Fully Insured vs. Self-Funded Health Plans for Employers
Employers can choose between fully-insured and self-insured health plans when deciding on a health insurance option. Both can help employers meet their employees’ healthcare needs but have two distinct structures, one of which may work better than the other. Choosing the right health plan can help reduce plan costs and mitigate risk. We’ll outline these […]
Read MoreTax Benefits of Flexible Spending Accounts for Employers
Flexible spending accounts are an increasingly popular employee benefit that offers tax advantages for employees and employers. FSAs enable employees to put aside pre-tax dollars to cover eligible medical and dependent care expenses. While employees benefit from reduced taxable income and cost savings, employers can also take advantage of tax benefits associated with offering FSAs. […]
Read MoreTop 6 Employee Benefits Trends for 2023
Are you curious about current and future trends in employee benefits? Learn about six key benefits trends going into 2023 below. Request a Proposal 1. Healthcare Affordability A healthy workforce is a primary tool for success. It drives innovation, productivity, a positive work ethic and a favorable working environment. A significant challenge has always been […]
Read MoreHow to Offer and Set up an HSA for Employees
Traditional group health insurance costs have risen steadily over the years, making high deductible health insurance plans with health savings accounts (HSA) a more attractive option for employers and their workers. Many companies are beginning to offer employer-sponsored HSAs to help employees cover healthcare costs. HSAs are a type of personal savings account individuals can […]
Read MoreHDHP vs. PPO
When choosing a healthcare plan, you may come across a few options. One of these plans is a high deductible health plan (HDHP). The other is a preferred provider organization (PPO). Employers typically offer both of these options. Each has its pros and cons, which can make deciding between them a challenge. Selecting the right […]
Read More3 Reasons Outsourcing COBRA Might Be Good for Your Business
COBRA healthcare insurance has detailed requirements and deadlines for employers to manage. Companies administering COBRA must keep records, collect premium payments and notify eligible beneficiaries. Compliance with COBRA can be tricky to achieve, yet it’s essential for avoiding non-compliance penalties and fees. Request a Proposal Many companies outsource COBRA administration instead of managing it internally. […]
Read MoreWhat Is an HSA & How Does It Work?
More Americans are starting to use Health Savings Accounts (HSAs) to assist with their healthcare costs. As HSAs gain popularity, you’ll likely want to know if an HSA is right for you, especially if your employer offers an HSA in its benefits package with a Qualified High Deductible Health Plan (QHDHP). Fortunately, understanding a Health […]
Read MoreCovid-19 Personal Protective Equipment (PPE) Now Qualifies as a Medical Expense
On Friday March 26th, The Internal Revenue Service (IRS) released an Announcement 2021-7 that Covid-19 Personal Protective Equipment (PPE) qualifies as medical expenses under section 213(d). These items are now eligible for payment or reimbursement under Healthcare Flexible Spending Accounts, Health Reimbursement Arrangements and Health Savings Accounts. Request a Proposal PPE expenses include items such as, but […]
Read MoreAmerican Rescue Plan Act of 2021 Allows for Temporary Increase to Dependent Care Elections
On Thursday, March 11, 2021, the American Rescue Plan Act of 2021 was signed into law, which allows employers to amend their Dependent Care FSA plan to allow employees to increase their elections amounts for 2021. Discover Our Dependent Care FSA Dependent Care FSA Exclusion Limit: For Dependent Care Flexible Spending Accounts, the provision raises the exclusion […]
Read MoreNew Relief Provisions for FSAs in Consolidated Appropriations Act of 2021
Welcomed Updates Pertaining to Flexible Spending and Dependent Care Accounts Announced On December 27th, 2020, The President signed the Consolidated Appropriations Act of 2021 to fund the government and provide economic relief in response to the pandemic. Discover Our FSAs With this Act comes notable changes to Flexible Spending Accounts (FSAs) and Dependent Care Accounts (DCAs), which […]
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