A recent study conducted by the Kaiser Foundation Research Institute found that less than 1 in 5 participants in a high deductible health plan (HDHP) understand that preventative office visits are exempt from their deductible. Only 1 in 10 understand preventative tests also are exempt from their deductible. This misinformation could lead to delaying or avoiding a […]
Employee benefit statements communicate the hidden values of employee benefits.
The substantial amount of labor and hours involved in open enrollment season is something all too well-known to benefit administrators. But, are you making it harder than it should be? Administrators can make the open enrollment process go much more smoothly, and with a lot less intensive labor, by simply assessing the effectiveness of past […]
Debit Cards Can Be Used to Purchase OTC Drugs Only When IRS Requirements Are Met The Patient Protection and Affordable Care Act (health care reform) limited the ability of health plans to cover over-the-counter (OTC) drugs, permitting reimbursement from flexible spending accounts (FSAs) and health reimbursement accounts (HRAs) beginning January 1, 2011, only when OTC […]
Use Voluntary Benefits to Offset Negative Reaction to Benefits Cutbacks All successful companies face the challenge of attracting and retaining the best employees. Even in an economy with widespread workforce reductions and a job market that favors employers, salary freezes, bonus eliminations and benefits cutbacks make it more difficult to motivate employees and maintain their […]
Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program’s Cap IRS code allows for employers to implement a pre-tax Section 125 Cafeteria Plan as an employee benefit. This plan allows for unreimbursed insurance expenses to be paid pre-tax. Examples include insurance premiums, doctors office co-pays, prescription co-pays, eye exams, eye glasses, contact […]
Communicating with your employees has never been more important than it is right now. The current economic climate is leaving many to wonder about their and your future. Employee compensation is about a lot more than what you pay your employees. Utilizing personalized employee benefit statements help you communicate the total value of your employee […]