Getting Ready for Tax Time
If you have enrolled in a Health Savings Account (HSA), you already recognize the significant tax savings this type of account provides. An HSA is the only account to provide a triple tax benefit— you save when funds are contributed, as funds grow and when funds are used for qualified medical expenses. However, tax time […]
6 Things that Might Surprise You About an HSA
Health Savings Accounts (HSAs) are 14 years old this year. In some respects, 14 years seems like a pretty long time. But, if we consider a 14 year old child is a mere adolescent, we could also consider HSAs are still in their formative years with a lot of growth still on the horizon. In […]
Be your own CFO with an HSA
Open a Health Savings Account (HSA) through your employer and be your own CFO. HSAs are a growing trend among savvy savers who want to be in control of managing their health expenses. Kaiser Family Foundation reports that since 2006, the percentage of covered workers enrolled in an HSA-qualified HDHP has jumped from under 3 […]
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 […]
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 […]
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 Ways to Avoid Getting Bogged Down by HSA Implementation
Whether it’s work, social engagements or even personal matters, it can be easy to get bogged down by the details. As author and motivational speaker Jack Canfield puts it, “It’s surprising how many people get bogged down in analyzing, planning and organizing when what they really need to do is take action.” Implementing a High […]
Communication Best Practices – Open Enrollment
George Bernard Shaw said, “The single biggest problem in communication is the illusion that it has taken place.” It begs the question: How do you make sure communication has taken place? Communication— especially improving internal communications in the workplace— is easier said than done. While employee communication doesn’t have a season, there are several employee […]
Future proof your benefits — Strategies you can take regardless of healthcare legislation
Let’s face it. The only thing that is certain regarding healthcare legislation these days is that opinions vary. As an employer, you are likely to wonder what the future of employee benefits holds and how you can protect your employee benefits plans against changes in healthcare legislation. While there is not one correct answer, there […]
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 […]
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 […]
3 Things that Don’t Happen When You Enroll in a High Deductible Health Plan
I enrolled in a High Deductible Health Plan with a Health Savings Account (HSA) over 10 years ago. You know what? I am still here (and I have a nice HSA balance to show for it). At the time, people would crinkle up their faces. More than once, I heard the phrase, ” …your employer isn’t […]
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 […]
Be an HR Superhero: Drive HSA Adoption
Case Studies and Best Practices Revealed for HSA Adoption Making the decision to implement an HSA is only the first step. Many companies fall short of their goals by failing to drive adoption. This FREE webinar looks at opportunities to drive adoption for your HSA by examining: Three strategies for introducing and increasing adoption, including practical […]
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 […]
The 5 biggest advantages of health savings accounts
The talk around Health Savings Accounts (HSAs) has been growing, as politicians and journalists continue to discuss this relatively new benefit offering. These news stories, blog articles and talking points are fueled by the skyrocketing participation in these accounts across the country. Introduced in 2004, employees quickly jumped at the chance to make pre-tax contributions […]
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 […]
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 […]
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 […]
