An employee experienced a qualifying life change but did not notify us until the day after the required 30-day notification period had passed. Can we still allow this employee to make a change to their benefit elections based on the qualifying event? There would be significant risk in allowing this employee to make a change… Continue reading Can we let an employee change their benefits outside the 30 day window?
If you’re buying a pair of headphones or a TV, you probably search to find the retailer with the lowest price so you know where to go to get the best deal. Price comparison shopping is something you already do—so why not do it with the health care services you need? Unless you’re in an… Continue reading Shop Around for Health Care
Keeping your health care costs in check could be as simple as making the right choice when you need medical care. When you have an illness or suffer an injury, you understandably want to feel better fast, but making the wrong choice about where to receive care can cost you. The average outpatient emergency room… Continue reading Know Where to Go for Your Health Care
Have you ever wondered how your doctor or health care provider compares to others in your area? The quality and cost of care can vary greatly between facilities and providers. That means that, even if you love your doctor, it might be in your best interest to evaluate their cost and quality rankings to see… Continue reading Evaluate the Quality and Cost of Your Health Care
On June 13, 2019, the Departments of Labor, Health and Human Services, and the Treasury released an advance copy of a Final Rule on Health Reimbursement Arrangements (HRAs). It will be published in the Federal Register on June 20, 2019. The rule expands the types of HRAs that can be offered starting in 2020. Background… Continue reading Two New Types of HRAs Coming for 2020
On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit; The minimum deductible amount for HDHPs; and The maximum out-of-pocket expense limit for HDHPs. These limits vary based on… Continue reading HSA Limits Increase for 2020
To maintain health savings account (HSA) eligibility, an individual who is working and age 65 or older must: Not apply for or waive Medicare Part A, and Not apply for Medicare Part B, and Waive or delay Social Security benefits. For example, if a person delays Social Security benefits and delays Medicare Part A and… Continue reading How does a person who is 65 years old or older maintain HSA eligibility and continue working?
Combined with rising tuition costs, more people are attending college than ever before. Millennials—those born between 1980 and 2000—are the most educated generation in U.S. history. Sixty-one percent of millennials have attended college compared to 46 percent of baby boomers. That education, though, has come at a high price. The class of 2017 graduated with an average of $39,500 in student debt.
In addition to mounting student debt, millennials entered the job market in the aftermath of the recession. As a result, they had fewer job opportunities and many millennials accepted jobs at lower starting salaries—leaving them with less money than previous generations.