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As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employeesenrolled in those plans. The CAA created a number of new requirements that affect health insurance and coverage. More guidance coming.
The platform streamlines HR processes and benefits administration by offering a single, centralized platform for employees to access and manage their benefits, from health insurance and retirement plans to time-off tracking and more. One of the key benefits of GoCo is its ease of use.
Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. FlexibleSpendingAccounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Wherever you fall, we have answers for you.
About half of American employers offer HSAs — coupled with high-deductible health plans (HDHPs) — but, according to one study , 69% of employees don’t understand their benefits or uses. When given the option, nearly two-thirds of employeesenroll in an HSA-eligible health plan — a sign of progress! HSAs are savings accounts.
In the first post of this year’s open enrollment series, we break down some of the common feedback we received from those who said their benefits options were lacking so you can build the best benefits package going into your open enrollment. However, not all employees are offered these benefits.
Almost all health plans offer add-on accounts — health flexiblespendingaccounts, health savings accounts, or health reimbursement accounts. You need to know how these accounts differ so you can communicate about them to employees. Health flexiblespendingaccounts.
This may be a good option for employers that want to simplify their health plan administration while giving employeesflexibility. Even with health insurance, dental insurance and vision insurance, employees tend to end up with some out-of-pocket costs that aren’t covered by their various plans.
Of those, more than seven in ten employers (71 percent) also offer a health savings account with employer funding. An additional tool can be pairing an HSA-HDHP with a Limited FlexibleSpendingAccount (or Limited FSA). Employees can use two tax-advantaged accounts to cover many primary eligible expenses.
Are you offering your employees health insurance options that work for their budgets? While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account. By opting for a higher deductible, employees can secure lower monthly premiums.
High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employeesenrolled in HDHPs rose from 26.3% million accounts in 2006 to over 22 million at the end of 2017. Popular HDHPs Create Plenty of Challenges for Employees.
Flexiblespendingaccounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. Employees may not seek FSA reimbursement for costs that will be reimbursed by their health plan.
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