HDHP

10 Things to Know about HSAs

Unlike an FSA or an HRA, both of which are owned by the employer, HSAs are owned by the individual. This means that the account owner funds the HSA, spends the money (within IRS regulations), earns interest, and chooses whether or not to invest the money. Most importantly, the individual keeps the account (HSA portability) should their employment status change due to job loss, changing company, or retirement. Employers may also choose to contribute to the HSA, but the account owner keeps the funds.

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Workplace Eye Health and Benefits

Did you know that the average office worker spends 1,700 hours in front of a computer screen every year? That’s what the contact lens manufacturer Acuvue found in a study on screen time they sponsored a few years ago. And that only accounted for computer screens, not those of phones, tablets, etc. With an uptick in complaints about eye strain, dry eye, headache and insomnia, it’s a great time for employers to review the eye

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New Preventive Care and Screening Guidelines Reduce Out-of-Pocket Expenses for Women and Children

The Health Resources and Services Administration (HRSA) of the U.S. Dept. of Health and Human Services (HHS) recently announced new preventive care and screening guidelines aimed at reducing out-of-pocket expenses for women, infants, children, and adolescents. The new guidelines take effect for plan years beginning in 2023. Under the Affordable Care Act (ACA), certain group health plans and insurance issuers must provide coverage for preventive health services with no out-of-pocket cost. More than 150 million

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HSA Accounts Continue to Grow

Health Savings Accounts (HSAs) were introduced in 2003 as a way to help individuals offset high deductible health plan (HDHP) costs. Since then, they have grown steadily in both the number of accounts and account assets. Yet, despite appealing across demographic groups, HSAs still aren’t as well understood or utilized as 401k plans or IRAs. To some degree the accounts remain an untapped market, one that can continue to grow exponentially with sufficient promotion and

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No Surprises Act: Making Healthcare Costs More Transparent

More than a third of employees in a recent survey said that the medical bills they receive after seeking care are “always or usually” a surprise to them. Yet, 28% say they pay them anyway because they don’t want to fight with the insurance company. What causes surprise medical billings? Insurance plans cover large portions of medical care, but deductibles or co-pays may come into play. Out-of-network providers may charge more for a service than

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Where We Are: COVID-19 Relief and Health Plans

Throughout the coronavirus pandemic, many relief measures have been enacted, from stimulus payments to extended deadlines to COBRA subsidies. Keeping up with these relief measures, how long they apply and what employers need to do to stay compliant can be most challenging. With expiration dates right around the corner, it’s important to know what’s coming in terms of COVID-19 relief and health plans. But before we get into that, how did we get here to

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Keys to Increasing HDHP and HSA Adoption: An Infographic

Offering HSAs paired with a High Deductible Health Plan are an important part of many employer-sponsored benefit plans. To improve plan and account adoption, employers, brokers, and third party administrators need to understand employees’ concerns and how an HSA with HDHP can address them.

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FSA Mid-Year Elections, Grace Periods, Carryover and More: IRS COVID-19 Guidance

In May 2020, the Internal Revenue Service (IRS) published COVID-19 guidance for employer-sponsored healthcare benefits. Drafted to address unanticipated changes in medical and childcare costs due to the COVID-19 emergency, the two Notices – Notice 2020-29 and 2020-33 – relax mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs). They also provide more flexibility in grace periods for both types of accounts and increase the maximum annual carryover amount

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FFCRA Expiration, “Path Out of the Pandemic” and Healthcare Benefits FAQs

With the recent expiration of the Families First Coronavirus Response Act (FFCRA), the Biden Administration is implementing a new plan called the “Path Out of the Pandemic.” This includes a number of proposed initiatives to help move the country along a path toward recovery. Some of the action items that will apply to employers and employees are discussed here. COVID-19 Updates For Employers While many Americans are fully vaccinated against COVID-19 (approximately 58% as of

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relief

CARES Act: HDHPs and Telemedicine; OTC Medications Become Eligible Healthcare Expenses

On Friday, March 27, 2020, Congress passed the CARES Act (H.R. 748) and the President signed it into law. The $2 trillion bill was designed to provide economic relief for American citizens and business due to the COVID-19 healthcare emergency that has greatly impacted the U.S. economy. In addition to the stimulus checks and unemployment benefits the bill provided, the legislation also expanded how workers can use their healthcare benefits accounts. CARES Act Expands HDHP

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