Inspire Benefit Consultants, LLC

📣 New Legislative Mandate! 📣

The IRS just released new guidelines for employers with employees 50+ or equivalents (reference Revenue Procedure 2024-35) in effort to determine affordability.

For benefit plan years starting in 2025, plans will be subject to the ACA's "Play or Pay" rules. The employee's contribution for the employee-only rate, cannot exceed 9.02% of their household income for the year. This was previously set at 8.39%.

If you're not sure if your company is compliant, feel free to reach out to us and we can help you determine which employees would be impacted by this new mandate, so you can avoid potential penalties!

🚨Important Update: Federal Civil Penalties Adjustment🚨

On August 8, 2024, the Department of Health and Human Services (HHS) updated civil monetary penalties for inflation under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This adjustment affects various penalties, detailed in the updated table.

📋 Employer Actions:
1. HIPAA Compliance: Ensure adherence to HIPAA’s Privacy and Security Rules to avoid penalties.
2. Avoid Incentives: Do not use incentives to deter Medicare/Medicaid eligible employees from joining your health plan.
3. SBC Disclosure: Make sure to provide Summary of Benefits and Coverage (SBC) to employees promptly, especially during open enrollment.

🔍 Need Details? Swipe to see the updated penalties.

Stay informed and ensure compliance to avoid potential penalties!

🚨Attention Employers: Important Medicare Part D Update for 2025!🚨

With the changes brought by the Inflation Reduction Act of 2022, it's crucial to review your group health plan's prescription drug coverage.

📅 What's New?
* New Part D Benefit Design: Includes deductible, initial coverage, and catastrophic coverage.
* Lower Out-of-Pocket Threshold: Now $2,000.
* Coverage Gap Changes: Transition from Coverage Gap Discount Program to Manufacturer Discount Program.

🚨 Why It Matters: Some employer-sponsored plans, especially high-deductible health plans (HDHPs), might not be considered "creditable" starting in 2025. This means they may not be as good as Medicare Part D.

🛠️ Action Required:
1. Review Your Plans: Determine if your coverage is creditable or non-creditable for 2025.
2. Notify Participants: Inform Medicare Part D-eligible individuals about their coverage status.
3. Notify CMS: Update CMS about the creditable status within required deadlines.

For more information, visit cms.gov

Stay proactive to ensure compliance and avoid potential issues for your employees.

We Have a Heart for Small to Mid-Market Groups 💙

Did you know that over 85% of small businesses in the US have less than 50 employees? They are truly the backbone of our economy. When it comes to creating a competitive benefits package, it can be challenging when you have limited resources and carrier options. At Inspire Benefit Consultants, we like think outside of the box and create solutions for short-term and long-term success for your company!

* Fully Insured Health Plans
* Level Funded Health Plans
* ICHRA’s
* Captives
* Self-Funding
* Direct Provider Contracting
* Employee Advocacy

Our mission is to offer service beyond your expectations and present options that both HR and CFO’s can get excited about! If you would like us to give you a second opinion on your benefits package, email [email protected] or call us at 918-671-1129.

🚀 Facing Brutal Q4 Rate Increases? 🚀

We’ve received most of our Q4 renewals, and the rate hikes are harsh. We’re pushing back on some renewals due to unjustified increases.

With years in the industry, we know the landscape: some push for only self-funding, while others offer standard solutions with no creativity. At Inspire, we believe in customizing strategies to fit each client’s unique needs.

🔍 Our Approach:

* Evaluate all plan options: fully insured, level funded, self-insured, and captives.
* Develop a long-term strategy to cut claims costs.
* Engage employees with effective wellness programs.
* Ensure transparency in how every dollar is spent.
* Offer top-notch service with a 97% retention rate.

Are you getting a tailored strategy from your broker or just the same old pitch?

The IRS recently announced in May 2024 changes for contributions limits for 2025 for HSA’s (health savings accounts), FSA’s (flexible spending accounts), and HRA’s (health reimbursement accounts).

👉Health Savings Account:
—Individual Coverage: The contribution limit is $4,300, up from $4,150 in 2024.
—Family Coverage: The contribution limit is $8,850, up from $8,300 in 2024.
—Catch-Up Contributions: (age 55 or older): The limit remains $1,000.

👉Flexible Savings Account:
—Healthcare FSA: The contribution limit is $3,200, up from $3,050 in 2024.
—Dependent Care FSA: The contribution limit remains at $5,000 (or $2,500 if married and filing separately).

👉Health Reimbursement Account:
—Expected Benefit HRA (EBHRA): The maximum contribution remains $5,000 (or $2,500 if married and filing separately).

