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Employer Benefits Nondiscrimination Testing

Employee health benefits can be an excellent way to attract and retain talent. However, companies must follow strict regulations to ensure fair treatment for all employees. The IRS monitors highly compensated employees and their eligibility, pre-tax contributions, or available benefits compared to lower compensation employees. For that reason, all health plans must undergo annual nondiscrimination testing. Learn more below. What is Nondiscrimination Testing? IRS rules state that self-insured health plans cannot discriminate in favor of Highly

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FSA-Eligible Stocking Stuffers

Christmas will be here before you know it! If your Flexible Spending Account balance exceeds your Carryover limit or your plan has the “use it or lose it” setup, you may feel like the Grinch about now. However, did you know you can get some great FSA-eligible stocking stuffers and gifts with that available FSA balance? Here are a few ideas to consider. 6 FSA-Eligible Stocking Stuffers 1. Lip Balms What happens when you have

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FSA Contribution Limits

The Internal Revenue Service (IRS) recently announced updated FSA annual contribution limits. An important part of consumer-directed healthcare, FSAs offer participants a way to save on taxes while setting aside money for out-of-pocket healthcare expenses for themselves and their families.

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Navigating the Savings Struggle: TPA Growth with HSAs

As the lingering effects of the pandemic continue to impact savings, the quest for financial security becomes even more critical. Despite easing inflation, many Americans find themselves unprepared for emergencies and retirement. Amid this savings struggle, the substantial growth of HSAs holds the promise of fostering growth for TPAs while helping participants better prepare for healthcare expenses and their retirement years.

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8 Ways to Engage Your Millennial Employees in Health Benefits

Chances are you have Millennial employees on your staff, as they have become the single largest generation in the U.S. labor force. The following infographic provides valuable information on engaging your Millennial employees in health benefits. 8 Ways to Engage Your Millennial Employees in Health Benefits Millennials in the Workplace: To Engage Millennial Employees in Your Company’s Health Benefits: Providing flexible, convenient, and easy to understand benefits will encourage Millennials to engage with your company’s

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IRS Announces 2024 FSA Limits

On November 10, via Rev. Proc. 2023-34, the IRS released its 2024 annual contribution limits for Flexible Spending Accounts (FSAs), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), adoption assistance, and qualified transportation plans.

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Help Participants Use Benefits with These 5 Tools

During open enrollment, many participants are enrolling in plans for the first time. “Firsts” are often overwhelming, and once the benefit year begins, participants may need help knowing how or where to begin. As employees expect more and employers become increasingly cost-conscious, it’s harder to provide a mutually satisfactory benefits package. To make utilization as easy as possible, TPAs and employers can offer resources to help participants understand, access, and utilize their benefits. Five of

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Open Enrollment Tips for TPAs

It’s open enrollment time. That means third-party administrators (TPAs) are working with clients to set up plans for the new year. We’ve compiled some tips and reminders for benefits administrators to help them through this stressful season. Tip #1: Know Your Audience Each employer group will be different, so tailor your presentation accordingly. Occupation, geographic location, and generational cohort may affect employees’ wants and needs. For example, Millennials, Gen Xers, and Baby Boomers may each

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Newer Benefits Options for 2024

Employer benefits have changed over the centuries to meet employees’ changing needs. While group healthcare is still standard, there are newer benefits that TPAs can offer in 2024 that may better serve the needs of both employers and employees. Health Reimbursement Arrangements Group Health Reimbursement Arrangements (HRAs) have been around for some time. The IRS first acknowledged them in 2002 to reimburse qualified healthcare costs. HRAs now include three additional types covering qualified insurance premiums and related

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HSA Expansion Bills Approved by Ways and Means

Americans would have more opportunities to save for and afford health care costs under legislation approved today by the House Ways and Means Committee. The Bipartisan HSA Improvement Act of 2023 and the HSA Modernization Act of 2023 would make health savings accounts (HSAs) more accessible and useful for patients and families. The legislation is now cleared for consideration by the full House of Representatives. Bipartisan HSA Improvement Act (H.R. 5688) HSA Modernization Act (H.R.

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