Loan & Distribution Specialist AimPoint Pension
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Compass
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Regional Vice President of Sales The Retirement Plan Company
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Bates & Company, Inc.
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AimPoint Pension
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“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Common Questions About HSA Tax Filing
HealthEquity Mar. 21, 2024 "What resources can I share with employees to be ready for HSA tax filing? ... Can account holders make HSA contributions for the previous tax year? ... What if people accidentally put too much money in their HSA? ... Where can people find HSA tax forms?" |
In-Network Health Coverage Can Vanish Before You Know It
KFF Health News Mar. 15, 2024 "Patients can change insurance only during end-of-year enrollment periods or at the time of 'qualifying life events' ... But insurers' contracts with doctors, hospitals and pharmaceutical companies (or their arbiters, so-called pharmacy benefit managers) can change abruptly at any time.... [W]hether obtaining insurance through an employer or buying it on the marketplace, [patients] generally choose a policy based on whether it covers their desired doctors and hospital or an expensive drug they need." Tags: Health Plan Design • Health Plan Information for Employees |
FSA Grace Period Tips: Employees Can Protect Their Health and Avoid FSA Forfeitures
HR Daily Advisor Mar. 11, 2024 "If your organization offers an FSA grace period, take time to help employees protect their health and avoid becoming one of the nearly 40% of FSA users who forfeit funds each year....There are thousands of products that are FSA eligible ... An FSA can help employees prepare their skin for spring ... [] Menstrual care products are FSA eligible ... Over-the-counter medications are covered." Tags: Cafeteria Plans • Health Plan Information for Employees |
Text of IRS FAQs for the Premium Tax Credit (PDF)
Internal Revenue Service [IRS] [Official Guidance] Feb. 9, 2024 Updated and revised Feb. 9, 2024, as follows:
Tags: Health Plan Costs • Health Plan Information for Employees |
Text of IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans (PDF)
Internal Revenue Service [IRS] [Official Guidance] Feb. 8, 2024 23 pages; Rev. Jan. 5, 2024. "For use in preparing 2023 returns.... What's New: ... Notice 2023-37 addresses the announced end of the COVID-19 public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic ... Notice 2023-37 also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C)." Tags: COVID-19 • Cafeteria Plans • HSAs • Health Plan Information for Employees |
Draft IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans (PDF)
Internal Revenue Service [IRS] [Official Guidance] Feb. 7, 2024 24 pages; Feb. 6, 2024. "For use in preparing 2023 returns.... What's New: ... Notice 2023-37 addresses the announced end of the COVID-19 public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic ... Notice 2023-37 also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C)." Tags: COVID-19 • Cafeteria Plans • HSAs • Health Plan Information for Employees |
Diabetes Disability Insurance Claims: Navigating the Benefits Process
DeBofsky Law Dec. 27, 2023 "Navigating the world of disability insurance claims with diabetes can be complex, as the disease uniquely affects each person's capacity to maintain their professional responsibilities. This article aims to break down the process, providing clarity and support to those grappling with diabetes diagnosis or the disability insurance benefits for diabetes." Tags: Disability Plans • Health Plan Information for Employees |
Preserving HSA Eligibility and Maximizing Contributions After 65
Nerd's Eye View Dec. 13, 2023 "[W]hile it's possible to contribute to an HSA after age 65, the specific rules around HSAs and Medicare introduce an additional layer of planning that's needed once an individual crosses the age-65 threshold." Tags: HSAs • Health Plan Information for Employees • Retirement Plan Information for Employees |
How FSAs and HSAs Can Fill the Gaps in Health Coverage for Employees
HR Daily Advisor Dec. 12, 2023 "To ensure that employees derive more value from their health benefits and their FSA or HSA, organizations need to educate their teams about account eligibility and how to use funds to supplement, or fill in the gaps, in health plan coverage.... [1] Doctor visits ... [2] Over-the-counter (OTC) medications ... [3] Everyday wellness products ... [4] Chronic condition management ... [5] Lifestyle management." Tags: Cafeteria Plans • HSAs • Health Plan Information for Employees |
Text of Draft IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans (PDF)
