2023 FSA Deadline Is Fast Approaching
If your plan has a January effective date and you offer a flexible spending account (FSA), please remind your members that December 31, 2023 is the final day they can use their 2023 funds. The best way for FSA members to check their current balances is by visiting...
U.S. Employer Plan Premiums Increased 7% in 2023
Average annual premiums for U.S. employer-sponsored single and family health insurance coverages both rose 7% in 2023, according to a survey conducted by KFF and published in Health Affairs. While the increase is higher than in recent years, it is generally in line...
A High-Value Approach to Lowering Rx Spend
MedBen Rx's expanded pharmacy solutions offer a variety of ways to reduce your prescription drug spend... including appropriateness solutions that use clinical-based research to recommend the most effective drugs to your plan members. Comparative effectiveness...
MedBen Employees Celebrate Silver Anniversaries in 2023
Six MedBen team members are celebrating a noteworthy event in 2023… their 25th anniversaries with us! We’re proud of our long-time association with each one of them, and their contributions to our growth and continued success cannot be overstated. Below, we spotlight...
IRS Increases PCORI Fee
On October 18, the IRS issued Notice 2023-70, which increased the Patient-Centered Outcomes Research Institute (PCORI) fee from $3.00 per covered life to $3.22 per covered life for policy and plan years that end on or after October 1, 2023 and before October 1, 2024....
Avoiding the “Leveraged Trend Effect”
Have you ever received a larger-than-expected stop-loss premium increase and your carrier blamed “leveraged trend”? Well, here’s what they mean. The fact that rising claim costs contribute to higher plan costs may be self-evident... but not just in ways that are...
Combatting Drug Price Increases Requires Proven Saving Solutions
From a new report published by the U.S. Department of Health & Human Services: "Over the period from January 2022 to January 2023, more than 4,200 drug products had price increases, of which 46 percent were larger than the rate of inflation. The average drug price...
Employees Celebrate 30+ Years with MedBen
At a recognition event on October 6. MedBen honored employees who are celebrating benchmark anniversaries with the company in 2023. We congratulate all this year's celebrants and thank you for everything you do for our clients! Three employees are observing 30 or more...
AOA Recommends Yearly Eye Exams to Detect Vision Problems
Recent updated guidance from the American Optometric Association recommends annual eye exams for all adults 18 and older in order to detect vision problems as soon as possible. "Comprehensive eye exams provide the opportunity for early detection of eye health...
The PBM “Non-Rebate” Rebate Shuffle
In their continuing quest for bigger profits, major pharmacy benefit managers (PBMs) have adapted a new tactic: clever wordplay. What was once known as a "rebate" – a partial refund of the drug payment back to the plan – now goes by a variety of other terms, such as...
MedBen Closing Early on October 6 for Employee Recognition Event
On Friday, October 6, MedBen will be closing at 12:00 p.m. EDT for a company employee recognition event. We will reopen at 8:00 a.m. EST on Monday, October 9. As a reminder, many of your claims and benefits-related questions (including those pertaining to prescription...
MedBen Rx Humira Biosimilar Recommendation
Here's some cost-saving news for MedBen Rx clients. On July 1, 2023, biosimilar products were released for the popular and expensive anti-inflammatory therapy, Humira. A 30-day supply of Humira, which is used to treat a variety of conditions from Crohn’s to rheumatoid...