiting rooms. It also limits the need to take time off of work to fit an employee’s ailments into a doctor’s schedule and cuts out costly co-pays.

    Luckily, when you partner with GMS, you gain access to quick, convenient telehealth access. Affordable and convenient health consultations with licensed physicians are only a phone call or mouse click away through telehealth. Contact GMS today about adding telemedicine services to your business’s health plan to help your employees stay healthy and productive.

  • The Business Group on Health released its annual survey, which dictated that cancer is now the biggest driver of employer health costs. This annual survey examines large employers’ strategies around benefit design, cost management, and other healthcare strategies. This year, 13% of employers who partook in the survey said they had seen a significant increase in late-stage cancers among their employees. The survey was completed by 135 large employers covering more than 18 million lives within the U.S.

    The top three conditions that are fueling health care costs include:

    1. Cancer
    2. Musculoskeletal conditions 
    3. Cardiovascular disease

    Why Cancer Is Now The Top Driver 

    After analyzing the results from the survey, cancer is now the top driver of employer health care costs, most likely due to COVID-19 increasing delays in care and preventive services. Between 2019 and 2020, there was no increase in health care costs. As a result, there was an 8.2% spike in 2021.

    In 2022, employers expect to cover 82% of their workers’ health costs. This number has risen from 80% in the previous year. Employers are more reluctant to shift costs onto employees due to rising healthcare costs. Now, employers are considering alternative reforms, including advanced primary care and centers of excellence. A center of excellence is a program within a healthcare institution assembled to supply an exceptionally high concentration of expertise and related resources centered on a particular area of medicine, delivering associated care in a comprehensive, interdisciplinary fashion to afford the best patient outcomes possible.

    Additionally, employers are focusing more on policy efforts to lower healthcare and prescription drug costs. Prescription drugs accounted for 21% of employer health costs in 2021. More than half of that percentage was just for specialty medications. Employers are more concerned than ever about the increase in prescription drug costs.

    What Will You Do As A Business Owner? 

    While this new survey dictates that cancer is now the top driver in health care costs and prescription drugs are on the rise, as an employer, how will you protect your employees and your business? When you partner with GMS, you gain access to a GMS’ Rx specialist in addition to HR, benefits, payroll, and risk management expertise. Your Rx specialist will aid in searching for the most competitive prices on any prescription costs to save both you and your employees time and money. We offer flexibility, control of premiums, access to data and networks, and overall options that you can’t find elsewhere. Allow your employees to get the healthcare they need. Contact us today.

  • During the COVID-19 pandemic, many employers increased their mental health and well-being benefits. Heading into 2023, many employers are poised to continue offering these benefits. However, for many Americans, this can still be challenging to implement.

    Why Implement Coverage

    When healthcare plans offer a wide selection of in-network providers, mental health support becomes more accessible and affordable. Easy access to voluntary benefits lets your employees know they are supported. Survey results released in August by America’s Health Insurance Plans (AHIP), a health insurers’ trade association, shared:

    • All respondents provided some telehealth coverage for mental health services
    • The number of in-network behavioral health providers grew by 48% in three years
    • 89% of health plans are actively recruiting health care providers
    • The number of providers eligible to prescribe medication-assisted therapy (MAT) for substance disorders has grown 114 percent over three years

    “More than half of Americans, nearly 180 million, have employer-provided coverage for their health care needs – which offers an essential path to accessing much-needed mental health support,” stated AHIP.

    Access To Care

    Many therapists prefer to remain out of network, allowing them to receive direct payment from their patients. This limits those with lower incomes from receiving the care they need. Other therapists may only allow a certain number of clients that are unable to pay out of pocket. When it comes to improving access to care, one way to do it is through telehealth. Virtual appointments give patients more options while reducing the cost to practitioners.

    GMS’ Support

    There is a significant payoff when you alleviate the burdens of accessing mental health and wellness services. Employees feel a sense of validation through quality benefit offerings. You and your team can benefit from a streamlined approach when you partner with GMS. Telemedicine is just one way to enhance the employee experience by supporting their mental wellness goals. Learn how to get started today!

