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Funding Your HSA – Contributions, Transfers and Rollovers

If you have a high deductible health plan (HDHP), you may also have an HSA account. HSAs come with a variety of funding options, but check the fine print first. Read on to learn and understand more about these beneficial consumer directed healthcare accounts and the various ways in which they can be funded. Owning a Health Savings Account (HSA) comes with many benefits. HSA owners make tax-free contributions, earn tax-free interest and investment income, and can use

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New Preventive Care and Screening Guidelines Reduce Out-of-Pocket Expenses for Women and Children

The Health Resources and Services Administration (HRSA) of the U.S. Dept. of Health and Human Services (HHS) recently announced new preventive care and screening guidelines aimed at reducing out-of-pocket expenses for women, infants, children, and adolescents. The new guidelines take effect for plan years beginning in 2023. Under the Affordable Care Act (ACA), certain group health plans and insurance issuers must provide coverage for preventive health services with no out-of-pocket cost. More than 150 million

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QSEHRA: A Brief History and FAQs

The Cures Act allows small employers to offer Health Reimbursement Arrangements (HRAs) to their workforce to help cover the cost of medical expenses and health insurance premiums for themselves and their families. Employers and workers alike have questions about how a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will affect them. Legal experts are in the process of interpreting the law, but here’s a list of some QSEHRA FAQs and their answers that are generally agreed upon.

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Tax Relief Changes for CTC and DCAP

In response to pandemic-related dependent care challenges, the American Rescue Plan Act (ARPA) added temporary relief to the Child Tax Credit (CTC) program for 2021. The changes were expected to become permanent, but as 2021 ended, the legislation to achieve this did not pass. Now, qualified parents/guardians will be receiving refundable balances due as part of their 2021 tax return. More information on this, along with tax relief changes to Dependent Care Assistance Program (DCAP) for 2022, are

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HSA Accounts Continue to Grow

Health Savings Accounts (HSAs) were introduced in 2003 as a way to help individuals offset high deductible health plan (HDHP) costs. Since then, they have grown steadily in both the number of accounts and account assets. Yet, despite appealing across demographic groups, HSAs still aren’t as well understood or utilized as 401k plans or IRAs. To some degree the accounts remain an untapped market. As such, growth of HSA accounts may continue exponentially with sufficient

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Transparency in Coverage: New for ’22

Healthcare costs are expected to trend higher by about 6.5 percent this year. COVID-19 and mental health care will drive the increase, among other health issues. But some relief is already here. Effective January 1, the No Surprises Act aims to protect patients after a service or product has already been provided by banning certain out-of-network billings and educating patients on how to question charges. The Transparency in Coverage rule, also now in effect, will help patients before a service

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How Employers Can Attract and Retain Top Talent

When the pandemic hit, workers were being furloughed or laid off in droves as forced shutdowns shrank or entirely eliminated many businesses. As businesses attempt to hire people back, another phenomenon has taken shape. Workers are refusing to go back to previous jobs or quitting the ones they do have. With so many positions to fill and so many people not working, what’s an employer to do? Money Alone is Not Enough Logic might dictate

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No Surprises Act: Making Healthcare Costs More Transparent

More than a third of employees in a recent survey said that the medical bills they receive after seeking care are “always or usually” a surprise to them. Yet, 28% say they pay them anyway because they don’t want to fight with the insurance company. What causes surprise medical billings? Insurance plans cover large portions of medical care, but deductibles or co-pays may come into play. Out-of-network providers may charge more for a service than

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Heart Health in Women

According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death for both African American and Caucasian women. Despite the launch of numerous awareness initiatives, only a little more than half of women understand the risks. With understanding comes preventative measures. So let’s look at what heart disease is and what we (especially women) can do about it. What is heart disease? “Heart disease” includes a variety of conditions

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Help Employees Understand Their Benefits

Companies spend a lot of time and money creating valuable benefits plans for employees. But even after all that work, they still often get low participation. Good benefit choices require employers to help employees understand their benefits. PlanSponsor recently reported that two-thirds of employees want year-round help understanding and using their benefits. That number goes up to 78% among Millennials. So, let’s take a look at what employees need to best use the benefits you provide.

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