These adjustments are based off inflation with intent to help individuals and families better manage their healthcare expenses through tax-advantaged savings. For more information, please visit www.irs.gov/pub/irs-drop/rp-24-25.pdf

💙 Happy Father's Day! 💙

Today, we celebrate the incredible dads who provide, protect, and inspire. Your unwavering dedication and love make a world of difference every day.

At Inspire Benefit Consultants, we understand the importance of family. This Father's Day, we're here to support the health and well-being of the fathers and families who rely on us!

Thank you for all you do. Enjoy your special day!

Today, as a veteran-owned company, we pause to honor the courageous men and women who made the ultimate sacrifice for our country. Memorial Day is a solemn day of remembrance for the fallen heroes who gave their lives in service to our nation. 🇺🇸

While Veterans Day celebrates all who have served, Memorial Day specifically honors those who died in military service. It's a time to reflect on their bravery, their dedication, and the freedoms we enjoy because of their selfless acts.

Let us never forget the true meaning of this day. Join us in paying tribute to these heroes and keeping their memories alive in our hearts.

🚨Don’t miss out on our free employer event happening this week!🚨The last day to RSVP is on Wednesday. There is limited seating and spots are filling up fast. If you are struggling to keep your company’s health insurance premiums down and feel like you don’t have any options outside of the traditional fully-insured plan, you need to be at this event!

Come gain valuable insights as to what is driving up your company’s premium costs and learn how you can control them and create greater flexibility in plan designs!

📌Event Date: Thursday, May 9th from 9am to 11am

📌RSVP: inspirebenefits.com/events

📌Main Presenter: Spencer Smith / ParetoHealth

📌Sponsors: Primary Care Partners, Medefy, SmithRx, and ParetoHealth

📌Location: The Stoney Creek Hotel- 200 W. Albany Street Broken Arrow, OK

📌Presented by Inspire Benefit Consultants

Attention Employers with 50+ Employees: Are you tired of yearly double-digit increases in your group health plan? Curious about self-funding or joining an employer captive? Join us for an event featuring ParetoHealth on May 9th in Broken Arrow, OK, at The Stoney Creek Hotel.

📌Sponsored by: Primary Care Partners, Medefy, SmithRx, and ParetoHealth
📌Main Presenter: Spencer Smith / ParetoHealth
📌Presented by Inspire Benefit Consultants

Imagine being able to get to the root cause of your company’s rising health insurance premiums and now this is your reality. (Swipe to see what it could look like for you) 🙌

If you want to learn more on how you can look beyond the spreadsheet and take control of your company’s health plan costs, come join us for a free employer event on Thursday, May 9th, from 9am-11am in Broken Arrow, OK. RSVP here: inspirebenefits.com/events.

Your employees are your biggest asset. Do your benefits build them up or push them out the door? 😳 If you offer a traditional fully-insured plan, you might hesitate to answer. These plans can be high cost for employers and employees.

There’s a better way. 👏👏

Join us for an exclusive event on Thursday, May 9th, from 9:00 am – 11:00 am at The Stoney Creek Hotel in Broken Arrow to learn about the power of health insurance captives. You’ll hear from Spencer Smith, SVP of Consultant Development at ParetoHealth and host of the Self-Funded with Spencer podcast.

ParetoHealth has the largest employee benefits captive program in the nation, and making the move to their innovative solution couldn’t be easier. Employers have the flexibility to keep their current TPA, plan design, and network – and much more.

Secure your spot today! RSVP to [email protected] or text (918) 671-1129.

🔵 Exciting Employer Event Coming Soon! 🔵

Feeling frustrated with the same old insurance broker spreadsheets? Tired of the same carrier options, disappointing alternatives, and increasing rates? 💢Time to change the game!

Join us for our free event next month to learn how to take charge of your company's health plan costs. Discover the incredible benefits of joining a captive and transitioning to self-funding. Circle the date - you won't want to miss this opportunity!

📅: Thursday, May 9th, 9am - 11am
📍: The Stoney Creek Hotel, Broken Arrow, OK
RSVP 📝: www.inspirebenefits.com/events

Proudly sponsored by Primary Care Partners, Medefy, SmithRx, and ParetoHealth, with our main presentation by Spencer Smith of ParetoHealth. We, Inspire Benefit Consultants, are excited to present this event to you.

If you are an employer and health insurance premiums are at the top of your P&L statement, come join us on May 9th from 9am-11am in Broken Arrow, OK.

👉Discover health insurance options outside of traditional fully-insured plans.
👉Learn benefits of joining a captive and going self-funded.
👉Gain insights as to what is driving up your company’s premium costs.
👉Learn how a captive can help your company control its insurance costs.

