Have you recently changed employers? Or are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. There are plenty of myths about HSAs, so let’s tackle what really happens to your HSA when you change employers. You Have Options HSA...
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. ...
Recently, President Biden advised Congress of his plans to end the two COVID-19 emergencies as of May 11, 2023. What this means from a COBRA and employee benefits stand point is that the temporary extensions introduced during the pandemic will come to an end. As the end of the declarations draw closer, it is important to understand what will happen to healthcare costs. We’ve created a list of key things to know.
COBRA
The end of the national emergency will end extensions announced in the EBSA Disaster Relief Notice 2020-01, which provided beneficiaries and COBRA participants time to send notifications about COBRA, opt into COBRA benefits and pay premiums. The extensions were retroactive to any deadline occurring March 1, 2020 until 60 days after the national emergency has ended or until one year has passed, whichever happens first.
FSAs and HRAs
The EBSA Disaster Relief Notice 2020-01 also granted a temporary extension for run-out periods for those enrolled in flexible spending accounts (FSA) and health reimbursement accounts (HRA). The extra time gave participants additional time to submit claims for any active plan year they are enrolled in that has a run-out period ending between March 1, 2020 and 60 days after the national emergency has ended or until one year has passed, whichever happens first.
Telemedicine
Before the pandemic, those enrolled in Medicare in many rural areas were the only people who could use Medicare to pay for telehealth appointments. COVID-19 made telehealth a more flexible option than in-person appointments. President Biden signed a $1.7 trillion bill in December 2022 that included an additional two-year extension to continue Medicare telehealth coverage through 2024.
The $1.7 trillion bill also extended a provision that provided assistance to health savings account (HSA) participants. HSA-qualifying plans will be able to continue with telehealth services on a pre-deductive basis through 2024.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.
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