When is a Health Flexible Spending Account an Excepted Benefit? 08/18/2017 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 […] Read More >
Change in Status Events for Health Flexible Spending Accounts and Dependent Daycare Accounts 08/11/2017 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 […] Read More >
Terminated Employees and Flexible Spending Accounts 08/04/2017 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 […] Read More >
2017 PCOR Fee Filing Deadline is Quickly Approaching 06/28/2017 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. […] Read More >
Dual Purpose Expenses and Notes of Medical Necessity 06/23/2017 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 […] Read More >
Employers – don’t forget your mid plan-year checkup! 06/16/2017 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 […] Read More >
Health Savings Account – Contributions vs. Distributions 06/07/2017 Health Savings Account – Contributions vs. Distributions Health Savings Account (HSAs) provide a way for employees to set money aside and pay for qualified medical expenses. HSAs have specific eligibility requirements for those who would like to open and contribute to the account. To be eligible to contribute, the account holder must be enrolled in […] Read More >
Flexible Spending Account Eligible Expenses and Summertime Must-Haves 06/02/2017 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 […] Read More >
What are the reporting requirements for Health Reimbursement Arrangements? 05/25/2017 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 […] Read More >
What is a Health Reimbursement Arrangement? 05/17/2017 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 […] Read More >