  • On August 8th, 2022, the Senate approved bill H.R. 5376, the Inflation Reduction Act of 2022. This bill will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by 40 percent by 2030. In addition, the bill will allow Medicare to negotiate prescription drug prices and extend the expanded Affordable Care Act Program (ACA) for three years.

    While Democrats and supporters of the legislation believe it would lower health care costs, prescription drugs, and energy costs, and make the U.S. tax code fairer, others disagree. Individuals argue that the new spending would further aggravate inflation and stifle growth. While the bill must still pass in the House of Representatives and be signed by President Joe Biden, it’s more than likely to become a law.

    What This Means For Small Business Owners

    To stay compliant, small business owners must keep up with changing laws and regulations. Following the passing of the Inflation Reduction Act, it’s important to understand the following provisions:

    • 15% minimum tax on corporations with over $1 billion in revenue 
    • 1% excise tax on corporate share buybacks
    • $80 billion more in IRS enforcement

    The following are health care provisions: 

    • Extend the ACA subsidies through 2025
    • Allow Medicare to negotiate drug prices, starting with 10 drugs in 2026
    • Cap Medicare recipients’ drug expenditures at $2,000 per year

    Uncertainties Relieved Through GMS 

    Despite the uncertainty surrounding the new Senate bill, GMS experts are ready to help your small business. We provide you with resources and guidance to get you through unprecedented times. Our benefits services allow your business to offer competitive, cost-effective benefits such as health insurance while you focus on what you do best. Get back to focusing on what’s important, your business. Contact us today.

  • If Congress allows the expansion of the health care subsidies included in the American Rescue Plan Act (ARPA) to expire, thousands of South Carolinians could see their 2023 premiums skyrocket. This is specifically related to individuals who get their health insurance through the Affordable Care Act’s (ACA) individual marketplace.

    There are currently about 365,000 individuals who have ACA plans. Amongst those individuals, 60,000 would lose health coverage and become uninsured if these subsidies don’t get extended. In addition, 225,000 South Carolinians would lose all or a portion of the financial assistance they currently receive.

    Benefits Of Temporary Subsidies 

    The ACA has provided subsidized health insurance on HealthCare.gov and state-run Marketplaces since 2014. There are approximately nine million individuals who purchase coverage with federal premium assistance. However, there are still millions who remain uninsured.

    The March 2021 COVID-19 relief legislation, also known as the ARPA, extends eligibility for ACA health insurance subsidies to individuals who buy their own health coverage on the Marketplace who have incomes over 400% of poverty. This law increases the amount of financial assistance for those on lower incomes who were already eligible under the ACA. It is shown that 21.8 million individuals are eligible for a subsidy to purchase Marketplace coverage with the passage of the ARPA. Also, 63% of uninsured individuals are now eligible for financial assistance through the Marketplaces, Medicaid, or basic health plans.

    Since the temporary subsidies in 2021, there has been an increase in financial assistance. In addition, these subsidies expanded aid to many middle-income individuals who had previously been ineligible for assistance.

    What This Means For Other States

    Outside of South Carolinians who are expected to see health premiums rise, the federal government has warned millions of individuals across the U.S. that they could lose health insurance. It is estimated that approximately three million individuals would lose health insurance should these subsidies stop. In addition, 10.4 million individuals with an ACA plan would pay a significantly higher dollar amount for coverage to stay insured.

    How GMS Comes Into Play

    Access to quality, affordable health care is essential for individuals to remain healthy. While questions are still looming, it’s concerning to individuals in South Carolina and across the U.S. who have been utilizing these subsidies. Let GMS take the stress off your shoulders. We now offer individuals voluntary benefits, providing you with access to health care, life insurance, pet insurance, and so much more. Contact us today.

  • In Pennsylvania, health insurers are proposing an average of 7.1% increase in monthly health premiums beginning January 2023. The state Insurance Department announced that 375,000 individuals who are covered through the online state marketplace could be affected by this increase.

