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Omnibus Legislation includes CAA 2023 and SECURE 2.0

On December 29, 2022, President Biden signed the $1.7 trillion omnibus spending bill into law. The legislation, which included the Consolidated Appropriations Act of 2023 (CAA 2023) and the SECURE Act 2.0, features several provisions affecting employee benefits. A summary of some highlights follow. HSAs and Telehealth Telehealth use soared during the pandemic. SHRM reports that 43 percent of organizations expanded telehealth services during the period. The 2020 CARES Act allowed HSA-qualified high-deductible health plans

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New Year, New Benefits

Welcome to 2023! The new year brings a renewed focus on losing weight, staying healthy, and becoming financially healthier. Across the country, millions of us have set goals of increasing our health and wealth. However, inflation, supply chain issues, continued mental health challenges, and more can make tackling these goals even harder than usual. Financial Health Resolutions Many Americans are examining their spending and saving habits. Fidelity Investment found that when asked about financial concerns,

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What is an HSA?

An HSA is a health benefits account that provides tax advantages, where participants can deposit a portion of their income before payroll taxes are deducted. To be eligible for an HSA, the account holder must be actively enrolled in an HDHP. The maximum contribution limit, which determines the amount individuals can set aside each plan year, varies depending on whether they have single coverage or family coverage.

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What is an FSA or LPFSA?

Rising healthcare costs have people more actively managing their healthcare expenses. Many are doing so with the help of consumer-directed healthcare (CDH) resources like Flexible Spending Accounts (FSA) and Limited Purpose Flexible Spending Accounts (LPFSA). To increase employee utilization of these accounts, it’s important to provide education on FSA and LPFSA basics regularly throughout the year.Flexible Spending Account BasicsA standard FSA is a health benefits account to which participants contribute money deducted from their paychecks

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What is an HRA?

HRA BasicsWhat is an HRA? Health Reimbursement Arrangements (HRAs) are tax-advantaged arrangements that reimburse individuals for qualified healthcare costs. HRAs were first acknowledged by the IRS in 2002 as benefits that employers could offer current and former employees, including retirees.  Legislative and regulatory activity has since modified some of the rules about HRAs and created new types, including Group Benefit HRAs, Individual Coverage HRAs (ICHRAs), Qualified Small Employer HRAs (QSEHRAs), and Excepted Benefit HRAs (EBHRAs).FundingEmployers fund HRAs to reimburse

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Compliance Priorities for 2023

A new year is upon us, and with it, the end of many temporary, COVID-related regulatory and legislative provisions. Mercer’s U.S. Health Law and Policy team has selected the top healthcare compliance priorities for 2023. Below are highlights of 10 areas considered most likely to impact employee benefits plans. For more context and discussion, see the Mercer site and consult your qualified benefits counsel. Prescription Drugs In light of recent presidential directives, Congress and federal

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Health Reimbursement Arrangement Frequently Asked Questions

A Health Reimbursement Arrangement (HRA) is part of consumer driven healthcare. While HRAs have the same basic legal guidelines as other types of reimbursement accounts, they differ in that they’re funded exclusively by the sponsoring employer. Funding amounts and eligible expenses are unique to each employer.

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New Year’s Resolutions and Mental Health

With the holidays upon us and a New Year approaching, many Americans are preparing to make resolutions regarding exercise, weight, smoking, and overall physical health, among others. Having survived many life changes over the last couple of years, many people are also looking specifically to enhance their mental health and well-being. Mental Health Resolutions In a recent Forbes poll, 45% of all respondents ranked achieving better mental health among their top resolutions. By age group, 50%

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6 Things to Know About HSAs

Many employers embrace HSA-eligible, High Deductible Health Plans (HDHPs) to reduce premium costs, pairing them with Health Savings Accounts. While the primary intent of HSAs was to help reduce the cost of healthcare through tax-free contributions, earnings, and withdrawals, they also offer less well-known benefits. Here are six additional ways HSAs can help account owners make the most of their tax-advantaged savings. No Reimbursement Deadlines HSA account owners can receive reimbursements for eligible expenses at ANY

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Benefit Accounts Address Economic Challenges

A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year (YOY) in every category the CPI measures, including fuel oil (68.5%), natural gas (20.0%), gasoline (17.5%), transportation services (15.2%), and

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