An everchanging world can present new and unexpected challenges. Today more than ever, job seekers have more opportunities for flexible work environments and schedules. In the past, employees would often work a traditional 9-5 job Monday through Friday. But today, individuals are looking for job flexibility whether that be freedom to work whenever and wherever...
It’s that time of year again. School is back in session. Getting ready for school can be a stressful and expensive time of year. Did you know that your health savings account (HSA) and flexible spending account (FSA) can cover some of the costs associated with going back to school? Money in your FSA and...
During open enrollment, your health plan is a big factor when you are making decisions. A big change in health plan trends that has come up is that employers are offering their employees health plan options. Does your employer offer different options for your health plan? If they do, consider these four factors when choosing...
Health Savings Accounts, or HSAs, have short-term and long-term perks for participants. As an employer, it can be hard to determine how to position these accounts since your employees needs vary oftentimes. To maximize participation, how should employers be contributing to HSAs? Why Should Employers Contribute to Employee HSAs? Employee wellness and employee benefits go...
Since the start of the pandemic, mental and behavioral health requests increased 100%. For the youngest employees, that increase was even higher. While the mental wellness need was always there, employers are increasingly taking notice. All of the above puts an increased emphasis on removing any barriers that discourage anyone from saying “I need help.” What’s one...
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...
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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