    “Increased choices and plan options will provide Pennsylvanians with the opportunity to shop for the best coverage options for themselves and their families,” Insurance Commissioner Michael Humphreys said in a prepared statement. “As we navigate through the aftermath of the COVID-19 pandemic, Pennsylvania continues to have a strong and competitive insurance market.”

    A U.S Senate vote is expected this week on a bill called the Inflation Reduction Act of 2022, which would extend premium subsidies for three years. Rate increases were attributed to rising health care costs, deferred claims resulting from the pandemic, and the end of enhanced premium tax subsidies.

    Additional Results Of Health Premium Increase 

    • Pennsylvania’s uninsured rate fell to 5.4%, the lowest rate due to the higher subsidies in 2022. 
    • Federal American Rescue Plan funding cut out-of-pocket premium costs by an average of 9% in 2022. The funding expires at the end of the year. 
    • It’s predicted that there will be an average increase of 5.2% for small groups. The department has the authority to modify the rate requests and continues to review the rates sought by insurers. 

    Help Lower Your Healthcare Premiums 

    Whether your organization lacks an HR department or needs a resource to make more informed decisions regarding benefits management, GMS can help. We offer you the opportunity to enter a relationship that encompasses all your administrative functions, allowing you to focus on what you do best. Contact us today to learn how you can lower your healthcare premiums.

  • The Healthcare Literacy Takes One Step Forward, and Two Steps Back consumer report created by Optavise has revealed data showing that consumers are still struggling with healthcare literacy. The organization surveyed 1,055 employees with employer-sponsored health insurance in the United States. Survey results show that 65 percent of respondents stated that they do not usually compare prices before getting healthcare. As a result, they may be overpaying. Only 10 percent of respondents stated they check whether a medical provider or facility is in-network whenever their health plan changes (down from 25% in 2021).

    By partnering with health benefits educators and digitizing education, more employers can help employees improve their financial well-being and healthcare literacy.  

    Additional Key Findings: 

    • Avoid surprise medical bills (39%)
    • Understand how their deductible, copay/coinsurance, and out-of-pocket maximum (OOPM) impact their wallet (33%)
    • Review an explanation of benefits (EOB) and medical bill for errors (30%)
    • Research healthcare costs and why they matter (29%)
    • Choose a plan and where to get care (22%)

    How GMS Can Benefit Your Business

    Here at GMS, we understand that it is important for you and your employees to have a better understanding of healthcare costs. We provide our clients with various tools and resources to find a coverage solution tailored to your needs. Furthermore, partnering with GMS will provide you with access to a team of experts who will be there to answer any questions you may have. Contact us today to learn more.

  • After the Supreme Court’s decision to overturn Roe v. Wade, President Biden’s supporters voiced for him to push harder to protect abortion access. In response, on July 8th, 2022, President Joe Biden signed an executive order designed to ensure access to abortion medication and emergency contraception while preparing for legal fights. He has made it clear that the only way to secure a woman’s right to choose is for Congress to restore the protections of Roe as federal law.

    The executive order will build from the actions his administration has already taken to defend the rights of women by:

    • Safeguarding access to reproductive health care services (abortion and contraception).
    • Protecting the privacy of patients and their access to correct information. 
    • Promoting the safety and security of patients, providers, and clinics. 
    • Organizing the implementation of Federal efforts to protect reproductive rights and access to health care.

    For more information, click here. 

    Additional Actions To Protect Access To Reproductive Health Care

    The Biden-Harris Administration has taken additional steps to protect access to reproductive health care and defend reproductive rights by:

    • Supporting providers and clinics
    • Promoting access to accurate information
    • Providing leave for Federal workers traveling for medical care
    • Protecting access to reproductive health care services for service members, oD civilians, and military families

    While there will be many legal challenges from pro-life supporters, this executive order directs the Attorney General and the White House counsel to “convene a meeting of private pro bono attorneys, bar associations, and public interest organizations” to encourage robust legal representation.

    Stay In The Know!

    The last thing you want as a business owner is to miss a new law or regulation that could impact your business. The uncertainty of the economy today makes it challenging for businesses to grow their business. By partnering with GMS, you have access to experts that handle that for you. Stay in the know while growing your business. Contact us today.