…the duplication of data entry and the need for data synchronization. In addition, when an administrator enters a change in employment status, this automatically triggers consecutive actions, e.g. benefit coverage…
…TPA’s workflow. When a comprehensive platform utilizes a singular record, there is no need to ensure each change is updated in multiple places. A change on the CDH side saves…
…the annual election or stop contributing altogether. A caveat is that the participant could only change back to an amount that would not cause a refund. In others words, if…
…million3 – a substantial risk for any employer. Nondiscrimination testing – For many benefits, employers enjoy a tax-favored status, so long as the plan meets certain requirements. As such, plan…
…the end of the year. Either situation makes you eligible for less than the full year, which can cause an HSA excess contribution. Contribution limits can also change depending on…
Employers may be switching to HDHPs and HSAs, but there are still some barriers to employees embracing the change. A lack of understanding and confusion about cost shifting are among…
…with an HSA is that you own the account – just like a checking or savings account; you can keep and use the money even if your employment status changes….
…reduction in hours, change in employment status, death of the covered employee, divorce or separation from the covered employee, among other events. To be eligible for the ARRA subsidy, AEI’s…
…workforces. Instead, employers should poll employees to find out where the current plan isn’t meeting their needs and what needs to be changed. Data analytics can play a key role…
…key players in the industry, they probably couldn’t provide an accurate estimate even if they wanted to. The Push for More Transparency Transparency in healthcare began to change with the…
…21st century, are beginning their careers. Rapid changes in technology throughout the 20th and early 21st century, cultural forces, and personal experiences, uniquely shaped each generation. Given these factors, there…
…a “one-size-fits-all” approach. An effective strategy should consider tailored information and recommendations based on age, lifestyle and financial status. For example, younger employees will likely be more interested in pre-natal…
…also, unused FSA money may be forfeited if their employment status changes. A section 125 cafeteria plan offers a cost-effective benefits plan for companies; it can help businesses save money…
…with an HSA is that it’s portable; you own the account no matter your job status or if you leave your employer. You can also use your HSA if you…
…employer when an employee leaves the company, and the funds are no longer accessible. With an HSA, the employee keeps the account for life, regardless of employment status. The account…