Internal Revenue Service [IRS] [Official Guidance] Dec. 7, 2023 "For use in preparing 2023 returns.... What's New: ... Notice 2023-37 addresses the announced end of the COVID-19 public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic ... Notice 2023-37 also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C). S" Tags: COVID-19 • Cafeteria Plans • HSAs • Health Plan Information for Employees |
FSA or HSA? What to Consider During Open Enrollment
Savant Nov. 15, 2023 "Both FSAs and HSAs allow you to put aside money for healthcare expenses in a tax-advantaged way. But they also have a few major differences, including who qualifies, how much you can contribute each year, and how long you can wait to spend the money on qualifying medical expenses." |
Open Enrollment: Common Employee Mistakes
Memphis Flyer Oct. 25, 2023 "[1] Failing to review all options ... [2] Overlooking plan changes ... [3] Forgetting to consider how your life has changed ... [4] Selecting the wrong type of health insurance coverage ... [5] Missing out on employer matching contributions ... [6] Overlooking the benefits of flexible spending accounts (FSAs) and health savings accounts (HSAs) ... [7] Failing to update beneficiaries ... [8] Procrastinating " Tags: Health Plan Administration • Health Plan Information for Employees |
HSA and FSA Account Reminders for Year End
AssuredPartners Oct. 23, 2023 "[Employers can help employees] remember to not let their health and finances fall to the wayside, especially when it comes to their Health Savings Account (HSA) and Flexible Spending Account (FSA).... [1] The difference: HSA vs. FSA ... [2] Review their account balances ... [3] Understand their plan ... [4] Plan their medical expenses ... [5] Keep receipts and documentation ... [6] Use account tools ... [7] Communicate with their benefits team." Tags: Cafeteria Plans • HSAs • Health Plan Administration • Health Plan Information for Employees |
Parity Means Better Coverage for Mental Health and Substance Use Disorders
Lisa M. Gomez, Assistant Secretary for Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] [Opinion] Oct. 5, 2023 "Despite the law's clear promise of parity between mental health and medical or surgical benefits, that promise has not been kept. People living with treatable mental health conditions commonly face red tape when seeking care, such as unexpected charges, strict preauthorization requirements and provider networks with far too few options available. This is wrong, it's illegal and it must stop.... [EBSA is] proposing new regulations, committing unprecedented resources to bringing plans into compliance with the law, and reaching out to communities across the United States to ensure that more of America's workers and families understand their rights and are better able to exercise them, including by contacting us for help when they need it." Tags: Health Plan Administration • Health Plan Design • Health Plan Information for Employees • MHPAEA |
A Closer Look at 2024 Federal Employee Health Benefits Premiums
Government Executive Oct. 4, 2023 "Federal employees and annuitants will, on average, pay 7.7% more in FEHB premiums next year. OPM cites increased cost and use of prescription drugs, emergency room care, and outpatient care as the primary reasons for the increase in premiums.... [This article will describe] changes in popular plans, discuss which ones saw their premiums increase above and below the average, provide enrollment advice for two-person families, and discuss FEDVIP dental and vision plan premium changes." Tags: Federal Government Plans • Health Plan Information for Employees |
Damages Available for ERISA Benefits Lawsuits
DeBofsky Law Sept. 11, 2023 "[If] you are pursuing a benefits claim under an ERISA-governed plan, you cannot seek any other damages besides the benefits due under your plan, as well as an award of pre-judgment interest and/or attorneys' fees, at the discretion of the court. Unlike ordinary insurance litigation, extra-contractual bad faith damages are unavailable under ERISA.... Equitable relief may be sought when a claim for benefits is not available under the plan's terms, or in addition to a claim for benefits, so long as the alleged injury and/or requested relief is not duplicative. " Tags: Health Plan Information for Employees • Retirement Plan Information for Employees |
EBSA Publication for Employees: Understanding Your Mental Health and Substance Use Disorder Benefits (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] [Guidance Overview] Aug. 17, 2023 10 pages. "This guide: [1] helps you figure out whether your health plan must provide parity and follow these rules; [2] explains the protections the law provides; [3] highlights 'red flags' to look out for; [4] tells you how to learn about your mental health and substance use disorder benefits; and [5] walks you through what to do if coverage of your mental health and substance use disorder benefits has been denied." Tags: Health Plan Design • Health Plan Information for Employees • MHPAEA |
