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2022 Health Insurance Outlook, Changes

InterWest Insurance Services

As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employees enrolled in those plans. Here’s a list of what to expect in 2022. The CAA created a number of new requirements that affect health insurance and coverage.

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4.4 million employees are covered by corporate health insurance

Employee Benefits

More than four million people are now covered by health insurance through their employer, according to data from the Association of British Insurers (ABI). The number of employees benefitting from health insurance increased by 8% from four million in 2021 to 4.4 million in 2022. The post 4.4

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Personalized Care Act (ICHSA) Could and Should End Employer-Based Health Insurance

Joe Markland

On January 2020, the Individual Coverage Health Reimbursement Account (ICHRA) was enacted, and employees for the first time in 75+ years could buy an individual policy with pre-tax dollars if their employer adopted an ICHRA. If this happens employer-based insurance is over. The ICHSA is now on the horizon.

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Smallest Firms See Largest Health Insurance Hikes

InterWest Insurance Services

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. The cost for individual group health plans increased 6.7% overall between 2021 and 2022.

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Inflation Could Hit Group Health Insurance Premiums

InterWest Insurance Services

The health care sector is not immune to the effects of spiking inflation, and the increasing cost of care is likely to spill over into health insurance — but it’s uncertain by how much. Inflation is already built into these contracts, which didn’t anticipate the higher levels we’ve witnessed in 2021 and 2022.

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Twelve Tax Planning Topics for 2022

Money Talk

With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. To itemize deductions in 2022, single taxpayers must have allowable deductions greater than $12,950 and married couples filing jointly must exceed $25,900 ($28,700 for a couple with both spouses age 65+).

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Here’s What You Need to Know About Stop-Loss Health Insurance

Griffin Benefits

In fact, after raising the prices of more than 1,400 prescription drugs in 2022, pharmaceutical companies started 2023 off with a 5% increase for more than 450 medications. One solution means looking inward: transitioning from the fully funded model of healthcare benefits to self-funded health plans featuring stop-loss insurance.