May 25, 3023

Offering a Flexible Spending Account (FSA) is a great way for employers to retain and attract new talent and promote financial wellness. Recent studies reveal that participants are regularly forfeiting substantial FSA sums. What should an employer do with these forfeitures?

May 25, 2023

High deductible health plans (HDHPs) can be great for employees. The premium savings mean more money in their paychecks. Pairing an HDHP with a Health Savings Account (HSA), can offer another tax-advantaged means of saving.  Offering a wellness program is another way employers can help employees enrolled in an HDHP to manage their healthcare costs. Wellness programs can help employers reduce their benefit costs too. These programs can take many forms, so thoughtful analysis is needed to determine what features will best help both employers and their employees lower overall healthcare spending. 

May 25, 2023

When it comes to offering a Flexible Spending Account (FSA), employers do not usually have the capabilities or the time to manage all aspects of the plan, so it makes sense to contract with a third-party administrator (TPA) to carry out administrative functions, particularly the time-consuming task of claims processing. 

So, what explanation can an employer provide when an employee complains that the TPA has denied their FSA claim?

May 25, 2023

ERISA imposes certain requirements on employers that offer health and benefit plans to employees. There are several distinct areas of ERISA compliance, which include maintaining compliant plan documents and corresponding operations, adhering to fiduciary obligations, meeting fidelity bonding requirements, submitting annual Department of Labor (DOL) reporting and providing participant disclosures.

May 17, 2023

The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted Health Savings Account (HSA) contribution amounts for calendar year 2024.

May 4, 2023

Informal guidance provided by the Department of Labor, Treasury Department, and Department of Health and Human Services has indicated that the COVID-19 Outbreak Period will end on July 10, 2023.

March 23, 2003

The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments under Internal Revenue Code Sections 4980H(a) and 4980H(b)(1).

March 9, 2023

Individuals enjoy a favorable tax advantage when their benefits are part of a cafeteria plan. Nondiscrimination testing shows whether tax-advantaged plans are discriminating in favor of highly compensated employees or key employees. All employers that provide a cafeteria plan must complete this testing by the last day of the plan year. 

March 9, 2023

You may know that Form 5500 filing is required for your 401(k) plan or your medical insurance, but were you aware that it must be done for other employee benefit plans as well? If you are unsure whether a plan requires a Form 5500 filing, read on.

March 9, 2023

COBRA allows employees to continue coverage under their employer-sponsored health plan if they lose coverage due to a “qualifying event.”  It also allows dependents of employees who were enrolled in the plan to continue their coverage. It is important for employers to recognize when a “qualifying event” occurs, as they are required to send impacted individuals an election notice explaining their COBRA rights and enrollment opportunities.