Benefits and Morale Go Hand In Hand
Stephen Hawking once said, “When the going gets tough, the tough take a coffee break.” Ok, maybe it takes a little more than a cup of coffee to get people motivated. Many factors create high morale in the workplace. Pay, flexibility, health care choices, company provided lunches, and ping pong tables can all affect how […]
Three Steps to a Mid-year Benefits Check-in
When it comes to benefits planning, there are often no simple answers or quick fixes. There may have been a time when an insurance broker came to your office before your intended open enrollment period, you signed on the dotted line and presented the plan to employees the following week. However, it seems benefits planning […]
American Health Care Bill: What does it mean for Pre-tax Benefit Accounts?
Almost eight years after the passage of the Affordable Care Act, Republicans put forth their plan to repeal and replace it in the form of the The American Health Care Bill. While there are many different perspectives and certainly pros and cons to the bill as a whole, we will focus on the impact the […]
Five Basic Questions to Ensure Your Receipt Is Accepted
You enrolled in a Flexible Spending Account (FSA) and made your election for the year. A month into the plan year, you have an eligible dental expense and use your benefits card to pay it. A week passes and you receive a request for documentation of the expense. You quickly pull out the BRiMobile app, snap […]
Taxes, Policies, and Politics
The political cycle is in full swing (exciting I know). Tax deductions, tax liability, health care, tax code reform, and childcare are all buzz words you will hear throughout the election cycle. You may have heard some political figures mention Health Savings Accounts (HSA), or Flexible Spending Accounts (FSA) as part of their Health Care Plan. Child […]
A new “Summer Essential” — Identity Theft Protection
Last week I received a little alert “Review Your Identity: A match has been found to your monitored information”. A slight wave of panic sets in and the thought of financial ruin crosses my mind. I quickly login to my Mastercard ID Theft ProtectionTM service to check on the detail. As I log in, I learn that a personal […]
Are you covered?
It is here! June 28 brings us the widely celebrated and mysterious — National Insurance Awareness Day. With all “widely celebrated and mysterious” days of recognition, we likely need to explain. While the origins of National Insurance Awareness Day are not clear, the sentiment is important. The goal of National Insurance Awareness Day is to set aside […]
Get Involved in the Cadillac Discussion
This week, we, along with other industry advocates from ECFC, had the opportunity to meet with Congressional staffers to educate them on the benefits pre-tax accounts provide to average Americans. Our specific goal was to educate Congressional staff on the impact to these accounts under the Cadillac Tax. What impact does the Cadillac Tax have […]
A Simplified HSA could be in Your Future
Since the Affordable Care Act was signed into law six years ago, you have likely been introduced to a whole new vocabulary of do’s and don’ts. However, a recent bill gives us hope for a more simplified approach to HSAs. The Health Savings Act of 2016 was introduced to provide some common sense solutions to HSAs and other […]
Help Make the Future of HSAs and FSAs Bright!
The Health Care Reform Law has done many things, but more than anything, it has created uncertainty. “Will I be able to keep my plan?…Will I be able to afford my premiums?…Will my doctor be covered?” And the uncertainty continues…“Will I be able to keep my HSA or FSA?” In 2018, the “Cadillac Tax” is […]
2016 Limits Now Available
As a new year approaches, it is important to make sure you are aware of all of the limits that may affect your tax-free benefit accounts and other benefit programs. Please check with your employer regarding what plans are offered, any additional limits that may exist or to make changes to your election(s) as a result […]
Ideas for a Better Physical, Mental and Financial Health in 2015
With January coming to an end, so too is “National Weight-loss Month”. You start out the year ambitious. You are going to workout. Eat better. Make a better you. Then, you have a slip-up. By late January, most people have given up altogether. It is estimated that 85-95% of all New Year’s Resolutions fail. The […]
The last minute game changer: To make changes to your FSA or not
It is inevitable. You plan. You get things organized. You are ready for open enrollment. Then, some higher power makes a change. Well, yesterday, the IRS released another potential game changer. The current maximum IRS limit for a Medical FSA was increased from $2,500 to $2,550. While the change seems small in scope, there are many factors […]
Understanding Plan Trends this Enrollment Season
Somewhere between the occasional days of summer fun and working through the daily grind, year-end has once again come upon us. For many of us, it means we will be bombarded with information regarding benefit options. While the specific options provided may vary, there are several key trends that are occurring this enrollment season. Key […]
The Four Biggest Grumbles of Medical FSAs
Medical Flexible Spending Accounts (FSAs), like many benefits, are often misunderstood. As a third party administrator, one of our greatest challenges is helping participants to better understand and use these accounts. While the advantage of saving 30-40% on eligible expenses is pretty clear, there are some rules which are not as clear and can frustrate […]
Top 5 Reasons to Adopt a Rolling Medical FSA
Late in 2013 when many employers were focused on open enrollment, the Department of Treasury quietly released Notice 2013-71 which has changed the way we look at Flexible Spending Accounts (FSAs). Through its administrative powers, the Department of Treasury permitted Medical FSAs to roll over up to $500 of unused funds into the next plan […]
