Capitol Benefits Group News & Updates
November is National Diabetes Month
With 1 in 5 adults not knowing that they are impacted directly by diabetes, it’s essential to understand the risk factors and symptoms. Type 1 diabetes is most significantly impacted by family and age, while Type 2 diabetes is most directly impacted by being overweight, not exercising, and having a family history of diabetes.
Feel free to reach out to us for wellness resources that can help you achieve your health goals and maintain your overall well-being. In the meantime, we hope that you’ll find something meaningful from our Live Well Work Well newsletter that comes complete with a healthy Pumpkin Pancakes recipe!
HHS Increases Civil Penalties for HIPAA Violations
On Oct. 6, 2023, the U.S. Department of Health and Human Services (HHS) published a final rule increasing the civil monetary penalties for violations of the HIPAA Privacy and Security Rules. HHS is required to adjust these penalties for inflation each year to improve their effectiveness and maintain their deterrent effect. The new penalty amounts apply to penalties assessed on or after Oct. 6, 2023.
Final Forms and Instructions for 2023 ACA Reporting Released
The IRS has released its final 2023 forms and instructions for ACA reporting under Code Sections 6055 and 6056. The reporting deadlines for the 2023 calendar year are in early 2024.
Getting the Most Out of Your 2024 Open Enrollment Communications
As organizations continue to adapt to evolving workforce needs and changing regulations in 2024, open enrollment communication becomes more critical than ever. This article highlights why open enrollment communication matters and provides tips on what to do before, during, and after enrollment to maximize its effectiveness.
2024 Indexing and Adjustments
Here are a few 2024 Indexing and Adjustments you should look for!
IRS Announces 2024 Retirement Plan Limits
The IRS has released Notice 2023-75, which contains cost-of-living adjustments for 2024 that affect the amount employees can contribute to 401(k) plans and individual retirement accounts (IRAs). This Legal Update summarizes key changes for 2024.
CMS Releases Cost-sharing Limits for 2024 Plan Years
On Dec. 12, 2022, the Centers for Medicare and Medicaid Services (CMS) released the maximum limits on cost sharing for 2024 under the Affordable Care Act (ACA). For 2024, the maximum annual limitation on cost sharing is $9,450 for self-only coverage and $18,900 for family coverage. This Legal Update summarizes the updated limits.
2024 Minimum Wage Rates by State
This Compliance Overview provides a summary of minimum wage rates that are already in place or are expected to change in 2024.
HSA/HDHP Limits Will Increase for 2024
On May 16, 2023, the IRS released the inflation-adjusted limits for HSAs and HDHPs for 2024. These limits include: (1) the maximum HSA contribution limit, (2) the minimum deductible amount for HDHPs, and (3) the maximum out-of-pocket expense limit for HDHPs. This Compliance Bulletin shows the new limits for 2024, as compared to the limits for 2023.
Health FSA Limit Increases for 2024
The dollar limit on employees' salary reduction contributions to a health FSA increases to $3,200 for plan years beginning in 2024. Also, the health FSA carryover limit increases to $640 for 2024. This Legal Update explains the new health FSA limits for 2024.
The content herein is provided for general information purposes only, and does not constitute, legal, tax, or other advice or opinions on any matters. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy.
Webinar Archive
Preparing for DOL Overtime Rule Updates
On Aug. 30, 2023, the U.S. Department of Labor (DOL) announced a proposed rule to amend current requirements that executive, administrative, and professional employees (EAPs) must satisfy to be exempt from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime requirements. If the rule is finalized and implemented, the overtime protections will extend to approximately 3.6 million more workers in the country.
Watch the replay HERE.
Discrimination and Harassment Prevention
Many employers are seeking to mitigate the risk of discrimination and harassment claims. This webinar will focus on key steps employers can take to comply with fair employment laws, protect their employees and prevent these types of claims.
Register to access the recording link HERE.