Health savings accounts (HSAs) are tax-advantaged savings accounts that can be used to save money for medical expenses. You own the account (not your employer), and any money in the account that is not spent carries over to the next year; there are no “use it or lose it” rules as with other types of […]
Open enrollment is something you probably only think about a few times a year. For employees, it might be even less often. That is unfortunate because that means employees may not be maximizing their benefits. That’s why it’s important to touch on benefits throughout the year, ensuring employees are making the most of them. Here […]
Your health savings account (HSA) can help pay for a variety of life events that may otherwise have a sizable impact on your finances. Let’s explore a few: You Need Non-Emergency SurgeryIf your doctor informs you that you must have non-emergency surgery, you will want to do your homework before entering the operating room. Many HSA […]
Managed care is essentially a system where health care costs are controlled while still maintaining high-quality care for the patient. This generally means that a party other than the doctor or patient (such as an employer or insurance company) influences the medical treatment provided by controlling the delivery and financing of health services. How to […]
Open enrollment is the time of year reserved for you to make changes to your benefit elections and unfamiliar terms can make this process confusing. Use these definitions of common open enrollment terms to help you navigate your benefits options. Coinsurance – The amount or percentage that you pay for certain covered health care services […]
Making wise decisions about your benefits requires planning. By selecting benefits that provide the best care and coverage, you can optimize their value and minimize the impact on your budget. Many people get tripped up when asked to select benefits for themselves and their families because these decisions can be complicated, and it is often […]
Most individuals go through a number of life events that affect their health benefit needs and the choices they make. There are several important federal laws that affect your benefits under a job-based health plan. Below is a list of life events and a brief description of federal laws that may protect your rights when […]
On May 28, 2019, the IRS announced the inflation-adjusted limits for HSAs for 2020. Nearly all of the dollar limits currently in effect for 2019 will change for 2020. What are the adjustments? The HSA contribution limit for self-only coverage will increase by $50 to $3,550. The HSA contribution limit for family coverage will increase […]