COBRA compliance is a critical aspect for employers offering healthcare benefits. While providing essential coverage continuation, it can also be challenging due to its time-consuming nature and complexity. Failing to adhere to COBRA requirements can expose companies to legal risks and substantial financial penalties. Understanding COBRA The Consolidated Omnibus Budget
Employees in Preferred Provider Organization (PPO) health insurance plans usually enjoy co-pays and lower deductibles but pay higher premiums. To help offset these, they can reduce healthcare expenses with a tax-advantaged Flexible Spending Account (FSA). Here are answers to the FSA questions we get most frequently. FSA FAQs What is
Specific rules govern whether or not an employee can actively contribute to a Health Savings Account (HSA). One requirement is that they be enrolled in a qualified high-deductible healthcare plan (HDHP). Another is that they cannot be enrolled in any form of Medicare. Here are some things you should know
If you’re new to or unfamiliar with Flexible Spending Accounts (FSAs), there are some terms you need to know to help maximize the benefit of these tax-advantaged accounts. For example, when an FSA plan is set up, the employer has three options as to how to treat funds that haven’t
Cardiovascular disease is the number one killer of women as well as men in the United States. February is American Heart Month, encouraging us all to learn more about our heart health. Let’s discuss a little about heart health and how your employer-sponsored benefit accounts may help. Women’s Heart Health
In 2023, Bank of America’s Annual Workplace Benefits Report reported that an all-time low of only 42% of employees feel financially well. Since financial stress may lead to employee absenteeism, lower productivity, and health problems like high blood pressure, anxiety, and depression, employers may want to consider adding financial benefits
The infographic below details the value of consumer-directed healthcare accounts. Learn more from this overview of HSAs, HRAs, FSAs, and other helpful information. What is a Consumer Directed Healthcare Account? A consumer-directed healthcare (CDH) account is a type of medical savings account that: There are three primary types of CDH
As open enrollment winds down, some participants may determine that they have elected too much or too little coverage for next year, while others who ignored enrollment may wish they had chosen something. The good news is that options may still exist. Health Plans Current enrollees in an existing health
Flu season can be miserable for everyone. Parents have to deal with sick kids at home. Employers have to arrange coverage for employees taking sick time. Doctors’ offices are hard to get into for an appointment. So, who should get flu shots? How much could it cost? Which shots are
Via Rev. Proc. 2023-34, the IRS released its 2024 annual contribution limits for Flexible Spending Accounts (FSAs), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), adoption assistance, and qualified transportation plans. 2024 FSAs The annual contribution limit for FSAs increased to $3,200, compared to $3,050 in 2023. For plans that include the
