Millennials, HDHPs and HSAs

Popular with Millennials, HDHPs paired with HSAs can help employers improve employee satisfaction with healthcare benefits. Millennials are Embracing HDHPs Millennials are active supporters of consumer-directed healthcare. Now in their late 20s through early 40s, they tend to be healthier than their older workforce peers (Gen X and Baby Boomer generations) and, on average, spend … More >>

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Findings from the PSCA 2022 HSA Survey

HSA availability and usage continue to grow, according to the Plan Sponsor Council of America (PSCA). For their 2022 HSA Survey, the PSCA surveyed nearly 500 employers who offered HSA-qualifying health plans in 2021. Their findings are summarized and highlighted below. Data Highlights from the PSCA 2022 HSA Survey HSA Contributions and Balances Average participant … More >>

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Regular Education Can Increase FSA-LPFSA Utilization

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 … More >>

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Omnibus

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 … More >>

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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 … More >>

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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 … More >>

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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 … More >>

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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 … More >>

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employee benefits

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 … More >>

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Investing HSA Funds – The Key to Substantial Growth

Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with High Deductible Health Plans (HDHPs) pay for out-of-pocket healthcare expenses. HSA accounts have seen substantial growth since their introduction in 2004. Devenir’s mid-year 2022 update reports that nearly $99 billion in assets were held in almost 34 million HSA accounts. There … More >>

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Employer-Sponsored Debit Cards Make Life Easier

In today’s fast-paced world, debit cards provide an efficient payment method for consumers everywhere. Providers can automatically track purchases, and the cardholder can easily view and manage activity online. Additionally, debit cards are accepted all over the world. For Third-Party Administrators (TPAs), account-linked debit cards can help control costs through more efficient benefits administration. Many … More >>

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Whitepaper: Getting Creative in a Post-Pandemic Enrollment Season

Always an intense and stressful time for brokers, TPAs, and employers alike, enrollment season for the 2023 plan year promises to be even more so. As COVID-19 gradually transitions from pandemic to endemic, its impact on Americans cannot be denied. By mid-2022, more than 90 million had contracted COVID-19, with over a million confirmed deaths. … More >>

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Halloween Health and CDH Accounts

Halloween is a favorite time of year for some, from decorations to pumpkin carving to dressing up. However, it can also be a time of pumpkin carving cuts, bumps and bruises, sprains, and even broken bones from tripping over costumes. Let’s talk about staying safe, Halloween health, and your CDH accounts. Some of the reasons … More >>

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HSA 10 THings

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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Delayed Healthcare Raising Employer Costs

The COVID pandemic wreaked havoc on the American healthcare system and employer health plans in ways not always obvious. For example, a significant percentage of Americans delayed accessing needed healthcare for fear of increasing their exposure to COVID-19. Some skipped routine checkups and screenings altogether. The unfortunate side effects now being seen include: Why COVID … More >>

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