RSVP here: https://www.inspirebenefits.com/events/

Does your company's annual health renewal always look like this?

🚩You're given a spreadsheet from your broker with the same carrier options as every other year but with a rate increase and a selection of alternative crappy plan options?

🚩 Because the insurance carrier you're with, truly values your business, they are willing to give you a "no-shop renewal offer" with a minimal increase, as long as you don't shop options with another carrier 😉🎁

🚩Your broker suggests adding in a wellness program to help incentivize your employees to stop eating bacon everyday and start meditating. 🧘‍♀️ This can potentially lower their stress and help them lose weight and get off some of the medication they're taking 🥕💊 This is going to truly help lower your future renewals due to high claims. 🤥

Meanwhile... you heard from a fellow HR friend that they worked with a company called Inspire Benefit Consultants, who completely changed their company's narrative because they showed them how to get to the root cause of what was driving up their costs and implement new strategies:

💡They partnered with the nation's largest employer captive, ParetoHealth, and were able to create a plan that fits their company's needs while feeling more peace of mind that they are able actually see their data and how to help mitigate their claims cost going forward 💰

💡They embedded a $0 copay / deductible plan option for all of their employee's primary care needs by partnering with Primary Health Partners 🙌

💡 They implemented a new benefits navigation tool called Medefy. Their employees LOVE it 😍 and their HR manager is doing the happy dance 💃

💡 Their company now partners with SmithRx for all of their pharmacy benefits and claims processing. They learned why it was important to work with a “100% pass through PBM provider”. This is the first time their company is seeing the dramatic difference on drug cost comparisons. They also now get to keep ALL of the rebates, instead of their former medical insurance carrier 🤯💊💸

If you want to learn more on how you can look beyond the spreadsheet and take control of your company's health plan costs then come join us for a free employer event on Thursday, May 9th from 9am to 11am at the Stoney Creek Hotel in Broken Arrow, OK. More info to come!

Excited to hear your feedback! 🌟 If you've had a positive experience, we'd love for you to share your thoughts and help others discover the quality service we strive to provide. Your reviews mean the world to us!

🌟 Small business owners, navigating the world of benefits can be overwhelming, but fear not! Our experts are here to simplify the process for you. Let us guide you on the benefits your business needs and explore options for your employees. Success is within reach, and we're here to make it easier for you. 🚀 Reach out for a consultation or any questions – we've got your back! 🤝✨

🎊 Double the joy, double the success! We're thrilled to announce the Ribbon Cutting Ceremony for our SECOND location! 🏢🎀 Join us in marking this milestone and spreading the excitement. Your continued support has brought us here! 🌐✨

🎉✨ Happy New Year from Inspire Benefit Consultants! ✨🎉

As we welcome 2024, we want to express our deepest gratitude to our incredible clients. 🙌🌟 Your trust in Inspire Benefit Consultants has been the driving force behind our shared success.

May this new year bring you prosperity, joy, and continued growth. We're excited to navigate the upcoming challenges and victories together! 🚀💼

Cheers to a year filled with meaningful partnerships and positive transformations! 🥂🎊

🌟 Exciting News for our clients and future clients! 🌟

Thrilled to share that you can partner with an Employee Benefit Consultant to take our team's well-being to new heights! 🚀✨

Employee happiness is our top priority, and we believe in providing the BEST benefits to your incredible team. 🤝💼

🔍 Why Choose Inspire Benefit Consultants?
✅ Expertise: We bring a wealth of knowledge and experience in tailoring benefits to meet your unique needs.
✅ Customization: No one-size-fits-all! We're crafting benefits packages that resonate with your diverse team.
✅ Cost-Efficiency: Smart solutions that maximize value without breaking the bank.

From health insurance to wellness programs, retirement plans to perks that make work-life balance a breeze, we're committed to fostering a workplace that cares for its people. 🌈💖

🚀 Ready to elevate your employee benefits game? Reach out to us and give your team the perks they deserve! 🌟💼

Wishing a Merry Christmas to our cherished family, friends, and clients! 🎄✨ May your day be filled with joy, laughter, and love. Grateful for the incredible moments we've shared this year. Here's to festive celebrations and creating lasting memories together! 🎅🤶

🤔 Making the best choices for your business can be a real head-scratcher. 🏢 One major decision: to outsource or not to outsource? It's your baby, after all—should you bring others into the mix? Well, we're here to make that decision a whole lot easier for you! 🚀

💼 Introducing us – your business's new best friend! Not only can we fine-tune your employee benefits, but we've got a network of fantastic businesses ready to tackle other aspects of your operations. 🌐 Let's team up for success!

