If you’re an employer or benefits administrator, part of your job during open enrollment is to equip employees with the information they need to make the best decision about their healthcare benefits. This year is no exception.
IRS ANNOUNCES ADJUSTMENTS FOR 2020
Today, November 6, 2019, the IRS released a statement announcing the Health Flexible Spending Account (FSA) and Qualified Parking and Transportation Account election limits for any plan years beginning in 2020.
Overwhelmed by a dizzying string of options and acronyms, some Americans are overlooking their best options for health coverage simply because they’re confused by the terminology. Especially for Millennials and Gen Z, just graduating and launching careers, the choice for health coverage must be made quickly, often amidst a barrage of employer-supplied documents, with little time to research. Unfortunately, the plans that might help them the most are the easiest to overlook. But regardless of age or experience, many consumers don’t realize that HDHPs can lead to monthly savings, that HSAs are portable and that FSAs can have rollover options that avoid the use-it-or-lose-it penalty associated with the accounts. In fact, many don’t know what these acronyms stand for at all.
As temperatures drop and the fall season comes to an end, stress spikes in HR departments all over the country—that’s because it’s open enrollment season. Open enrollment is a window during which individuals and employees may add or drop their health insurance, or make changes to their coverage. The 2020 open enrollment period runs through Saturday, December 15, 2019, and if your employees don’t act by then, they can’t get 2020 coverage unless they qualify for a special enrollment period. Keep in mind that for employer-sponsored coverage, the open enrollment period is set by the employer, so be sure to clearly communicate these dates to your employees. To make a better impact on your employees this year and drive engagement to new levels, here are a few suggestions on how to innovate your strategy.
On Thursday, November 15, 2018, the IRS released a statement that officially increased the annual contribution limit for Healthcare Flexible Spending Accounts (FSA) - both Medical FSAs and Limited Purpose FSAs - and the monthly contribution limits for Qualified Parking and Transportation Accounts for any plan years beginning in 2019. There was no change to the Dependent Care Flexible Spending Account.
As consumer-driven benefits continue to rise in the market, so the options for benefit administrators continue to expand for employers. Carriers, banks, HR software companies—it seems that more and more providers are adding FSA and HSA administration to their list of services. With so many choices, it can be difficult to decide who to trust with your pre-tax benefits, but in this dynamic, complex benefit world, it’s more important than ever to have a provider that offers stability, compliance expertise, security, and personalization.
At 24HourFlex, we are always looking for ways to make your day better and simplify your life. That's why we partner with WEX Health to bring you to the most powerful and intuitive software to help you manage your benefits.
The United States now spends almost twice as much on healthcare as other advanced industrialized countries, even though just a few decades ago our healthcare spend was closely aligned to that of other countries. As a result of the rising cost of healthcare, changes to employment and benefits laws and the availability of new benefits options, the employee benefits landscape in the U.S. has also been dramatically altered. One in four Americans now report that the cost of healthcare is the biggest concern facing their family, according to a Monmouth University poll. This makes it more important than ever for employers to offer their employees the guidance and tools they need to manage their healthcare plans and costs. Here are three approaches to help employees manage their healthcare expenses:
Knowing who you work with -- and providing your clients the resources to choose who they work with -- is important. But in the increasingly complex healthcare industry, it can be a challenge to juggle information from so many partners and vendors.
Tags: Cafeteria Plans, COBRA, COBRA Administration, Compliance, Colorado, FSA, HSA, TPA, Benefit Administration, employees, benefits, employers, third party administrator, brokers, Health Savings Accounts, Infographic