A company’s benefits package is a vital tool for attracting and keeping talented employees. It can also improve workforce health and engagement. But with workers who span four generations in today’s labor force, building a benefits plan can be a challenge for employers. Baby Boomers are nearing retirement while Gen Z is just entering the workforce. Meanwhile, … More >>
Flexible Spending Accounts (FSAs) are an important benefit that helps people reduce out-of-pocket healthcare costs and save money on taxes. An estimated 43 percent of all civilian (non-government) workers have access to an FSA through their employers. These employer-sponsored, tax-advantaged accounts allows participants (employees) to set aside money before taxes to pay for eligible medical … More >>
Employers with a group health plan are familiar with PCORI fees. The fees help fund the Patient-Centered Outcomes Research Institute (PCORI), which was founded as a part of the Affordable Care Act (ACA) in 2010. See below for more information on 2019 PCORI fees, what the money pays for, and the future of PCORI payments. … More >>
The Internal Revenue Service (IRS), in coordination with other Federal agencies, published a final ruling which expands Health Reimbursement Arrangement (HRA) plan types for employers. HRAs are employer-funded benefit plans used by employees to cover qualified healthcare expenses. The newly-created Individual Coverage HRA (ICHRA) and Excepted Benefit HRA (EBHRA) became available on January 1, 2020. … More >>
The importance of COBRA compliance cannot be understated. For employers, COBRA is often the most challenging aspect of offering healthcare benefits. In addition to being time-consuming (and sometimes confusing), failure to comply with COBRA requirements can put companies at risk of serious legal issues and steep financial penalties. What is COBRA? COBRA (Consolidated Omnibus Budget … More >>
Did you know you can take your benefits accounts on-the-go? With the demands of today’s modern society – more than two-thirds of Americans own a mobile phone – many benefits administrators offer account holders the modern conveniences of mobile apps and debit cards. These make it very easy for those who have a Flexible Spending … More >>
Dental care is costly, starting with your premium payments. That coverage may provide you may with a checkup, cleanings, and x-rays once or twice a year. But what happens when you, your spouse, or your child needs a filling, root canal, orthodontia, or an emergency extraction? Insurance probably won’t cover the entire cost of those … More >>
Are you ready for enrollment season? Open enrollment is the period during which you review your benefit options and choose which ones you want to enroll in for next year. These include health insurance, life insurance, and tax-advantaged healthcare benefits accounts, among others. Whether you sign up for benefits through an employer, or choose to … More >>
During benefits enrollment season you may be offered health, dental, and vision insurance. Some companies offer other benefit options like commuter benefit accounts and consumer directed healthcare (CDH) accounts. Depending on your company’s benefit plan, you may be wondering – should I sign up for an FSA? What is an FSA? An FSA, or Flexible … More >>
With a Health Savings Account (HSA), there are certain rules that govern whether or not you can contribute to the account. One requirement is that you must be enrolled in a qualified high deductible healthcare plan (HDHP). As people get older and qualify for Medicare, HSA owners may be wondering how Medicare affects their HSA. … More >>
Health Savings Account (HSA) owners – there may be some advantages to your tax-advantaged healthcare benefit account you aren’t aware of. Most people are familiar with the triple tax savings: tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. However, while HSAs are designed primarily to help reduce healthcare costs, some benefits of … More >>
Among the benefits that American workers receive, one of the most important options is COBRA insurance. COBRA allows workers to keep their healthcare coverage in case they experience a qualifying event that may cause them to lose coverage. For more information about COBRA insurance, see the following COBRA FAQs. What is COBRA? Now over three … More >>
Whether you’re new to, or familiar with, Flexible Spending Accounts (FSAs), there are some key terms you should know. FSAs are employer-sponsored benefit plans. When the plan is setup, the employer has several spending options to choose from: use it or lose it, grace period, and carryover. In order to max out your tax-free benefit … More >>
Healthcare consumerism, a movement designed to refine the efficiency and affordability of healthcare services, is working to change how people prioritize their personal healthcare. Imagine a system where savvy patients use their knowledge to take a more active role in purchasing and utilizing healthcare services. Healthcare consumerism is getting closer to making this a reality. … More >>
Open enrollment season for benefits is a time for making important decisions regarding healthcare expenses for you and your family. In addition to health insurance options, many companies sponsor tax-advantaged consumer directed healthcare accounts, like Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs). FSAs and HSAs are popular because they can help you save … More >>
Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. Some employees have the opportunity to have both an HRA and an HSA, either through their own employer or … More >>
Consumer directed healthcare accounts not only help users save money due to their tax-advantaged status, but also give account holders more control over their healthcare dollars. This article and infographic provide an overview of HSAs, HRAs, and FSAs, along with other helpful information. What are Consumer Directed Healthcare Accounts? A consumer directed healthcare (CDH) account … More >>
Did you know that a change of status during the plan year affects the account holder’s annual Health Savings Account (HSA) contribution limit? The following provides an overview of regulations plus examples of how the changes to contribution limits are calculated. If you have an HSA, you are probably aware that you can change your … More >>
Captain Contributor™ is not your everyday superhero. He’s the basis for a year-round, comprehensive program to educate and engage employees about tax-advantaged benefit plans. Let’s face it. Benefits enrollment can be boring and the information is dense. Many employees have a hard time understanding their benefits and why they should use them. In a recent … More >>
