Live longer with these IRS-approved accounts
There are multiple methods touted by professionals and pundits alike claiming to make you live longer: Spend less time sitting. Avoid simple carbs. Have at least one cup of coffee a day. Drink water. Laugh often. Practice mindfulness. Read a new book every month. The tips indicating what you “should” do to live a longer, […]
Five Reasons to Love the IRS
Let’s be honest. The words “Love” and “IRS” have probably never been used in the same sentence. We are more likely to cringe a little at the very word I-R-S (AKA Internal Revenue Service). There might even be some people that go into immediate cold sweats and their faces turn ghost-like. We are here as […]
The Basics of a Consumer-Driven Health Plan
Consumer–Driven Health Plan (CDHP): What does it really mean? There are certainly a number of interpretations or definitions of a Consumer-Driven Health Plan. The reality is that it isn’t any one thing, but a movement to give employees and individuals a more active role in paying for their medical expenses. The most common interpretation of a […]
HSA Teaser or The Future?
Recently, there was a little excitement in the pre-tax benefits world as the House approved two bills (H.R. 6199 and H.R. 6311) that would expand and strengthen health savings accounts (and other pre-tax health accounts). These bipartisan bills provide common sense solutions to address the availability and use of HSAs and other pre-tax health accounts. […]
Why Are You Holding My Money Hostage?
A loud voice projects through the phone: “But it’s MY money!” It sounds like a scene from the latest crime drama. But it’s actually an (understandably) upset caller talking to a customer service representative at a third party administrator (TPA.) While it may seem like TPAs (such as Benefit Resource (BRI)) are holding your money […]
Six Reasons to Avoid Offering an FSA Rollover
The results are in! Based on an extensive survey of employers [no real survey occurred], we have compiled 6 Reasons to Avoid Offering an FSA Rollover. This is a highly scientific and validated list. [Not even the slightest bit. This is just for fun!] Before we get into the reasons you are not offering FSA […]
Protect Against Identity Theft With Better Cybersecurity
Identity theft is a growing trend, with the 2019 NortonLifeLock Cyber Safety Insights Report confirming that close to 46 million consumers* fell victim to identity theft. To successfully avoid identity theft within your benefits program, implement a comprehensive cybersecurity approach covering these three areas. Nearly one out of two people were (44%) affected by identity […]
Achieving Healthcare Independence
Make this fourth of July your Healthcare Independence Day. Independence can take many forms, including healthcare independence. Through a pre-tax benefit account, you can increase your healthcare options and maintain healthcare independence at any age. Increase Your Options Everyday Needs Pre-tax benefit accounts provide you and your dependents with increased control over your healthcare expenses. […]
HSAs and Pre-tax Benefits: What is HSA-compatible? (Part One)
So you think you have it all figured out. You’re going with the HSA. Wait, was it the HRA? Or, maybe it was an FSA. No, it was definitely the Health Savings Account—HSA. But then someone starts talking about all of the HSA-compatible account options you have. The choices can be overwhelming and the desire […]
Bridging the Gap: What your Employees Know and Actions You Can Take
Employees know far less about their pre-tax benefit accounts than one might hope. In The Knowledge Gap eBook, we presented the results from the 2017 BRight Ideas Contest. Over 8,000 eligible employees tested their knowledge on pre-tax benefit accounts. In many ways, the results suggest the Knowledge Gap regarding pre-tax benefit accounts is shrinking. However, […]
The Case for a Limited FSA
So you implemented a High Deductible Health Plan. You start running through an implementation checklist and are posed with the question, “Do you want to add a Limited FSA?” You pause briefly and say “Why would I want a Limited FSA? I am already implementing a Health Savings Account (or HSA). Doesn’t it cover all […]
3 Lessons I Wish I Knew About TPAs
Life is good. You have contracted with a third party administrator (or TPA) for your pre-tax benefit program. Time to move on to the next benefits crisis, right? But, then you start to realize not everything is as it seemed. Lesson 1: There are generally two kinds of TPAs. It is important to be aware […]
Top 25 Ways to Save with Pre-tax Benefits
Benefit Resource has been in business for 25 years because of our wonderful clients and participants. As a thank you and to give back, we’re sharing 25 ways to save with pre-tax benefits. When it comes to claims, receipts and substantiation… Always keep your receipts. It’s better to have a receipt and not need it than […]
Have you forfeited your FSA funds?
