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Choosing a COBRA Administrator

The Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA, ensures that employees can continue health insurance coverage in the case of a job loss or significant adjustment in hours. COBRA regulations are complex, and compliance errors can be very costly. As a result, employers often outsource their COBRA administration to a qualified third-party administrator (TPA). Pitfalls of In-House COBRA Administration Employers who decide to self-administer may find they did not fully comprehend the extent

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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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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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Four Generations, One Workforce: Creating a Benefits Program for All

Americans live and work longer, leading to a four-generation workforce in different life stages and with differing needs. Creating a benefits package that satisfies their varied needs can prove challenging. Diverse Needs In its latest Workplace Wellness Survey, the Employee Benefits Research Institute (EBRI) examined financial stressors as well as overall financial, emotional, and physical well-being. Financial Well-Being Financial well-being is of moderate to high concern for 28% of younger workers, 37% of middle-aged workers, and

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IRS Confirms Claim Substantiation Requirements

In a recent memorandum (TAM 202317020) from the Office of Chief Counsel, the IRS addressed claims substantiation requirements for reimbursement of medical and dependent care expenses from FSA accounts. The memo also described the tax consequences of not complying with claims substantiation requirements. This memo is vital for FSA administrators because it confirms the IRS’s position that ALL medical and dependent care claims must be substantiated in order to avoid major tax penalties resulting from

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