FSA

Healthcare Transparency and New Developments

Consumers often undertake significant research and price comparisons when buying an expensive item. Yet, when it comes to healthcare, comparison shopping has historically been nonexistent, partly due to a lack of cost transparency. Some providers treated requests for written estimates as a nuisance. Others could not provide an accurate estimate due to coordination issues with insurance companies and other key players in the industry. Healthcare Transparency Importance Transparency can provide benefits to everyone, including higher

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Non-Discrimination Testing

Offering employee health benefits is a great way to attract and retain talent, but companies must follow strict regulations to ensure fairness to all employees. The IRS monitors highly compensated employees’ eligibility and compares that to benefits available to lower compensation employees. All health plans must undergo annual non-discrimination testing. Learn more below. What is Non-Discrimination Testing? IRS rules state that self-insured health plans cannot discriminate in favor of Highly Compensated Employees (HCEs) concerning eligibility or benefits.

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Women’s Heart Health

According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death for American women – but despite the launch of numerous awareness initiatives, barely half understand the risks. Let’s look at what heart disease is and what we (especially women) can do about it. Heart Disease Basics “Heart disease” includes a variety of conditions that affect the heart structure and how it functions. Coronary artery disease, the most common, occurs

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Who Owns a Benefit Account?

Third-party administrators enable employers to offer benefits that help them attract and retain their valuable talent. However, employers do not own all benefit funds, nor do employees. These are essential questions when enrolling in benefits and spending down funds. So, let’s discuss who owns benefit accounts and ensure everyone fully understands the benefit account portability. What is portability? Benefits portability refers to the ownership of benefit account funds. If a particular type of benefits account

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Rebrand Benefits for Increased Utilization

Employers battle high healthcare costs by finding ways to reduce expenses and by achieving significant returns on the investments they ultimately make. With benefits being such an important factor in employee retention, return on investment is often the most critical. One method of increasing utilization and realizing a greater return on the employer investment in certain types of benefits is to rebrand them. Rebranding Targets Four commonly underutilized benefits that can be boosted by rebranding

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2024 Trends in Healthcare and Benefits

2024 is underway, and high costs, persistent inflation, and an election year have some people feeling uneasy about health and wellness this year. What 2024 healthcare and benefits trends should TPAs watch, and how can they help employers meet changing needs and demands? 2024 Healthcare Trends Business Group on Health’s 2024 Large Employer Health Care Strategy Survey shares six healthcare topics trending for 2024: 2024 Benefits Trends Now, let’s look at the benefits that are trending for

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What is a Dependent Care Assistance Plan (DCAP)?

Working parents know that childcare is expensive. Whether the kids are in daycare, before or after school care, day camps, or other care, it can put a big dent in your wallet. Care.com released its 10th Annual Cost of Care Report. They found that, on average, in 2023, parents spent a whopping 27% of their household income on childcare. While employer-sponsored healthcare benefits like a Flexible Spending Account (FSA) or Health Savings Account (HSA) are helpful, more is

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Employer Benefits Nondiscrimination Testing

Employee health benefits can be an excellent way to attract and retain talent. However, companies must follow strict regulations to ensure fair treatment for all employees. The IRS monitors highly compensated employees and their eligibility, pre-tax contributions, or available benefits compared to lower compensation employees. For that reason, all health plans must undergo annual nondiscrimination testing. Learn more below. What is Nondiscrimination Testing? IRS rules state that self-insured health plans cannot discriminate in favor of Highly

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FSA-Eligible Stocking Stuffers

Christmas will be here before you know it! If your Flexible Spending Account balance exceeds your Carryover limit or your plan has the “use it or lose it” setup, you may feel like the Grinch about now. However, did you know you can get some great FSA-eligible stocking stuffers and gifts with that available FSA balance? Here are a few ideas to consider. 6 FSA-Eligible Stocking Stuffers 1. Lip Balms What happens when you have

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