BBG Two Minute Blog
Big Jump in 2023 HSA Contribution Limits
Every year the Internal Revenue Service (IRS) decides if there will be an increase in Health Savings Account (HSA) contribution limits, minimum deductibles, and maximum out-of-pocket amounts. The IRS has released the 2023 inflation-adjusted HSA contribution limits. ...
Understanding Your Medicare Prescription Drug Coverage in 2022
Your particular monthly premium and drug costs depend on the type of Medicare coverage and the respective plan you have selected. Whether it’s a stand-alone Prescription Drug Plan if you are covered under Original Medicare (Option 1), or a Medicare Advantage HMO or...
ICHRA: A New Solution for Flexible Healthcare Insurance
What Is An ICHRA? ICHRA stands for Individual Coverage Health Reimbursement Arrangement. As of January 1, 2020 federal regulation has expanded the usability of HRAs, providing employers with a whole new way of providing health insurance to their employees. Whether...
Medicare Basics: 5 Things to Know about Medicare Part C – Medicare Advantage (Part of a Series)
There are four basic parts of Medicare: A, B, C, and D. Each part helps pay for certain medical services. Medicare Part C, better known as “Medicare Advantage”, comprises an "all in one" alternative to Original Medicare. These "bundled" health plans include...
IRS Identifies PPE as a Qualified Medical Expense
Personal Protective Equipment (PPE) can be Purchased with Pre-tax Dollars The IRS identifies PPE as a qualified medical expense under Section 213(d) of the Internal Revenue Code. Here is the announcement 2021-7 from the IRS. What does This Mean to Employers? Employers...
The 6 Main Takeaways of the American Rescue Plan Act That Healthcare Consumers Should Know
What are the key parts of this bill that affect healthcare consumers? Larger Subsidies Everyone who currently receives a subsidy will qualify for bigger subsidies. The size of the increase will depend on county, age, and income as a percentage of the Federal Poverty...
Information About the Covid-19 Vaccine
Ohio Covid-19 Vaccination Updates BBG wanted to provide our clients with updated information about the Covid-19 vaccination specifically in Ohio as well as some national pharmacy links. Governor DeWine has created a one-stop shopping website for updates regarding the...
Medicare Basics: 5 Things to Know about Medicare Part D – Prescription Drug Coverage (Part of a Series)
There are four basic parts of Medicare: A, B, C, and D. Each part helps pay for certain medical services. Medicare Part D is health care coverage that helps you pay for the prescription drugs you use. Here are 5 things to know about Part D - Prescription...
With Covid Relief Flexible Spending Accounts (FSAs) Are Now A Lot More Flexible
The recent changes allow employers help employees by increasing carryover amounts, extending grace periods, allowing election changes without regard to change in status rules, and permitting termed participants to receive reimbursements from unused contributions after termination.
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