For many FSA participants, December 31 marks the end of a plan year. FSA participants generally have a basic understanding that FSAs are a “use-it-or-lose-it” benefit. However, the specifics and timing regarding a forfeited FSA balance are often a little fuzzy. In fact, come January 1, the most frequently asked question is, “can I still […]
Making sure you’re ready for 2018
We’ve compiled the best advice from 2017 and broken it down by category so you can be prepared for 2018. Review what you need to know about COBRA, Commuter Benefit Plans, Flexible Spending Accounts, Health Savings Accounts, and pre-tax accounts. Are you ready for 2018? COBRA 6 Reasons COBRA Coverage Ends Early Provides a basic […]
All I want for Christmas is…the Tax Cuts and Jobs Act?
While many of us finish our holiday preparations, Congress is working on some last minute “gifts” of its own. Late Friday, December 15, 2017, Congress released the final Tax Reform Bill. This bill resolves the differences between the House and Senate versions of the Tax Cuts and Jobs Act. The House approved the resolution with a 227-203 […]
Negotiating Your Healthcare Bills
You’ve opened the mailbox and you see a hospital bill. You know the one, the one that says you owe $3,258.29. Or is it $2,450.39? It’s no secret that medical billing is confusing, an entire degree dedicated to it. The good news is, paying a medical bill is not like buying a drink at the […]
4 Steps to be a Smart Healthcare Consumer
I recently set out to buy a new computer bag. It is a rather arbitrary purchase in the scope of life. But, I identified specific criteria for the purchase. It had to accommodate my 17″ MacBook Pro. I wanted it to be “checkpoint-friendly” at the airport. And, I wanted it to have the look of […]
Tax Reform — What you need to know about pre-tax and fringe benefits
If you watch, read or listen to any type of news, you know that the House unveiled its tax reform bill. However, pre-tax accounts and fringe benefits are not one of the highly covered components of the bill you likely heard about. Currently, the Ways and Means Committee is working on mark-ups. Additionally, the Senate is preparing […]
2018 Pre-Tax Limits Announced
The IRS released the 2018 pre-tax limits for Mass Transit, Parking, Medical FSA and Adoption Assistance. The limits are effective for plan years that begin on/or after January 1, 2018. 2018 Mass Transit and Parking Maximum Election: $260 / month (up from $255 / month in 2017) 2018 Medical FSA Maximum Annual Limit: $2,650 (up […]
History of Pre-tax Employee Benefits
Pre-tax employee benefits serve as a smart and easy way for workers to save money. However, they haven’t always been a component of employee benefit plans. In fact, pre-tax benefits, such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and commuter benefits, only emerged a relatively short time ago. No one person can take […]
6 Ways to Increase Engagement Using Benefits
Employee engagement is something every (or nearly every) employer hopes for. According to research from Gallup, only 30%* of employees are engaged in their jobs. Does that mean 70% of employees are not engaged? Yes and no. There is a spectrum of engagement. But what is engagement? What is engagement? Gallup lists three types of workers: […]
5 Reasons to Update Your Plan Documents
According to Antoine de Saint-Exupery, “A goal without a plan is just a wish.” In employee benefits, you might say “A Plan with no Plan Documents, is not a Plan at all.” “A Plan with no Plan Documents, is not a Plan at all.” January marks the beginning of a new Plan Year for many […]
3 Ways to Help Employees Manage Out-of-Pocket Medical Expenses
Out-of-pocket medical expenses are on the rise, along with consumer stress levels. According to a Consumer Affairs article, “the average out-of-pocket spending for an individual consumer [in 2016] was $1,400”. These costs are compounded when employees lack understanding of the options available to manage out-of-pocket costs and how to optimize them. Help employees control or even […]
