Benefits Buzz

Posted February 25th, 2021 in Employers, Producers

Last year, the Department of Labor (DOL) issued a regulation that extended the length of certain time periods applicable to group health plans, disability plans, and other welfare benefits subject to the Employee Retirement Income Security Act of 1974 (ERISA). In particular, the regulations allowed additional time for plan participants to do the following:

• Take advantage of a special enrollment period required by HIPAA

Posted February 25th, 2021 in Employers, Producers

The Internal Revenue Service (IRS) recently released Notice 2021-15 which supplements legislation that was included in the Consolidated Appropriations Act, 2021 pertaining to new, temporary options employers can implement to their Health and Dependent Care Flexible Spending Accounts (Health FSAs and Dependent Care FSAs).

Posted February 17th, 2021 in Employers, Producers

Health Savings Accounts (HSAs) are one of the fastest-growing employee benefits-and for good reason! There's no other vehicle under the tax code that has the kind of preferential treatment that HSAs provide. Stacking HSAs with an HRA or FSA maximizes both employer and employee tax savings and gives employees more flexibility to pay for current healthcare needs and save for future needs.

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Posted February 10th, 2021 in Producers

On Jan. 28th, President Biden issued an executive order creating a special enrollment period (SEP) from Feb. 15 – May 15.

Join Flex University and Bright Health's Illinois Broker Manager, Jaizon Plaga, for a virtual product refresher training to get you ready for this new SEP, including:
 

Posted February 2nd, 2021 in Employers, Producers

Why employees should max out their HSA contributions

Most people don’t think about an HSA as a savings account. Instead, they think of it as an account used to set aside money, tax-free, to pay for healthcare expenses. While this is true, the reality is an HSA is much more than a bank account. It’s a long-term savings vehicle.

Posted January 29th, 2021 in Producers, Individuals

President Joseph Biden signed an executive order on Thursday which instructs the Department of Health and Human Services (HHS) to authorize a new special enrollment period in the individual health insurance market. The special enrollment period will be available because of the exceptional circumstances that have been created by the COVID-19 pandemic.

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