Many American workers get confused, overwhelmed and downright exhausted just thinking about the Open Enrollment education sessions offered by their HR teams. And it causes many people to simply go with the plan they had before versus really understanding what’s best for them financially. What was also found, and what’s explored in depth in the...
A health savings account, or HSA, can be a powerful retirement savings tool. In fact, HSA’s offer a 31% increase in purchasing power at the time of retirement over a 401(k) or a Roth IRA. To learn more about health savings accounts, visit https://advantageadmin.com/hsa/.
Nearly half of American workers surveyed in the new consumer-directed health plans report said they don’t know who to trust when it comes to their financial and physical health. What it also found, and what is explored in depth in the new “Paying for Healthcare in America” report, is that escalating healthcare costs are having...
Cathy is an integral part of the Advantage Administrators team. Here’s what she loves about Advantage Administrators!
While the boss is away, the employees will play! Since the boss is on vacation, we’re doing jeans day every day, as well as flip flop, tennis shoes, and different themed shirt days! Employees who participate will have a chance to win a Texas Roadhouse gift card!
If you need to submit FSA and HSA documentation, you can simply take a photo of your receipts using the Advantage Administrators mobile app. Download it today in the Apple App Store or the Google Play Store.
Advantage Administrators will be closed Monday, September 2 in observance of Labor Day. We will resume normal hours on Tuesday, September 3.
Health Savings Accounts are wonderful benefits for both employers AND employees. HSAs are only available to those with a high-deductible health plan, which costs less for employers. Contributions made by employers are also tax deductible. Employees get several tax savings (pre-tax funds, no tax for withdrawals, and tax-free interest), funds don’t expire, and they save...
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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