As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits and more as part of Revenue Procedure 2024-40. These limits undergo annual adjustments to account for inflation. 2025 Medical FSA Contribution Limits (including limited and combination FSAs) 2024: $3,200 per year 2025: $3,300 per year 2025 Medical FSA...
If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
Does your health savings account (HSA) have enough funds to carry you through the second half of the year? If it does, is there more you could be doing to grow those funds? We’ve broken down how to know if you’re contributing enough to your HSA to cover costs for the entire year and whether...
Many employers mistakenly believe that COBRA is simply billing and collecting premiums from terminated employees. Unfortunately, nothing could be further from the truth. COBRA is one of the most complex and burdensome regulations employers face today. Issues related to COBRA require daily attention. Worse yet, the cost of noncompliance can be extremely high. When employers consider that COBRA is “policed” by divorced spouses and terminated employees, it should become immediately evident why employers should take their COBRA responsibility very seriously.
Contrary to the common myth, true compliance with COBRA requires employers to implement and maintain a three-pronged process. To comply with COBRA, employers must:
(1) Develop, maintain and adhere to formal policies and procedures;
(2) Be able to demonstrate that employees who are responsible for COBRA are well-informed; and,
(3) Administer COBRA properly.
In the best of times, most employers find that just developing a comprehensive COBRA strategy is extremely challenging; while maintaining COBRA compliance is near impossible. That is why so many employers choose outsourcing as part of their COBRA strategy. Unfortunately, outsourcing does not alleviate the employer from their COBRA related responsibilities.
Even if an employer outsources COBRA administration, the employer retains the liability for COBRA compliance. What does this mean? It means the employer still needs to take an active role in COBRA. And it means the employer needs to choose their administrator wisely, and then stay with the administrator to ensure consistency. That is why Advantage Administrators has chosen to partner with Custom Benefit Administrators (CBA) in offering COBRA Administration Services.
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