Many people like Health Savings Accounts (HSAs). They save on taxes and set aside money for medical expenses. When you join an HSA-qualified health plan and sign up for an HSA, you put pre-tax money into an account. You can then withdraw the funds for qualified healthcare expenses. The IRS defines these expenses. HSA withdrawals … More >>
Health Reimbursement Arrangements (HRAs) are tax-advantaged accounts designed to reimburse individuals for qualified healthcare costs. Introduced by the IRS in 2002, HRAs are benefits that employers can offer to current and former employees, including retirees. Over time, legislative and regulatory changes have updated HRA rules and introduced new types, such as Group Benefit HRAs, Individual … More >>
As the temperatures rise and the days grow longer, there are a plethora of opportunities for fun and relaxation. However, these often come with increased expenses that can put a strain on your finances. Whether you’re planning a family vacation, participating in an outdoor activity, or simply want to make the most of the beautiful … More >>
HSA owners can change their contribution amount at any time during the plan year, subject to the annual limit. (Annual contribution limits are set by the IRS each year.) However, their annual limit will be different if they have a mid-year coverage change from individual HDHP coverage to family HDHP coverage, or vice versa. Here’s … More >>
COBRA compliance is a critical aspect for employers offering healthcare benefits. While providing essential coverage continuation, it can also be challenging due to its time-consuming nature and complexity. Failing to adhere to COBRA requirements can expose companies to legal risks and substantial financial penalties. Understanding COBRA The Consolidated Omnibus Budget Reconciliation Act (COBRA), passed in … More >>
Employees in Preferred Provider Organization (PPO) health insurance plans usually enjoy co-pays and lower deductibles but pay higher premiums. To help offset these, they can reduce healthcare expenses with a tax-advantaged Flexible Spending Account (FSA). Here are answers to the FSA questions we get most frequently. FSA FAQs What is a Flexible Spending Account or … More >>
Specific rules govern whether or not an employee can actively contribute to a Health Savings Account (HSA). One requirement is that they be enrolled in a qualified high-deductible healthcare plan (HDHP). Another is that they cannot be enrolled in any form of Medicare. Here are some things you should know about how Medicare participation affects … More >>
If you’re new to or unfamiliar with Flexible Spending Accounts (FSAs), there are some terms you need to know to help maximize the benefit of these tax-advantaged accounts. For example, when an FSA plan is set up, the employer has three options as to how to treat funds that haven’t been spent by the end … More >>
Cardiovascular disease is the number one killer of women as well as men in the United States. February is American Heart Month, encouraging us all to learn more about our heart health. Let’s discuss a little about heart health and how your employer-sponsored benefit accounts may help. Women’s Heart Health Quick facts you need to … More >>
In 2023, Bank of America’s Annual Workplace Benefits Report reported that an all-time low of only 42% of employees feel financially well. Since financial stress may lead to employee absenteeism, lower productivity, and health problems like high blood pressure, anxiety, and depression, employers may want to consider adding financial benefits to their overall benefits strategy. … More >>
The infographic below details the value of consumer-directed healthcare accounts. Learn more from this overview of HSAs, HRAs, FSAs, and other helpful information. What is a Consumer Directed Healthcare Account? A consumer-directed healthcare (CDH) account is a type of medical savings account that: Helps pay for eligible medical expenses Offered through an employer (or, in … More >>
As open enrollment winds down, some participants may determine that they have elected too much or too little coverage for next year, while others who ignored enrollment may wish they had chosen something. The good news is that options may still exist. Health Plans Current enrollees in an existing health plan may find that they … More >>
Flu season can be miserable for everyone. Parents have to deal with sick kids at home. Employers have to arrange coverage for employees taking sick time. Doctors’ offices are hard to get into for an appointment. So, who should get flu shots? How much could it cost? Which shots are available where? How can an … More >>
Via Rev. Proc. 2023-34, the IRS released its 2024 annual contribution limits for Flexible Spending Accounts (FSAs), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), adoption assistance, and qualified transportation plans. 2024 FSAs The annual contribution limit for FSAs increased to $3,200, compared to $3,050 in 2023. For plans that include the Carryover option, that limit increased … More >>
Each November, men across the globe observe the Movember awareness initiative by growing mustaches to highlight men’s health issues. Let’s discuss common men’s health concerns and how consumer-directed healthcare accounts can help address them. Men’s Cancer Concerns While men share many of the same cancer-related health concerns as women, they also have ones unique to … More >>
Are you ready for enrollment season? Open enrollment is when you review your benefit options and choose which ones to renew or enroll in for the next year, like health insurance, life insurance, and tax-advantaged healthcare accounts. Whether you sign up for benefits through an employer or enroll through an exchange, you should be ready … More >>
If you receive healthcare benefits from your employer, you will also receive a Summary Plan Description (SPD). Required by law, the SPD defines plan eligibility and explains benefit calculations and payments, how to submit claims, when benefit guarantees begin, and more. Here’s what you need to know about your Summary Plan Description. Summary Plan Description … More >>
Employers seek creative and effective support options for employee health, wellness, and financial needs, giving employees more benefit options than ever. Picking and choosing among them is somewhat like building a meal in a cafeteria line. This ability comes from the IRS’ Section 125, also known as the “Cafeteria Plan” provision. But what exactly do Section … More >>
Most people know the triple tax savings HSAs offer, including tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. However, while HSAs primarily help reduce healthcare costs, they also have lesser-known values. So, what are the hidden benefits of an HSA? HSA Portability When you have an HSA, you keep and use those … More >>
Although popular in countries such as Canada, Lifestyle Spending Accounts (LSAs) are relatively new in the U.S. and attracting a lot of attention. So, what is an LSA? LSA Basics LSAs are employer-funded accounts that employees use to pay for products, services, and activities that help support employee well-being. Qualified expenses may relate to physical, … More >>
COBRA insurance may be a vital lifeline for American workers who experience a qualifying event resulting in loss of coverage. Check out our COBRA FAQs to learn more. What is COBRA? The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is a federal law that deals with healthcare coverage cancellations due to certain “qualifying events.” … More >>
PCORI fees help fund the Patient-Centered Outcomes Research Institute (PCORI), a group founded in 2010 as a part of the Affordable Care Act (ACA). Learn more about PCORI deadlines, fees, how fees are used, and the future of these payments. PCORI Fees Annual PCORI fees are due July 31 and fees are filed using IRS … More >>
In addition to health insurance eligibility, family status changes can impact consumer-directed healthcare accounts. Here’s how mid-year status changes affect FSA and Dependent Care accounts. Can I change my health FSA contributions? Employees may choose FSA participation during open enrollment. This includes deciding on an annual contribution amount up to the IRS-mandated maximum. Health FSA accounts … More >>
Healthcare consumerism is a movement to refine the efficiency and affordability of healthcare services by changing how people prioritize their healthcare. Imagine a system where patients are more knowledgeable and active in purchasing healthcare services. Healthcare consumerism works to make this a reality. Healthcare Consumerism Basics At its core, healthcare consumerism seeks to make patients … More >>
Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help people pay for qualified medical expenses. They also provide more control over how and where to pay for those expenses. Some employees may have simultaneous HRA and HSA eligibility through their employer or when combined with their spouse’s employment options. … More >>
