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Millennial employees—18 to 34 years old—selected high deductible healthcare plans more than any other age group. However, while approximately 44% of employees in this group chose HDHPs, a much smaller number of these employees took full advantage of health savings accounts (HSAs), according to Benefitfocus inaugural “State of Employee Benefits 2016” report.
If domestic partners are unmarried opposite sex but declared as a dependent on IRS tax return, is the cost of the health benefit considered taxable income to the employee? Can domestic partners use a joint HSA account?
Can an employee open up a Health Savings Account (HSA) if their spouse has a general purpose Flexible Spending Account (FSA)? If not, can they open up the HSA account once their spouse’s FSA is exhausted and closed? And once they do this, how does the employer who is contributing to the HSA abide by […]
Today, compensation consultant Carla McCormick offers a case study that shows the value of Value-Based Benefits Design (VBBD).
Participate in this brief survey and see how your health benefits stack up against those of other successful companies. The survey takes only a few minutes to complete. Complete the Survey Now To show our appreciation we’ll send a PDF of the survey results to all participants. (Be sure to include your contact information where […]
Based on the cost of living, the IRS has increased for 2009 the maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits for high-deductible health plans (HDHPs) that must be used in conjunction with HSAs. For 2009, the maximum annual HSA contribution for individuals is $3,000 and $5,950 for families. Catch-up contributions […]
When the sweeping new Medicare law was recently signed into law, bundled within it was an unrelated but key provision for employers—the creation of tax-free Health Savings Accounts (HSAs). We’ll explain what HSAs are, who’s eligible, and what they could mean for you and your employees. We’ll also highlight a few potential downsides you should […]