Many employee benefit limits are automatically adjusted each year for inflation (this is often referred to as an "indexed" limit). UBA offers a quick reference chart showing the 2017 cost of living adjustments for health and Section 125 plans, qualified plans, Social Security/Medicare withholding, compensation amounts and more. This at-a-glance resource is a valuable desk tool for employers and HR practitioners.
Topics: health care costs, employee benefits, employee benefit limits, out-of-pocket limits, Danielle Capilla, group benefit plans
Like the classic child question, "Why?" and the time-tested parent response, "Because!" there are some things in benefits that we as HR professionals just need to know even if they are not that remarkable. It's just good for us. Like eating vegetables. This is true for the annual cost of living adjustments. Many employee benefit limits are automatically adjusted each year for inflation (this is often referred to as an "indexed" limit). The Internal Revenue Service and the Social Security Administration have released the indexed figures for 2014. Because inflation is relatively low and some amounts are adjusted only if the increase meets a minimum, many amounts are unchanged for 2014. Limits of particular interest include the following.
For health and Section 125 plans:
Topics: health care costs, health insurance, employee benefits, health care, employee benefit limits, health plans