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
Each November, men across the globe observe the Movember awareness initiative by growing mustaches to highlight men’s health issues. Let’s discuss common men’s health concerns and how consumer-directed healthcare accounts can help address them. Men’s Cancer Concerns While men share many of the same cancer-related health concerns as women, they
Are you ready for enrollment season? Open enrollment is when you review your benefit options and choose which ones to renew or enroll in for the next year, like health insurance, life insurance, and tax-advantaged healthcare accounts. Whether you sign up for benefits through an employer or enroll through an
If you receive healthcare benefits from your employer, you will also receive a Summary Plan Description (SPD). Required by law, the SPD defines plan eligibility and explains benefit calculations and payments, how to submit claims, when benefit guarantees begin, and more. Here’s what you need to know about your Summary
Employers seek creative and effective support options for employee health, wellness, and financial needs, giving employees more benefit options than ever. Picking and choosing among them is somewhat like building a meal in a cafeteria line. This ability comes from the IRS’ Section 125, also known as the “Cafeteria Plan” provision.
Most people know the triple tax savings HSAs offer, including tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. However, while HSAs primarily help reduce healthcare costs, they also have lesser-known values. So, what are the hidden benefits of an HSA? HSA Portability When you have an HSA,
Although popular in countries such as Canada, Lifestyle Spending Accounts (LSAs) are relatively new in the U.S. and attracting a lot of attention. So, what is an LSA? LSA Basics LSAs are employer-funded accounts that employees use to pay for products, services, and activities that help support employee well-being. Qualified
COBRA insurance may be a vital lifeline for American workers who experience a qualifying event resulting in loss of coverage. Check out our COBRA FAQs to learn more. What is COBRA? The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is a federal law that deals with healthcare coverage cancellations
