News

Brokers: Earn Additional Commission While Driving Pharmacy Savings For Your Clients

Posted on: 1/31/2023 2:00 PM

Lifetime Benefit Solutions (LBS) is proud to share the outstanding results of Rx Concierge, our innovative stand-alone, commissionable pharmacy program helping self-funded plans save thousands of dollars every year, regardless of their health insurance carrier. Just take a look... 3,898 Conversions Initiated   360,000 Covered Members +7.4 Million Claims Analyzed   $2,900 Average Annual Savings per Converted Drug       In 2022, RX Concierge participants saw a combined savings … Read More

Update on LBS COVID-19 Tolling Periods Administration

Posted on: 5/18/2022 10:00 AM

Update on LBS COVID-19 Tolling Periods Administration: On April 28, 2020, the Departments of Labor and Treasury jointly announced regulatory changes due to the impact of the COVID-19 (Coronavirus) pandemic. These regulations were meant to provide relief for members and plan administrators and ensure access to active health benefits despite any hardship in paying monthly COBRA premiums. Further clarification of the regulation was announced early in 2021. You can review out communications related… Read More

IRS Announces 2023 Employee Benefit Plan Limits

Posted on: 11/4/2022 8:00 AM

The IRS and the Social Security Administration recently announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023. The link below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 and 2023. View 2023/2022 Plan Limits Table Please note that LBS will automatically increase the Medical FSA maximum salary reduct… Read More

Setting Every Community Up for Retirement Enhancement (SECURE) Act

Posted on: 2/20/2020 4:21 PM

On December 20th, 2019, the Secure Act was signed into Law, a bill to help employers implement retirement plans for their employees. Please find below some of the many changes, affecting qualified retirement plans, brought about with this bill:• Increase of tax credit limit for small employer pension plan start-up costs: Existing tax credit of $500 for a plan’s start-up costs has been increased to as much as $5,000 per year for the first three years, encouraging small employers to adopt plans.… Read More