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Company Benefits
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Health Savings Accounts/High Deductible Health Plans limits to increase in 2023

Each year by June 1, the IRS must announce inflation-adjusted limits for health savings accounts and high deductible health plans. On April 29, 2022, the IRS released Revenue Procedure 2022-24 to provide the inflation-adjusted limits for HSAs and HDHPs. The adjusted HSA limits will take effect on Jan. 1, 2023, and the adjusted HDHP cost-sharing limits take effect for plan years that begin on or after Jan. 1, 2023. These limits include the maximum HSA contribution limit, the minimum deductible amount for HDHPs and the maximum out-of-pocket expense limit for HDHPs. Limits vary based on whether the individual has self-only or family coverage under an HDHP. HSA Contribution Limits Under HDHPs Those with self-only HDHP coverage will be able to contribute $3,850 to their 2023 HSAs, up from the $3,650 maximum in 2022. Those with family HDHP coverage will be able to contribute $7,750 to their HSAs for 2023, up from $7,300 for 2022. Anyone age 55 and older may make an additional $1,000 “catch-up” contribution to their HSAs. New HDHPs increases The minimum deductible amount for HDHPs will increase to $1,500 for self-only coverage and $3,000 for family coverage for 2023. In 2022, the minimum deductible amount was $1,400 for self-only coverage and $2,800 for family coverage. The HDHP maximum out-of-pocket expense limit increases to $7,500 for self-only coverage and $15,000 for family coverage for 2023. In 2022, the limit was $7,050 for self-only coverage and $14,100 for family coverage. Employers that sponsor HDHPs should take action and review their plan’s cost-sharing limits when preparing for the plan year beginning in 2023. Employers that allow employees to make pre-tax HSA contributions should update their plan communications for the increased contribution limits. If you have any further questions about the upcoming limit increases, please contact CanopyNation today at hello@joincanopynation.com.

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Company Benefits
JennaOPR

Health plans must provide a price comparison tool for 2023 plan years

The Department of Labor, Health and Human Services and the Department of Treasury recently passed a new law to promote transparency in health care coverage. Starting with plan years beginning on or after Jan. 1, 2023, group health plans and health insurance carriers must make an internet-based price comparison tool available to participants, beneficiaries and enrollees. Keep reading to learn more about what this law means for you. This tool’s purpose is to provide consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services. This gives them the opportunity to shop and compare prices before receiving care. This requirement applies to health insurance issuers and group health plans, including fully insured and self-insured plans. It does not apply to grandfathered plans, excepted benefits and account-based plans, such as health flexible spending accounts and health reimbursement arrangements. For plan years beginning in 2023, the price comparison tool must provide cost-sharing information for 500 items and services. Beginning in 2024, the tool must provide cost-sharing information for all covered items and services. Most employers will rely on their issuers and third-party administrators to provide this tool. Employers should confirm that their issuers and TPAs are in compliance by the deadline and ensure written agreements are updated to reflect this responsibility. For more information about next year’s price comparison tool and how it affects your employees, contact CanopyNation today.

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Company Benefits
JennaOPR

Why it’s beneficial to provide a total compensation statement to your employees

Pay and benefits are among the biggest deciding factors when an employee accepts an offer to work at a company. While a paycheck can show how much an employer invests in a worker, there’s much more under the surface that employees may not realize. Many employees aren’t aware of how much compensation they receive from their employers beyond their salaries. A total compensation statement can provide guidance on how much an employer invests in an individual. What is a total compensation package? A total compensation package encompasses the entire value of an employee’s compensation at a company. The statement mentions wages, which employees already know, but it also includes the hidden cost of the benefits that employers provide. What does an employer include in a total compensation statement? A total compensation statement compiles the monetary cost of all forms of compensation on the part of the employer. It includes both direct and indirect compensation totals. Direct compensation is the gross wage, which includes salary and any bonuses or commissions that a worker earns. A statement also lists indirect compensation benefits and the value at which an employer contributes. Indirect compensation benefits include retirement plan contributions, insurance premiums and other employee benefits. Other direct and indirect benefits that can be included in a total compensation statement are stock options, financial assistance for education and professional development, paid time off, wellness awards and relocation expenses. Why should I send a total compensation statement to my employees? Total compensation statements demonstrate to employees the monetary value the employer provides – beyond the standard paycheck. Outlining the total cost of all these benefits can be eye-opening for your employees and can help them better appreciate the compensation package you offer them. They can help increase morale and loyalty among employees. These statements, especially if your package is competitive, can also serve as a valuable employee retention tool. Many employers do not offer total compensation statements because they require time and effort to assemble them for each employee. Don’t let this common obstacle stop you from sharing the value of your compensation packages with your employees! An employee benefits consultant like CanopyNation can support you in your efforts. If you need help getting started, contact our team today.

