The Beacon Group of Companies

On July 17, 2024, Governor Josh Shapiro signed House Bill 1993 into law, marking a significant step in regulating Pharmacy Benefit Managers (PBMs). This new legislation, effective November 14, 2024, introduces critical reforms including: ~Pass-through of Drug Manufacturer Rebates: Ensuring at least 95% of rebates are passed to health plans. ~Provider Freedom of Choice: Allowing individuals to choose their in-network pharmacy without being steered towards PBM-affiliated options. ~Prohibition on Clawbacks: Preventing PBMs from collecting excess cost-sharing amounts. ~Network Adequacy Requirements: Mandating convenient access to a broad network of pharmacies. These changes aim to enhance transparency, fairness, and accessibility in prescription drug coverage for fully insured group health plans in Pennsylvania. #HealthcareReform #PBMRegulation #Pennsylvania #EmployeeBenefits #HealthcareTransparency

The IRS released final instructions and forms for 2024 ACA reporting, including Forms 1094-C, 1095-C, 1094-B, and 1095-B. As a reminder, it is important to ensure the forms are accurate, timely furnished to participants, and filed with the IRS.

The Departments have issued final regulations for the Mental Health Parity and Addiction Equity Act (MHPAEA). This landmark update aims to ensure that mental health and substance use disorder benefits are treated equally to medical and surgical benefits. 🔍 Key Highlights: ~Strengthened compliance requirements ~Enhanced transparency for plan participants ~New guidelines for non-quantitative treatment limitations (NQTLs) This is a significant step forward in promoting mental health parity and ensuring fair treatment for all! #MentalHealth #Regulations #Healthcare #Compliance #MHPAEA #PolicyUpdate

Quarterly Catch-up Q4 Highlights: ~2025 ACA Affordability Indexed Amount: The Employer Shared Responsibility Payment (ESRP) requirement will increase to 9.02% for 2025, up from 8.39% in 2024. ~Medicare Part D Changes: The Inflation Reduction Act of 2022 introduces changes affecting the structure of Medicare Part D, including a new out-of-pocket maximum of $2,000 for 2025, down from $8,000 in 2024. For more information, visit https://lnkd.in/eVCNN58R

The IRS has updated the ACA affordability indexed amount to 9.02% for plan years starting in 2025, up from 8.39% in 2024. Employers should review the new safe harbors to ensure compliance and avoid penalties.

At The Beacon Group of Companies, we are dedicated to earning our clients’ trust through our commitment to quality service. Our extensive range of services includes: ~ACA Compliance ~Online Benefits Administration ~HR Support - Mineral ~Employee Education and Customer Service ~Market Analysis Contact us today to learn how we can support your business! 📧 moreinfo@mybeacongroup.com | 📞 610-265-4012

🌟 Creating a Culture of Health in a Remote Workforce Environment🌟 In today’s remote work environment, fostering a culture of health is essential. Learn how to enhance employee well-being and productivity through effective wellness strategies and support systems. Let’s build a healthier, more productive workforce together! 💼💪 #EmployeeWellbeing #RemoteWork #CultureOfHealth #WorkplaceWellness

Discover how to elevate employee satisfaction with a strategic voluntary benefits package that addresses their unique needs and preferences. From dental and vision insurance to identity theft services, learn how these benefits can make a significant difference. #EmployeeBenefits #WorkplaceWellness #BeaconBenefits

Did you know that Section 45S of the Internal Revenue Code offers a tax credit for employers who provide paid family and medical leave to their employees? This credit is designed to encourage businesses to support their employees during important life events. Key Benefits: -Eligibility: Businesses with fewer than 500 employees can qualify. -Coverage: Includes maternity/paternity leave, caring for a family member, medical treatment, recovery, and quarantine. -Claiming the Credit: Use Form 941 or Form 7200 for advance payment. For more details, consult IRS Publication 15 or contact us at moreinfo@mybeacongroup.com. #Section45S #BeaconBenefits #FamilyLeave #MedicalLeave #IRS

Using advanced technology for benefit administration is transforming how businesses operate. Our team is focused on making HR processes more efficient and effective, ensuring smooth management of employee benefits. By adopting innovative solutions, we aim to enhance the employee experience and drive success for the organization. #BeaconBenefits #AdvancedTechnology #EmployeeBenefits