Employer Benefit Updates: Cadillac Tax Repeal and PCORI Extension

Congress Repeals Cadillac Tax and Extends PCORI

In December 2019, funding legislation was approved by Congress and signed by President Trump. In addition to approving federal spending for 2020, the bill also repealed the Cadillac Tax and extended PCORI – which are important for employers. Learn more below about these new details regarding healthcare benefits. Cadillac Tax Repeal Officially known as the … Read more

How Much Should I Contribute To My HSA?

A Health Savings Account, or HSA, is a tax-advantaged tool for healthcare consumers enrolled in a high deductible health plan (HDHP). An HSA is designed to help account owners save money (via tax-free contributions) to pay for qualified out-of-pocket medical and healthcare expenses (tax-free withdrawals). It can also be used as a supplementary retirement account. … Read more

HRA vs HSA – What’s the Difference?

Do you know the difference between a Health Reimbursement Arrangement (HRA) and a Health Savings Account (HSA)? While they sound similar, they are actually quite different. Let’s cover the similarities first. As part of consumer directed healthcare, the purpose of both an HRA and an HSA is to make healthcare more affordable for workers and … Read more

Benefits Debit Cards: Practical, Secure, Convenient

Today’s reality highlights the need for benefits debit cards. In a highly mobile, tech-driven society, card payments are the norm rather than the exception. Nearly everywhere, people can use their credit or debit cards as payment: at their doctor’s office, pharmacy, grocery store, retail shops, taxicabs, subway stations, and more. The speed, convenience and security … Read more

2020 HSA Limits, Minimum Deductibles and Out of Pocket Limits

The Internal Revenue Service (IRS) announced on Tuesday, May 28, new HSA contribution limits, out-of-pocket limits and minimum annual deductibles for next year. Health Savings Account (HSA) owners will see a slight bump across the board for 2020 HSA limits. 2020 HSA Limits Go Up Next year, HSA owners will be able to make more … Read more

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

Smile! Getting Dental Care with Your FSA (or HSA)

Dental care is costly. First, you have the cost of insurance (if you choose to enroll). Depending on your coverage, you may get a checkup, cleanings, and x-rays once or twice a year. But what happens when you, your spouse, or your child needs a filling, root canal, orthodontia, or an emergency extraction? Insurance probably … 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