Health Savings Accounts and Excess Contributions 12/01/2017 Health Savings Accounts and Excess Contributions Health Savings Accounts (HSAs) provide a convenient way for people to set funds aside to pay for out of pocket medical expenses. Since they are a tax favored account, there are certain rules that need to be followed to be able to enjoy the full tax benefit, including the […] Read More >
Don’t Forget to Educate Your Employees! 11/17/2017 Don’t Forget to Educate Your Employees! Open enrollment season is once again upon us for many plans. While educating employees about their benefits often occurs year-round, it is especially important during open enrollment when employees are deciding which benefits to choose for the upcoming year. Educating employees about their benefits can take many forms. Some […] Read More >
Flexible Spending Account Grace Period vs. Rollover 11/10/2017 Flexible Spending Account Grace Period vs. Rollover As the end of the plan year approaches for many flexible spending accounts (FSAs), there are two terms that participants in these benefits might start to hear more frequently: grace period and rollover. While they both relate to funds remaining at the end of the plan year, they […] Read More >
Why is documentation needed when the flex card is used? 09/15/2017 Why is documentation needed when the flex card is used? Many flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) offer participants the use of a debit card, or flex card, to pay for eligible expenses. Using the flex card is a bonus for the participant’s cash flow because they do not have to submit […] Read More >
Employer Contributions to a Health Savings Account – What You Need to Know 09/05/2017 Employer Contributions to a Health Savings Account – What You Need to Know As the employee benefit landscape continues to change, employers are constantly looking for ways to offer a comprehensive, cost-effective benefit package to their employees. One option many employers use is making contributions to spending accounts. If an employer offers a qualifying high […] Read More >
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 >