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Health Savings Accounts (HSAs) continue to grow in popularity. They help account owners to set aside money for health care expenses as well as offer great tax benefits. They are used along with a high deductible health insurance plan.
The Department of Health and Human Services’ Office for Civil Rights is in the middle of a HIPAA Audit initiative and has sent out contact verification emails and Audit Pre-Screening Questionnaires to around 550-800 organizations. The Pre-Screening Questionnaire collects the demographic information about the potential audit candidate. Likely, only a small percentage of those organizations who received the questionnaire will actually be chosen for audit.
By the year 2025, millennials will make up 75% of the global workforce. Millennials are those that reached young adulthood around the year 2000 (born between 1982 and 1993). Many of you will be hiring people in this age group, and it is important to understand what they value so you can take it into consideration when developing processes, policies and benefit packages that will retain them.
Complex labor & benefit laws have always created administrative challenges for companies across the country. Whether it’s Family and Medical Leave Act issues or Affordable Care Act requirements, it’s tough for employers to manage all the information, let alone manage it with complete confidence.
You know that you would like to provide a health benefit account in order to maximize the benefits for your employees, but which type of account do you choose – a Health Savings Account, Flexible Spending Account, or Health Reimbursement Arrangement?
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