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What Does the CARES Act Mean For Health Spending Accounts?
On March 27, 2020, President Donald Trump signed the $2 trillion emergency spending bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This new law amounts to the largest stimulus package in U.S. history, and is aimed at providing economic relief to American workers, families and businesses impacted by Coronavirus. In particular, there are…
Read MoreThe Growing Role of Health Spending and Savings Accounts in the Benefits Portfolio
With the continuous trend of rising health care costs, companies are constantly seeking opportunities to contain costs, while providing employees with comprehensive benefits offerings. Employers recognize the need to cater to cross-generational employees when it comes to benefits packages–particularly in the area of health care coverage. Health saving and spending accounts, such as HSAs and HRAs, provide employers…
Read MoreLeveraging Multiple Health Accounts for Maximum Benefits
When it comes to health saving and spending accounts, employers have many options to offer to employees. From health savings accounts (HSA), flexible spending accounts (FSA), health reimbursement arrangement (HRA), and more, employers offer these health accounts to help employees pay for health care related expenses and save for future needs. While employees may be…
Read MoreCalifornia Law Requires Employers to Notify Employees of FSA Withdrawal Deadlines
Effective as of January 1, 2020, California enacted a law that requires employers offering flexible spending accounts (FSAs) to notify participants of any deadline to withdraw funds before the end of the plan year [should their participation in the FSA terminate early]. This law includes health FSAs, dependent care, or adoption assistance FSAs, and the…
Read MoreFive Things Employees Need to Know About Their HSAs Before They Retire
Many employees look forward to retirement. From starting a new hobby to traveling, employees may begin making plans for their retirement years long before the day actually comes. But when it comes to their benefits and financial plans, employees may not know how they can leverage their Health Savings Accounts (HSA) after they retire. As…
Read MoreSix Ways to Leverage the Dependent Care Assistance Program (DCAP)
For parents and legal guardians, paying for dependent care adds up quickly. A Dependent Care Assistance Program (DCAP), also known as a Dependent Care FSA, is an employee-sponsored reimbursement program that lets employees use pre-tax dollars to pay for a dependent’s day care and other necessary expenses, while the employee is at work. Examples of…
Read MoreStart the New Year with Success
With the start of the new year, many organizations are kicking off a new benefit plan year – and there is a lot for employees to realize, especially when it comes to a health savings account (HSA). Whether they enrolled in a new HSA or continuing to fund an existing account, educating employees on when…
Read MoreWhat the Cadillac Tax Repeal Means for Employers
In December, 2019, President Trump signed spending legislation that will repeal of an excise tax on high-cost health plans, known as the Cadillac Tax. The Cadillac Tax, which was scheduled to take effect in 2022, would have imposed a 40 percent excise tax on employer health plans, deemed by many to be too generous. Are…
Read MoreChanges to 2020 Health Care That Employees Might Not Know About
With the new benefits year around the corner, employees are likely making plans around their health care including Health Savings Account (HSA) and Flexible Spending Account (FSA) contributions, contemplating providers that they may need to visit and planning for the unexpected. As plans begin to form, employees should review these health care changes that are…
Read MoreHow Brokers Can Help Young Adults Maximize Their Healthcare Benefits
As young adults head to college or enter the workforce with their first job, they’re gaining independence, finding their way in life and realizing that, with adulthood, comes a whole new world that they may not have worried about before. One area in particular? Health care. In a recent survey, only 19% of employers believe…
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