Why Is Non-Discrimination Testing Important?

Health benefits are an effective tool for attracting and keeping talented employees, especially those in a company’s upper ranks. Health benefits are also a highly regulated industry. It should come as no surprise then that the IRS wants to make sure that health plans don’t discriminate against any group of employees. To enforce these regulations, the IRS requires health plans to undergo annual nondiscrimination testing. The results can have a big impact on a company’s benefits plan and employees. Learn why nondiscrimination testing is important for employers and how it can affect your business and workforce.

The Summary Plan Description – An Explanation

Summary Plan Description

If you sign up for healthcare benefits through your employer, you have access to your company’s Summary Plan Description (SPD). In short, the SPD provides important details about your benefits plan and how the plan works. An SPD is required by law and must define when employees become eligible to participate in the plan, how … Read more…

Understanding your FSA: Use it or Lose It, Grace Period, Carryover and More

Whether you’re new to or familiar with Flexible Spending Accounts (FSAs), there are some key terms you should know. FSAs are employer-sponsored benefit plans which allow employees to set aside money before taxes to cover out-of-pocket healthcare expenses. When the plan is setup, the employer has several spending options to choose from: use it or … Read more…

Seven Facts Employees Should Know About FSAs and HSAs During Enrollment Season

Benefits enrollment season is a time for making important decisions regarding healthcare expenses for you and your family. In addition to health insurance options, many companies sponsor tax-advantaged healthcare accounts, like Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs). FSAs and HSAs are popular because you can save money on taxes while setting aside … Read more…

How Does Medicare Enrollment Affect My HSA Eligibility?

Medicare and HSA eligibility

Health Savings Accounts (HSAs) offer healthcare consumers who are enrolled in a high-deductible health plan (HDHP) a tax-advantaged tool for setting aside money to pay for qualified medical expenses. In addition to the tax benefits, what makes an HSA especially valuable is the ability to grow the account funds through investing. Then, upon reaching age … Read more…