Warren Buffett said, “there are two sides to every coin…price and value. Price is what you pay, and value is what you get.”

In today’s healthcare system, there is a broad range in both price and value, and unfortunately, traditional health plans do not effectively support members consistently using high-quality, affordable providers and facilities.

On the value side of the coin, there are several reputable quality measures that consistently demonstrate wide variability in safety scores, infection rates, and overall health outcomes – even between two hospitals within the same system! And the statistics on unnecessary care, overuse of testing, and misdiagnosis are staggering.

In 2017, legendary investor Warren Buffett famously stated, “Medical costs are the tapeworm of American economic competitiveness," indicating in no uncertain terms that rising healthcare costs are the number one problem facing American businesses. Currently, healthcare spending represents approximately 18% of America’s total Gross Domestic Product (GDP) and nearly double per capita compared to other developed countries. To make matters worse, life expectancy is far less than that of comparable nations even after adjusting for age and non-treatable causes of death. Despite these facts, the cost of healthcare continues to rise, consistently outpacing inflation and overall economic growth. Whether you are a business owner, community leader, or industrial worker, you can relate to the pressure from rising healthcare costs and its consequences.

Landmark legislation was passed by U.S. Congress which includes exciting news regarding student loan contributions.

Today we’re sharing insight from guest blogger Peter Welsh, Director of Retirement Services for Thurston Springer. We hope you enjoy Peter's wisdom and perspective.

According to the Greek philosopher Heraclitus, “The only thing that is constant is change.” This certainly rings true for the year ahead in the world of employee benefits and human capital management. While not an exhaustive summary of the changes to come, the following touches on some of the key trends and area of focus for employee benefits in the near future.

From our employee-owners to you and your family, we wish you a safe and joyous holiday!

What Is Form 5500? 

Also known as the Annual Return/Report of Employee Benefit Plan, Form 5500 is a filing required annually by the Department of Labor (DOL) & Internal Revenue Service (IRS).

Form 5500 reports and discloses information on benefit plans to ensure:

• The operation and management of these plans comply with certain Titles outlined in the Employee Retirement Income Security Act of 1974 (ERISA).
• Sufficient information is provided to regulators to effectively safeguard the rights and benefits of participants and beneficiaries.

The U.S. Department of Labor's (DOL) announced their final regulations modifying the Association Health Plan (AHP) rules to expand availability to more employers and to make them more affordable by eliminating certain coverage requirements applicable to qualified health plans under the Affordable Care Act (ACA).

It’s no secret that most people enjoy getting away for a week or two in the summer to enjoy the sunshine and quality family time. Studies have shown that taking occasional vacations has many work and health benefits, including lowering stresslevels, avoiding burnout, and increased work quality and creativity. However, before you get over-excited and hit the open road, here are some quick tips to make sure you are prepared for the unexpected.

On April 26, 2018, the Internal Revenue Service (IRS) announced yet another modification to the annual limitation on deductions for contributions to Health Savings Accounts (HSA).