Text of HHS Notice: Lists of Designated Primary Medical Care, Mental Health, and Dental Health Professional Shortage Areas
Health Resources and Services Administration (HRSA), U.S. Department of Health and Human Services (HHS). [Official Guidance] July 3, 2023 "This is the first of two notices planned for the coming months informing the public of the availability of the complete lists of all geographic areas, population groups, and facilities designated as primary medical care, dental health, and mental health professional shortage areas (HPSAs). This notice includes the lists of HPSAs in a designated status as of April 28, 2023.... HRSA is extending the transition time communicated in the notice published on July 7, 2022, for jurisdictions and facilities to prepare for potential loss of HPSA designation." |
Retiring Early? a Guide to Health Insurance Options
MassMutual May 12, 2023 "This article will: [1] Highlight the potential benefits of continuing your pre-retirement health care coverage through COBRA. [2] Explain why spouses with different health records may be better off buying health insurance separately. [3] Outline the tax credits and cost sharing reductions that may help you keep your health care premiums under control." Tags: Health Plan Information for Employees • Retiree Health Plans |
Managing Mental Health with an FSA or HSA
Health E-Commerce, via PRWeb May 3, 2023 "[1] Don't forgo clinical services.... [2] Take steps to manage anxiety.... [3] Improve sleep.... [4] Explore complementary approaches.... [5] Try pressure therapy." Tags: Cafeteria Plans • HSAs • Health Plan Information for Employees |
Transitioning from Medicaid to Employer-Sponsored Insurance (PDF)
Center on Budget and Policy Priorities [Guidance Overview] Apr. 25, 2023 "[1] What steps should a person take if they have an offer of employer-sponsored health insurance? ... [2] When can eligible employees enroll in employer-sponsored insurance ... [3] For people who enroll in employer-sponsored insurance during a special enrollment period, when will their coverage start? ... [4] What happens if someone misses the deadline to enroll in employer-sponsored insurance? ... [5] Can a person enroll in a marketplace plan if they have an offer of employer-sponsored insurance? Will they be eligible for financial help?" Tags: Health Plan Administration • Health Plan Information for Employees |
Employees: How to Get the Most from Your Employer's Benefits Plans
Charles Schwab Apr. 19, 2023 "[Y]our employee benefits plan could account for as much as 30% of your total compensation.... [Q]uestions to get the most from employee benefit plans: [1] Has your family situation changed? ... [2] How much are you contributing to your retirement plan? ... [3] How much do you typically spend on medical expenses? ... [4] Are you protecting your future (and your family's)? ... [5] Are you leaving any benefits on the table?" Tags: Health Plan Information for Employees • Retirement Plan Information for Employees |
Navigating Mental Health Benefits Claims: Know Your Rights
DeBofsky Law [Guidance Overview] Mar. 17, 2023 "[N]oncompliance with proper coverage of mental health and substance use disorder treatment under MHPAEA remains a significant issue. ... [This article explores] Mental Health Parity in greater detail, including what it requires, which plans are subject to it, and how it is enforced." |
What Are the Benefits of Enrolling in an HDHP and HSA?
Ameriflex Mar. 3, 2023 "The triple-tax advantaged of Health Savings Accounts make them an ideal savings and investment tool for retirement. In [this article's] examples, the balance from each HSA account portfolio would be available for the account holder to use penalty free and tax free for qualified medical expenses at any time. Health Savings Accounts ... are only available in partnership with an HDHP[.]" Tags: HSAs • Health Plan Design • Health Plan Information for Employees |
DOL Provides Resources to Help Employees Understand FMLA Protections, Benefits
Wage and Hour Division [WHD], U.S. Department of Labor [DOL] [Guidance Overview] Feb. 24, 2023 "As part of its ongoing efforts to empower workers to use FMLA-protected leave, the department's Wage and Hour Division has launched a webpage and updated resources to help workers seeking to take time off from work to care for a family member. The site includes ... [1] A guide on how to talk to your employer about taking job protected FMLA leave. [2] Updated fact sheets on using FMLA leave when your family member has a serious health condition, must respond to military service duties, or must care for an adult child with a disability. [3] FAQs on taking FMLA leave and other resources for family caregivers to navigate their responsibilities." Tags: FMLA and Other Leave • Health Plan Information for Employees |