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To help survivors of Hurricane Katrina recover from their losses, Congress has passed a $6.1 billion law providing tax relief to affected individuals and businesses, while the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) have eased the rules on 401(k) distributions, leave-based donation programs, and tax-filing deadlines. Federal agencies have also issued guidance to employers and employees impacted by the disaster regarding their employee health and insurance plan obligations. Smaller Employers Struggling To Cope With Rising Health Benefit Costs Despite a decline in the rate of health insurance premium growth in 2005, the number of businesses offering health benefits to their employees continues to fall. Smaller companies, in particular, are turning to cost-sharing and other cost-containment strategies to keep up with increases that remain well above inflation, according to two recent studies. Tax Breaks On Long-Term Care Insurance Premiums Proposed Two bills that would allow employees to use their 401(k) and 403(b) plans to purchase long-term care insurance (LTCI) with pre-tax dollars, and without incurring penalties, are making their way through the House and Senate. Rising Health And Energy Costs Bite Into 2006 Pay Raises As rapidly rising energy and health care benefit costs take their toll on businesses and consumers, many employers predict there will be little room in their budgets for substantial above-inflation pay increases in 2006, according to a study by Hewitt Associates. |
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