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Help Employees with High Food Prices

You don’t need us to tell you that food prices are high. Some attribute the cause to energy costs and labor shortages, but other factors are also at play. For instance, the avian bird flu epidemic has raised chicken and egg prices. Extreme heat and reduced cattle herds have led to higher butter prices. Margarine also costs more due to the effects of the war in Ukraine on vegetable oil exports. And severe weather has consumers struggling to find certain fruits,

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Competitive Benefit Plans Help Retain Top Talent

Recent years have significantly changed the employment landscape. Companies everywhere are battling to recruit and retain talented employees. In an economy where workers may have the upper hand, the first response of employers is often to raise salaries and wages. However, research shows that a competitive benefits plan is increasingly vital in attracting and retaining skilled workers. What is a competitive benefits plan? According to a survey by the Adzuna job search site, the five most in-demand

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What is the PCORI fee?

Two significant drivers in healthcare cost escalation have always been the lack of consumer knowledge about medical procedure cost and the lack of patient engagement in healthcare decisions. Thanks to healthcare consumerism, this is starting to change. Healthcare consumerism is a movement to improve the quality of healthcare services while making delivery more efficient and cost-effective. It aims to accomplish this goal by putting purchasing power and decision-making in the hands of consumers. Agencies providing resources

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QSEHRAs’ Growth and Success

For years, employers have been actively providing support for the healthcare needs of their employees. However, smaller businesses faced difficulties in managing costs and often required assistance in finding affordable healthcare options. To address these challenges, Qualified Small Employer Health Reimbursement Accounts (QSEHRAs) were created by the 21st Century Cures Act in December 2016.These accounts are growing in popularity among employers due to their appealing cost control options. So, what are QSEHRAs, how is their

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What is a Section 125 Cafeteria Plan?

A Section 125 Cafeteria Plan is an employer-sponsored benefits program that lets employees pay for certain qualified medical expenses, such as health insurance premiums, on a pre-tax basis. It’s called a “cafeteria plan” because, like the dining options at a cafeteria, employees can pick and choose the healthcare options they want, such as medical, dental, vision, and other benefits, while declining ones they don’t. It’s important to note that a Section 125 Cafeteria Plan does

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LSA FAQs

Lifestyle Spending Accounts (LSAs) have been used successfully in other countries for some time now but are relatively new to the U.S. Here are answers to commonly asked questions about this very flexible benefits option. What is a Lifestyle Spending Account? LSAs are employer-funded accounts that employees can use to pay for products, services, and activities that support employee well-being. Qualified expenses may involve physical, mental/emotional, or financial health. Because LSAs do not provide tax

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HSA FAQs

Health Savings Accounts are increasing in popularity due to participants’ ability to reduce healthcare expenses, save on taxes, and put additional money aside for retirement. HSAs have been available since 2005, and people have many questions about how to qualify for an account, what expenses are eligible, how to open an account, and other Health Savings Account FAQs. Here’s what you need to know about these powerful tax-advantaged tools.

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HSAs and Workplace Wellness

Companies looking to reduce health plan costs while maximizing employee quality of life may want to consider coupling a workplace wellness program with a High Deductible Health Plan (HDHP) and Health Savings Account (HSA). Workplace Wellness Programs  Wellness programs help employees become healthier as well as better consumers of healthcare in three ways: Employers may offer wellness initiatives to help employees make better lifestyle choices and improve their health. But cost control may also be

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5 Ways to Control Rising Benefit Costs

Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, the combination of current economic conditions, increased costs related to managing chronic conditions, and an aging population are leading to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need

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HSA Contribution Limits Announced

The Internal Revenue Service (IRS) recently announced updated HSA annual contribution limits. An important part of consumer-directed healthcare, HSAs offer participants enrolled in HSA-qualified (HDHP) health plans 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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