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From processing new benefits to coming up on the final chance to reach annual goals, the fourth quarter of every year can be hectic for everyone, especially those who work in HR and employee benefits. One thing employers can’t afford to overlook is scheduling time to review their Affordable Care Act (ACA) compliance reporting due … More >>
As the popularity of flexible spending accounts continues to rise, new and renewing participants may need help deciding how much to set aside in FSA contributions. In this article, we provide a quick overview of why FSAs are so popular, how they work, and how to calculate the annual contribution amount. Why are FSAs so … More >>
The IRS announced on July 25 that the health plan affordability threshold under the Affordable Care Act will be 9.12% in 2023, down from 9.61% in 2022. The adjusted percentage applies on a plan-year basis, not a calendar-year basis, and affects an employer’s potential liability for ACA shared-responsibility penalties. Non-calendar-year plans will continue using 9.61% … More >>
Flexible spending accounts (FSAs) are the most common tax-advantaged healthcare spending account currently available and have been around the longest. But they are often misunderstood and underutilized. Even though FSA account holders can experience tax savings of 20- 40% on the funds set aside, many companies have a relatively low adoption rate. The biggest objection? … More >>
We live in a convenience-based society, always on the lookout for immediate satisfaction. Linking tax-advantaged benefits accounts such as FSAs and HSAs to benefits debit cards is a popular option that creates more convenience for everyone. When using an account-linked benefits debit card, the participant can make eligible purchases without having to front the expense, … More >>
Some of the COVID-related reporting requirements are ending. However, others are resuming or being introduced for the first time. Pharmacy and Health Care Spending Reporting The Consolidated Appropriations Act (CAA) requires all employer groups who offer health plans, along with insurers and pharmacy benefit managers, to submit information on pharmacy and health care spending to the Departments … More >>
Attracting and retaining workforce talent has become very difficult for many companies. Although the pandemic is easing, the labor market outlook continues to be problematic. Companies must set themselves apart from other employers that are drawing from the same labor pool. One way to do so is through your benefits package and including a Lifestyle Spending Account … More >>
To say that the last two years have been challenging would be an understatement. For the benefits industry, it’s been particularly difficult to navigate changes to various rules and regulations. Among their efforts to provide relief to employees during the pandemic, Congress has temporarily changed certain regulatory requirements and deadlines for the 2021-2022 period. It’s … More >>
Preventive healthcare may help reduce the risk of disease, disabilities, and death. However, millions of people still don’t seek out preventive care services. The problem has become so rampant that the Department of Health and Human Services (HHS) has launched an initiative called Healthy People 2030. The initiative aims to educate people on preventive care … More >>
Healthcare costs have been on the rise for decades, and this year is on track to continue that trajectory. Current predictions are that costs will likely trend up about 6.5 percent in 2021, especially in the areas of mental health and ongoing COVID-19 care. The portion of healthcare costs that a patient is responsible for after … More >>