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Company News
JennaOPR

CanopyNation wins 2022 Top Employee Benefits Consultant Award from Mployer Advisor

We’re excited to announce that for the second consecutive year, CanopyNation earned the Top Employee Benefits Consultant Award from Mployer Advisor, the leading independent platform for employers to research, review and evaluate insurance advisors. The award recognizes esteemed brokers that demonstrate market-leading competencies and a proven track record of success among employers, insurance providers, and peers. We recognize that employees are the backbone of any company’s success, and providing a company with the best solution for employee benefits is what will aid in that success. As one of the few independently owned benefits brokerages still in the Mid-South, CanopyNation strives to serve our clients with the utmost respect, professionalism and industry knowledge. Mployer Advisor determined the winners of the second annual Top Employee Benefits Consultant Award by analyzing each brokerage based on historical data, online reviews, their “M Score” rating, and demonstrated business experience. We are grateful to Mployer Advisor for recognizing our team’s work with this coveted honor!

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Company Benefits
JennaOPR

Why a UBA-Certified Insurance Broker Is an Added Employee Perk

Hiring an employee benefits firm to manage your company’s benefits plans has its advantages. Instead of managing your company’s employee benefit packages in-house, experts at a firm like CanopyNation know the latest local and federal regulations regarding labor workforces and have access to a range of insurance providers and offerings. Partner firms of United Benefit Advisors® offer even more advantages to companies. UBA brings together top employee benefit firms from across the United States to pool their knowledge and resources. What does that mean exactly? If you select CanopyNation to manage your employee benefits, you not only have access to our team’s experts, but also to dozens of other firms and brokers in the nation. Why should I hire a UBA firm? Evidence has shown that UBA Partner Firms deliver employee benefit solutions that attract and retain the best employees, while controlling costs. Employers serviced by UBA Partner Firms mirror 98% of employers and industries, which include a variety of companies from small to large companies and covers every geographic region and major U.S. metropolitan area. The benefits of choosing an insurance broker with a UBA certification is twofold – you get the strength of a nationally recognized firm while still receiving the local ownership accountability and customer service. How does this help my company? UBA partner firms, while remaining independent, are joined together to gain the knowledge and resources from other partners across the country. CanopyNation clients have access to shared wisdom from 130 member firms across the U.S. Our insurance brokers have access to a full arsenal of experts around the world. Instead of working with one firm and their ideas, all UBA partner firms, including CanopyNation, collaborate on products, services, features and strategies. As a result, clients receive sophisticated, cost-effective solutions equal to or better than those from large brokerages. Simultaneously, clients will continue to receive the personal attention and close-knit service that only an independent, local advisor can deliver. Can’t I get this same access with a large brokerage? Like CanopyNation, those designated as a UBA Partner Firm are benefit advisors with a local presence who understand the unique needs of their community. We have the same resources and national presence, but our clients won’t get passed off to call centers or put down to the bottom of the list. Instead of a larger brokerage, you and your employees will work directly with our team to ensure that your organization’s needs are met with the highest level of service and that your team members have full control and understanding of their benefit packages. The advantage of a local ownership is you will receive a sense of urgency and responsiveness from your benefits expert. CanopyNation is proud to be a certified UBA Partner Firm. We’re dedicated to providing premier benefits to our clients and their employees. If you are interested in a customized benefits solution package with ease of administration and unmatched client support for your organization, our team is eager to hear from you at hello@joincanopynation.com. We have an extensive list of available benefits, including but not limited to: Flexible Spending Accounts (FSA) Group Dental Insurance Group Disability Insurance Group Health Insurance – Fully insured plans, Self Funded, Level Funded Group Life Insurance Group Long-Term Care (LTC) Insurance Group Vision Insurance Health Reimbursement Arrangement Health Savings Accounts (HSA) Pet Insurance Supplemental Offerings

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Medicare
JennaOPR

Navigating Health Coverage for Your Employees Ages 65+

As more people delay their retirement past age 65, more workers are becoming eligible for Medicare coverage. For employers that provide health insurance coverage as an employee benefit, the savings could be great for both the organization and the employee if the eligible beneficiary obtains some sort of Medicare coverage. However, the size of an organization has different rules, and some employees can even face late penalties if they enroll in a Medicare plan too late after turning 65. For companies with 20 or more employees, watch this video to understand the options your employees have. For companies with fewer than 20 employees, watch this video to understand the options your employees have. If you or an employee needs assistance in enrolling in a Medicare program as a secondary form of coverage or navigating other options, please have them reach out to a CanopyNation expert at hello@joincanopynation.com or 901-805-2860.  

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