…FSA Carryover). Also, unused FSA balances may be forfeited if employment status changes. Cafeteria plans can be a cost-effective benefits strategy for employers. They help businesses save money while keeping…
…coverage to under 65 as an optional enrollment. Reducing prescription drug prices under Medicare is another possible change. Biden will be trying to work with Congress to change a law that prohibits…
…wars, social change, political upheaval and more. But the pandemic caused them to really examine their current life stage and consider retiring early. As a result, retirements were 50% higher…
…Status Changes In addition to determining current needs, workforce demographics should be explored. Are a significant number of workers nearing 65? They will become eligible for Medicare at that age,…
…quarter later? Have any participants had a mid-year status change necessitating an adjustment to their consumer-directed healthcare accounts? Have employers planned any layoffs that will need COBRA support? Periodically checking in with employers to identify…
…change depending on an updated coverage status, due to marriage, divorce, new child, etc. How to Correct HSA Excess Contributions As mentioned, the IRS provides two ways of correcting over-contributions….
…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…
…or insurance plan changes. However, you can only make contributions while enrolled in an HDHP, although you can spend or withdraw an existing balance whether or not you are enrolled…
…health insurance coverage at a later date. Plus, you can use the money regardless of your insurance enrollment status. At the end of each calendar year, all unused funds in…
…Health Savings Accounts (HSAs) Health Savings Accounts require owners to be enrolled at the same time in an HSA-eligible high-deductible health plan (HDHP). As long as that status is in place,…