Benefits Buzz

Posted May 13th, 2021 in Employers, Producers

Everyone knows that Flexible Spending Accounts (FSAs) save employees money on healthcare and dependent care expenses. But did you know that FSAs save employers money as well?

FSAs are one of the few benefits an employer can provide that often pays for itself—and then some! While there are expenses that will be incurred by the employer when using a third-party administrator for the FSA, there are also payroll tax savings that will offset some or all those expenses.

Posted May 12th, 2021 in Employers, Producers, Individuals

On May 10, 2021, the Internal Revenue Service (IRS) published Rev. Proc. 2021-25 which includes the 2022 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Below is a summary of these limits:

Minimum Deductible to Qualify as an HDHP

• Single-only HDHP coverage = $1,400

Posted May 7th, 2021 in Employers, Producers, Individuals

The U.S. Department of Health and Human Services (HHS) recently finalized its Notice of Benefit and Payment Parameters which is also summarized in this Fact Sheet. These regulations are issued each year and make updates and changes to various provisions of the Affordable Care Act (ACA).

Posted April 28th, 2021 in Employers, Producers

The Employee Benefit Security Administration (EBSA), a division within the U.S. Department of Labor (DOL), recently published a Cybersecurity Program Best Practices document for employer plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).

Posted April 23rd, 2021 in Employers, Producers

Health Reimbursement Arrangements (HRAs) can be a great way for employers to control their benefits budgets without sacrificing quality of coverage for their employees. There are several different types of HRAs available in the market, but perhaps the most popular is the Integrated HRA. These HRAs work alongside a group health plan to reimburse employees for out-of-pocket expenses. Only those employees enrolled in the group health plan can participate in the HRA.

Posted April 20th, 2021 in Producers, Individuals

The Affordable Care Act (ACA) created premium tax credits in the individual health insurance market which first became available as of January 1, 2014. The amount of the premium tax credit available to a person is largely based on their household income. Most eligible individuals receive the premium tax credit in advance by estimating their household income for the year.

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