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Employer-paid life insurance can be an important part of protecting your family in the event that you die prematurely. Companies offer the program on top of other benefits, such as health insurance. The coverage is generally term insurance, meaning there is no investment or cash-value component. If you pass on unexpectedly, depriving your family not … Continued
President Obama Signs 21st Century Cures Act into Law On December 13, 2016, President Obama signed the 21st Century Cures Act (H.R. 6) into law. The law allows certain small businesses to use qualified small business health reimbursement accounts (HRAs) without Affordable Care Act (ACA) related penalties. Certain limits to the accounts would apply, including … Continued
On December 20, 2016, federal officials released FAQs About Affordable Care Act Implementation Part 35 (FAQ #35) in an ongoing series of informal guidance regarding the Affordable Care Act (ACA). This FAQ addresses several topics: Special enrollment rules. Preventive services. Qualified small employer health reimbursement arrangements. A summary of the key points from FAQ #35 … Continued
This week, the U.S. Senate passed the 21st Century Cures Act which includes a provision allowing small businesses to offer a new type of health reimbursement arrangement for their employees’ health care expenses, including individual insurance premiums. The act was previously passed by the House and President Obama is expected to sign it shortly. The … Continued
Overview According to the Internal Revenue Service (IRS), no permission or authorization to set up either an FSA or HSA account is required. Both accounts are intended to help provide you with financial assistance regarding medical care costs. An FSA (flexible spending account) is set up by your employer. An HSA (health savings account) is … Continued
Question: If an employee has a small health flexible spending account (FSA) balance with a carryover to the next year, and the employee chooses not to participate in the new FSA year, can the employer force the employee to use those funds so as not to incur additional administrative fees in the next plan year? Answer: … Continued
With the election of a new President, health care plans and the fate of the Affordable Care Act are a hot topic of discussion. As part of his 7-tier health plan, President-Elect Donald Trump has proposed a shift in the way health savings accounts (HSAs) are offered to working Americans. Simply put, an HSA is … Continued
The U.S. Presidential race win by Donald Trump will impact labor, employment, and HR professionals in the key issues of immigration, paid leave, tax reform, and health care. Significant Shift in Immigration Policy Trump has been vocal about his stance on immigration in regard to deportation and illegal immigration. He also seeks to strengthen U.S. … Continued
Did you know studies convey that 20% of the population, or 1 in every 5 adults suffer from some sort of mental health condition? Mental health has become a substantially concerning issue in America’s workplace, and therefore a top priority in employee wellness. Mental health conditions such as depression, anxiety, and bipolar disorder cause workers … Continued
Overview Insurance has become the method by which most Americans have their health-care costs paid. By paying a regular monthly bill for health insurance, the cost of expected health care events is spread out into even payments and the cost of major unexpected medical incidents is absorbed by insurance. Lack of health insurance can have … Continued