When is a Health Flexible Spending Account an Excepted Benefit?

When is a Health Flexible Spending Account an Excepted Benefit? A health flexible spending account (FSA) is required to be an excepted benefit in order to be in compliance with many of the regulations enacted by healthcare reform. There are two conditions which must be met in order for a health FSA to be considered […]

Continue Reading

Change in Status Events for Health Flexible Spending Accounts and Dependent Daycare Accounts

Change in Status Events for Health Flexible Spending Accounts and Dependent Daycare Accounts Elections made for health flexible spending accounts (FSA) and dependent daycare accounts normally cannot be changed once the plan year has started. While elections generally cannot be changed, there are certain circumstances when the IRS has said exceptions can be made. The […]

Continue Reading

Terminated Employees and Flexible Spending Accounts

Terminated Employees and Flexible Spending Accounts It’s the middle of the plan year, and an employee who is enrolled in the company’s flexible spending account (FSA) decides they are going to leave and go work for another employer. When they are no longer an employee, what happens to the FSA? Once the person is no […]

Continue Reading
The-IRS-Building-43284814-web

2017 PCOR Fee Filing Deadline is Quickly Approaching

The deadline for filing  Patient Centered Outcome Research Institute (PCOR) fees is quickly approaching. Group health plans are required to pay the PCOR fee for plan years ending on or after October 1, 2012 and before October 1, 2019.  The fee generally applies to Health Reimbursement Arrangements (HRAs) because they are considered group health plans.  […]

Continue Reading
stethoscope

Dual Purpose Expenses and Notes of Medical Necessity

Dual Purpose Expenses and Notes of Medical Necessity Pretax spending accounts reimburse many expenses including co-pay, deductible and prescription expenses. These items are typically eligible with standard documentation and nothing additional is needed.  However, there are several expenses that are considered dual purpose, and require additional documentation in order to be reimbursed. Dual purpose expenses […]

Continue Reading

Employers – don’t forget your mid plan-year checkup!

Employers – don’t forget your mid plan-year checkup! The middle of the plan year is a great time for employers to review the status of their benefits and make sure everything is still in order for the current plan year. An employer completing a mid-year audit may want to check the following items: Payroll Deductions […]

Continue Reading
reviewing plan documents check

Flexible Spending Account Eligible Expenses and Summertime Must-Haves

Flexible Spending Account Eligible Expenses and Summertime Must-Haves As summer is about to begin, what better way to be prepared for the warmer weather than to stock up on items through your FSA that you’ll need for the summer months. Many participants may not be aware they are able to use their FSA to purchase […]

Continue Reading
The-IRS-Building-43284814-web

What are the reporting requirements for Health Reimbursement Arrangements?

What are the reporting requirements for Health Reimbursement Arrangements? Group health plans have several reporting requirements. Since Health Reimbursement Arrangements (HRAs) are considered group health plans, many of the requirements that apply to group health insurance plans also apply to HRAs. Medicare Secondary Payer Reporting In an attempt to reduce unneeded payments, Medicare requires group […]

Continue Reading
Medical Costs

What is a Health Reimbursement Arrangement?

What is a Health Reimbursement Arrangement? A Health Reimbursement Arrangement, or HRA, is a pre-tax benefit that can be offered by employers to help pay for their employees’ out of pocket medical costs. HRAs are funded entirely by the employer; there is no contribution made by the employee.  The benefit of the HRA is that […]

Continue Reading