Why “high deductible” shouldn’t be treated like a dirty word
The term “high deductible health plan” has often carried with it a negative connotation for employees. However, there are several reasons “HDHP” doesn’t need to be treated like a dirty word. According to a recent article from SHRM covering research from the Employees Benefit Research Institute (EBRI), enrollment in an HDHP promotes more conscious health […]
My Life in Benefits: Age 55, HSA catch-up contribution
Last May, the Health Savings Account (HSA) contribution limits for this year were announced. The article included the new HSA contribution limits for those with varying coverage levels and the minimum deductible limits for HSA compatible health plans. And one other piece of information… The catch-up contribution. In the year they will turn 55, individuals […]
What is a letter of medical necessity (LMN)?
If you’ve had a pre-tax account before, you may have heard of a certificate or letter of medical necessity. It is sometimes abbreviated as LMN (pronounced “lemon”). Why do I need a LMN? A LMN is used in circumstances when a person wants to use funds from their pre-tax account but the item or service is […]
What the President’s Executive Order Means for Price Transparency in Healthcare
President Trump recently issued an Executive Order, Improving Price and Quality Transparency in American Health to Put Patients First, which focuses on price transparency by requiring out-of-pocket costs to be listed by hospitals and other providers. Additionally, it outlines certain actions regulators must take (within designated time frames) to reexamine how existing laws are being […]
It’s National Sunglasses Day
In honor of National Sunglasses Day, we wanted to highlight eligible vision expenses you can pay for with your pre-tax accounts. As an overview, a pre-tax account is a type of benefit your employer may offer to help you cover out-of-pocket expenses. There are a variety of different plans and accounts available. Almost all of […]
What is a Limited Purpose FSA?
A Limited FSA, or a Limited Purpose FSA, is one of several pre-tax accounts you may be able to sign up for through your company. It is used to pay for vision and dental expenses that are not covered by insurance. A Limited Purpose FSA can sometimes be confused with a Medical FSA. While they […]
My Life in Benefits Age 45: Mammogram Screening
I know my last few posts have focused quite a bit on either me or the kids. But this time, I’m actually going to turn my attention to my wife, Samantha (Sam). Now that we’re both in our mid 40s, there are certain health precautions that are becoming more relevant. For her, that’s a mammogram. […]
How can we make IVF and insulin more affordable?
Anyone who has encountered IVF treatments or insulin payments is familiar with the overwhelming costs associated with each. In some instances, insurance may be available to ease the sky high payments. But in other cases, insurance is not available or is simply not enough. This article will explore why insurance doesn’t cover IVF and ways […]
2020 HSA Limits Announced
See the new 2021 limits here 2020 HSA Contribution Limit The HSA limits for contributions are set to increase in 2020 according to Revenue Procedure 2019-25, released today by the IRS. Individuals age 55 or older can continue to make an additional $1,000 catch-up contribution. Individual: $3,550 (up from $3,500 in 2019) Family: $7,100 (up […]
Are mid-year changes possible?
For many, you are likely in the middle of a plan year and for whatever reason are considering change. There are always pros and cons with any decision, but there may also be some limitations to changing pre-tax benefits. If you are considering mid-year changes to your pre-tax benefits program, here are a few considerations. […]
HRA or HSA? Which account is it?
HRA or HSA? It seems like a simple enough question. But, Health Reimbursement Accounts (HRAs) and Health Savings Accounts (HSAs) prove to be a little mind boggling for people. Many people overlook the key benefits, or confuse HRAs and HSAs with FSAs. For the most part, people tend to understand Medical FSAs. With a Medical […]
What Harry and Meghan’s story could have looked like
Over the last several days, news of Prince Harry and Meghan Markle’s baby, Archie Harrison Mountbatten-Windsor (henceforth referred to as Baby Sussex) has spread around the globe. The arrival of the baby comes almost exactly a year after the couple joined in wedded bliss in May 2018. Speaking of wedded bliss and babies, this couple […]
Fringe Benefits – What are they?
If you’ve been in the benefits industry for any amount of time, you’ve probably come across the term “fringe benefits”. However, what counts as a fringe benefit is sometimes unclear. Let’s take a look at what fringe benefits are and how they can help your company. What are fringe benefits? At a basic level, fringe […]
My Life in Benefits: Age 35- Why a Limited FSA was the clear choice
This is the fourth post in our “My Life in Benefits” series. New posts are published the first Thursday of every month in five year increments. Read the first post here. In case this is the first post you’ve read, I’ll give you a quick overview to catch you up. My name is Jon and […]
Talking Trends: Telehealth in 2019
This Forbes article from January cites that only 17 percent of the US population has used telehealth. That’s surprisingly low, given that more than half of hospitals in the US offer telehealth services. Furthermore, 77% of patients admit they would prefer a doctor who offers telemedicine. Finally, almost every state* in the US offers coverage […]
What do HSAs have to do with retirement?
What have HSAs got to do with retirement? Quite a bit… If you are worried about not having enough for retirement (including enough to cover health care expenses) you’re not alone. According to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households released in May 2018 “[Under] 40 percent of nonretired adults think they […]
Beating the winter blues with pre-tax benefits
When winter arrives in December, it never fails to usher in air that feels a little cooler, days that seem a little shorter, and a case of the winter blues. But it’s February now. It’s almost March. Shouldn’t we be on the upside of the winter blues? In regions with a milder winter, that may […]
Speed Dating: Featuring all your favorite pre-tax benefits
Ever feel like you can’t find what you’re looking for from your benefits? Look no further, and join us for a February 14th Special: Speed dating your pre-tax benefits! What are my options? In honor of Valentine’s Day, we’ve recreated a speed dating setting, but your pre-tax benefits are the potential partners. We know, it’s […]
My Life in Benefits: Age 25, co-pay plan or HDHP?
This is the second post in our “My Life in Benefits” series. New posts are published the first Thursday of every month in five year increments. Read the first post here. Remember Sam, the coworker I mentioned when I was talking about commuter benefits? I ended up asking her on a date. Fast forward five […]
5 things you need to understand about new benefits
Understanding new benefits is something of an art. Get started with this list of 5 things you need to know about new benefits. Make sure you know what account(s) you have There is often confusion on what accounts people enroll in. Knowing the difference between an FSA, HSA and HRA is important. Another pre-tax benefit […]
5 Most Read Blogs of 2018
They’re here. The five most read blogs of 2018. You (and our web analytics) picked them. We just compiled them. How Do HRAs Work? Health Reimbursement Accounts can be a bit of a mystery. This post sought to uncover their nuances by answering three questions: What is an HRA? How do HRAs work? What are […]
The intersection of health, technology and benefits
From diagnostics and monitoring devices to wearables, the IRS has made sure there is a way for everyone to support their health with technology this season. What can your tax-free health account get you this year? More accurate monitoring A pulse oximeter for when you’re out of breath… For those with conditions like asthma, pneumonia, […]
Once bitten, twice shy: Why employees don’t re-enroll in an FSA
If you have low enrollment rates for Flexible Spending Accounts (FSAs), you aren’t alone. While health insurance benefits are front and center during open enrollment, FSAs often feel like a well-kept secret or afterthought. Creating awareness of the benefit is a common goal during re-enrollment. However, a less commonly addressed issue is when employees who previously […]
Look into our Crystal Ball: The Future of Pre-tax Benefits
With mid-term elections less than a week away, many are tired of all of the political ads. Others are working hard to advocate for their candidate. In the end, votes will be cast. And, legislative priorities will be set for the next two years. As we look into our crystal ball, the future of pre-tax […]
