Have you recently changed employers? Are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through Advantage Administrators, your HSA stays with you. There are plenty of myths about HSAs, but today let’s tackle what really happens to your HSA when you change employers. HSA transfer If your new employer offers an...
“I feel socially awkward,” one HR manager at a major medical supply company said at the beginning of a virtual meeting as she described her first few days in the office without having to wear a mask. “It’s like that first day of high school as an awkward teenager. I don’t know how to interact...
Health savings account (HSA) contribution limits will increase considerably in 2023. The IRS announced that 2023 HSA contribution limits will rise to $3,850 for self-only HSAs and to $7,750 for family HSAs. Those are increases of $200 and $450, respectively, from 2022. The 2023 HSA limit increases are in response to our country’s recent spike in...
The number of Americans who quit their jobs in 2021 reached record highs. One of the ways to stop the tide of employee departures is through your benefits by implementing a greater focus on employee wellness. With that in mind, here are five ways we expect employee wellness to trend in 2022. Offer a lifestyle...
Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Below, we’ve outlined the key differences between an HSA and an FSA so you can see how they work, the advantages of each and why you should participate in them. Health savings account An HSA is...
There are a lot of options for what to spend your FSA and HSA funds on – but spending these funds on non-eligible expenses can have negative consequences. We’ve compiled a list of eligible and non-eligible expenses to take the guesswork out of it. View it at the link below. https://bit.ly/3lYkj2i
Did you know that benefits play a huge role in employee satisfaction? Not only will top-of-the-line benefits retain employees, but it’ll also encourage high-level talent to apply for positions at your company! If you’re wondering how you can incorporate the best plan for your company, contact us and we’ll help you out.
Since flexible spending accounts (FSAs) are governed by the IRS’ use-it-or-lose-it rule, any unused funds that remain in your account at the end of the year may be forfeited — with some exceptions, like if your FSA includes a carryover or grace period. It’s estimated that $1 billion of unused medical FSA funds will be...
Happy St. Patrick’s day from our team! We enjoyed some treats and had plenty of fun to boot!
Most “health and welfare” benefit plans must comply with specific requirements set forth by ERISA (the Employee Retirement Income Security Act of 1974). Most fully insured policies comply with ONLY SOME of those requirements. The following are a few of the ERISA requirements that employers need to comply with:
Failure to meet ERISA’s requirements can result in significant penalties imposed by the DOL:
The Wrap document is a shortened plan document and/or summary plan description that incorporates all required language to meet the ERISA guidelines. This document “wraps around” existing insurance policy language, and self-insured plan language, to create a fully compliant plan document and summary plan description. The Wrap document is a single document that can fully incorporate multiple plan documents for the different employee benefits that an employer offers. It can also be a combination of fully-insured and self-insured plans or any variation thereof. More importantly, only ONE summary plan description and ONE Form 5500 filing is required for all the plans that fall under the Wrap arrangement.
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