4 questions to ask when evaluating pre-tax employee benefits
When it comes time to evaluate which pre-tax benefit options to offer to your employees, there are many factors you need to consider. Obtaining the best possible plan requires you to know both what your employees want and also how the benefits fit within your business culture. While pre-tax benefits provide a way for your employees […]
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 […]
New Health Care Financing Solutions For Small Employers
The 21st Century Cures Act was signed into law on December 13, 2016, establishing a “Qualified Small Employer Health Reimbursement Account” (QSEHRA). Under this law, qualified small employers will be permitted to reimburse employees for insurance premiums and other qualified medical expenses defined by Section 213(d). This is welcome news for many small employers. However, […]
What is Going to Happen to my Pre-tax Health Accounts?
Now that the election is over, the question at the top of everyone’s mind is: ‘What’s going to happen to my pre-tax health accounts?’. While there is little we can definitively say about what changes, if any, will be forthcoming from the new administration, we do feel there are some insights we can offer now […]
The Health Care Transaction (and the need for price transparency)
As a third party administrator, we are in tune with the “transactions” that occur in the health care system. The basic concept in which (1) a service is provided, (2) the service is run through insurance, and (3) the insurance company responds with what will be paid by insurance vs. the consumer. Our goal as a […]
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 […]
What is IRS Form 5498-SA?
If you had an HSA last year, you likely received IRS Form 5498-SA in recent weeks. If you are new to an HSA or maybe just need a refresher, here is what you need to know about it. What is IRS Form 5498-SA? IRS 5498-SA is primarily used to report total contributions made to an HSA […]
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 […]
Are wellness programs a game of “trick-or-treat”?
As kids (and adults alike) prepare to dress up in costumes and fill their baskets (and bellies) with goodies, the natural thought is of course…WELLNESS…OK maybe not. But there is a certain element of “trick or treat” when it comes to wellness programs. While there is certainly a broad spectrum of what can be classified […]
How to Manage your Back-to-School Expenses with Health Accounts
It seems that summer is quickly passing by. In no time, children young and old will be trading in their beach gear for back packs. It is also a time for renewed physical health with annual physicals, immunizations, teeth cleanings and eye exams. In fact, August is National Eye Exam month (probably for that very reason). So […]
Your high deductible plan with an HSA is a Cadillac plan
Did you know your high deductible health plan (HDHP) with a Health Savings Account (HSA) could be a Cadillac plan? Well, the IRS thinks so. The IRS recently released Notice 2015-16 providing administrative recommendations on the implementation of the new Cadillac tax scheduled to go into effect in 2018. In the Notice, the IRS indicated […]
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 […]
Six Things You Didn’t Know About an HSA
Each January for the last decade or so, we have seen a wave of new enrollees in high deductible health plans with a Health Savings Account (HSA). And each January, we see these new enrollees confused by the plans. For those of you new to an HSA (or just looking for some more insight), here […]
The Twelve Days of Open Enrollment
In the spirit of the holiday Open Enrollment season, we break from our traditional topics to bring you a light-hearted rendition of the Twelve Days of Open Enrollment… <proceed to hum the tune to “The Twelve Days of Christmas”> The Twelve Days of Open Enrollment On the first day of open enrollment, my employer gave to me, a […]
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 […]
Consumer-driven health care is growing: What are you doing?
According to a recent report released by the American Association of Preferred Provider Organization, enrollment in consumer-driven health plans grew 15 percent in 2013, up to 45 million from 39 million in 2012, which was the only plan type to grow last year. While these results are not all that surprising, employers continue to report lower […]
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 […]
Would you like to save $50,000?
Recently, the IRS released the 2015 HSA Limits in Revenue Procedure 2014-30. Annual contribution limits will rise from $3,300 in 2014 to $3,350 in 2015 for individual coverage and from $6,550 in 2014 to $6,650 in 2015 for family coverage. But what does that really mean and how can you benefit from the maximum HSA […]