Curious about outsourcing but unsure if it's your cup of tea? ☕ We've got you covered! Reach out for a consult, and we'll lay out the ways we can elevate your business. Still on the fence? 🤷‍♀️ Check out this article for some insights: https://smallbiztrends.com/2023/12/advantages-and-disadvantages-of-outsourcing.html?expand_article=1

Your business deserves the best, and we're here to make it happen. 💪 Let's chat! 📩

🎉 New Year, New Benefits! 🎉 As 2023 approaches, it's the perfect moment to reassess the perks you're providing your incredible team. The workforce has evolved, and it's essential to stay ahead for your business and your employees to flourish. 🚀

📰 Exciting news! EBN just released an article outlining the top 5 benefits for the upcoming year. Are you in sync with the trends? 🔄 Time to evaluate and elevate your offerings. Here is the link if you would like to check it out: https://www.benefitnews.com/list/headspace-and-ey-agree-these-5-benefits-will-rule-2024

💼 Wondering how your business stacks up? 📊 Don't fret! Inspire Benefit Consultants is here to guide you through the changes you need. 🤝 Let's ensure your employees are getting the best and your business is thriving.

Ready for a benefits makeover? 💼✨ Reach out to us – because at Inspire Benefit Consultants, we're not just about benefits, we're about building success together! 💪🌟

Your feedback is our heartbeat! 🤗✨ We're on cloud nine reading your incredible reviews. 🚀 Whether it's a thumbs-up, a shoutout, or constructive criticism, every word you share makes us better.

💬 YOUR words, YOUR experiences – they fuel our journey. 😊 Today, we're sending a big THANK YOU to each one of you who took a moment to leave a review. 🙌 Your stories are what make Inspire Benefit Consultants unique.

Let's keep this conversation going! Share your thoughts, tell us your stories, and let's build something amazing together. 💪❤️ Your voice matters, and we're here, ready to listen!

🔍 Curious about employee benefits? We've got you covered at Inspire Benefit Consultants! 🌟 We understand you may have a few questions – and that's what we're here for. Offering excellent benefits is a key ingredient for building a successful business, but figuring out who qualifies can be a puzzle. Let us guide you through it! 💼✨ Amidst the multitude of tasks in running your business, we're here to simplify and make things easier for you. Ready to unravel the mysteries of employee benefits? Let's chat! 🗣️💬

🌟 Simplify Your Business Journey with Expert Guidance! 🚀 Running your own business can be overwhelming, but the key is making things easier. Enter experts – your partners in securing the best for the best price! At Inspire Benefit Consultants, we specialize in tailoring top-notch employee benefits for you and your business. 🏆 Choosing the right consultant may feel daunting, but we've got you covered.
Check out this helpful article: https://www.corporatewellnessmagazine.com/article/finding-the-right-employee-benefits-consultant-a-step-by-step-guide for a step-by-step guide on finding the perfect fit.
When you're ready to make that choice, reach out to us for a personalized consult! 📞✨ Tulsa: (918) 671-7519 | DFW: (469) 745-5972

🎉 Ring in 2024 with the Perfect Benefits Package! 🌐✨ As we bid farewell to 2023, it's the ideal moment to reassess your employee benefits. The sea of options and prices can be overwhelming, but fear not – we've got your back! 🛡️ Let's kick off the new calendar year on a high note for you, your team, and your business. Our experts are here to simplify the process, ensuring you understand and choose the best benefits package. Say goodbye to New Year stress and hello to celebration – we're committed to making 2024 your most amazing year yet! 🎊💼 Ready for a consult? Reach out, and let's make it happen! 📩🤝

🚀 Elevate Your Small Business with Strategic Benefits! 🌟 In the journey of growth, small businesses can't overlook the power of benefits. As you expand and compete for top talent, offering flexible rewards becomes a game-changer. Today's workforce seeks options that align with their needs, and failing to provide them may lead to talent loss. Beyond recruitment and retention, robust benefits packages boost productivity, engagement, and financial security. They're not just perks – they're a reflection of your business's commitment to a thriving, fulfilled team! 💼💪

🌟 Client Spotlight: Carrie C.'s Rave Review! 🌟

Thrilled to share the love from our amazing clients! 🤩✨ At Inspire Benefit Consultants, making each client feel special is what we're all about. Today, we're over the moon to showcase Carrie C.'s glowing review of our business. 🚀💬 Thank you, Carrie, for sharing your experience with us! 🙌 Your happiness fuels our dedication. Here's to more smiles and success stories! 🌈🌐