Payroll & Benefits: Update on 2024 IRS Limits and Navigating Insurance Landscape
As we almost kick off 2024, we want to inform you about key developments that may impact your payroll and benefits. As a quick reminder, last year saw a notable average price increase of 10% in insurance premiums. Our research found that rates will continue to increase around that same percentage, though some companies noted that healthcare costs are rising above inflation. Long-covid symptoms also affect increasing premiums.
IRS Limits for Payroll and Benefits in 2024
The IRS has announced several changes to payroll and benefits limits for the year. These limits influence various aspects of your financial planning, including retirement contributions, health savings and flexible spending accounts, and more. Please keep these changes in mind when it comes to payroll taxes and benefits; if TABS manages your payroll and benefits, this will be processed automatically.
The Shifting Landscape of Insurance Premiums
Similar to last year, small-group employers may continue to experience shifts in insurance premiums. Factors such as industry and group performance, usage, and market dynamics contribute to these adjustments. As noted above, inflation is a significant factor in the rising of healthcare costs, which affects group insurance rates.
Considering these trends, we encourage you to reassess your current plan offerings. Our dedicated HR Team at TABS is ready to assist with any inquiries or reviews of your benefits. Partnering with our trusted brokers, we can help tailor the best solution for your group—whether it involves a plan adjustment, a switch in insurance carriers, exploring a PEO, or considering an Individual Healthcare Arrangement.
Navigating the Path Forward
Increasing employee awareness about the importance of affordable insurance benefits is more crucial than ever. Inflation continues to impact budgets, and understanding these dynamics is key to ensuring your benefits package aligns seamlessly with your team’s needs.
Feel free to reach out to our HR Team for personalized assistance. We’re here to navigate these changes together, offering solutions that make the most sense for you and your employees.