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IRS Changes Course (Again) and Restores 2018 HSA Family Limit to $6,900 | Ohio Benefit Advisors

Friday, April 27, the Internal Revenue Service (IRS) announced that the 2018 annual contribution limit to Health Savings Accounts (HSAs) for persons with family coverage under a qualifying High Deductible Health Plan (HDHP) is restored to $6,900. The single-coverage limit of $3,450 is not affected.This is the final word on what has been an unusual … Continued

Notifying Participants of a Plan Change | Ohio Benefit Consultants

Curious about when you should notify a participant about a change to their health care plan?The answer is that it depends!Notification must happen within one of three time frames: 60 days prior to the change, no later than 60 days after the change, or within 210 days after the end of the plan year.For modifications … Continued

799,182 Reasons to Buy Life Insurance | Ohio Benefit Advisors

A generation ago, unexpected loss of a loved one could be seen as an isolated situation. But today, a quick search of GoFundMe delivers a difficult reality check. Simply type “funerals” into the search field, and behold—799,182 results (on this particular day). Almost 800,000 tales of the sudden loss of a loved one, compounded by … Continued

Prescription Drug Discount Programs | Ohio Employee Benefits

Did you know that you can save time and money on your prescription drugs by simply signing up for a discount card online? With savings as much as 80% off, these discount cards keep your health care costs down even when the prices of prescriptions are sharply rising.  At no cost to the patient, discount … Continued

The Rap on Wraps | Ohio Benefit Brokers

There’s a good chance you use a wrap document to help satisfy your Employee Retirement Income Security Act (ERISA) summary plan description (SPD) obligations. Yet if you look for a definition of wrap document in ERISA statutes or regulations, you will not find one. The wrap is not a defined term or required document; it … Continued

Higher Satisfaction Through Higher Education | Ohio Benefit Advisors

When evaluating employee benefits, essentials such as health and dental plans, vacation time and 401(k) contributions quickly come to mind. Another benefit employers should consider involves subsidizing learning as well as ambitions. Grants and reimbursements toward advanced degrees and continuing education can be a smart investment for both employers and employees.Educational benefits are strongly linked … Continued

New Rules for Disability Benefit Claims Are Now in Effect | Ohio Benefit Advisors

The Department of Labor’s new claim rules for disability benefits took effect April 2, 2018. The changes were announced over a year ago, but the effective date was delayed to give insurers, employers, and plan administrators adequate time for implementation. Although we’ve reported on the key issues in this blog previously, now seems like a … Continued

A DOL Audit Can Happen to You | Ohio Benefit Brokers

Summary plan descriptions (SPDs) are required for all retirement, health, and welfare plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). However, misconceptions about this requirement are widespread. ERISA attorney Stacy H. Barrow, partner with Marathas Barrow Weatherhead Lent LLP, had a chat with ThinkHR about the importance of having proper ERISA … Continued

Price Shop Healthcare | Ohio Benefit Advisors

As the costs of health care soar, many consumers are looking for ways to control their medical spending. Also, with the rise of enrollment in high deductible health plans, consumers are paying for more health care out-of-pocket. From medical savings accounts to discount plans for prescriptions, patients are growing increasingly conscious of prices for their … Continued

Here’s Where #FOMO Is Doing You a Disservice | Ohio Employee Benefits

Fear of missing out—is more than just a hashtag. Many Millennials admit that #FOMO drives a lot of their decisions on what they wear, what they do, even what they eat and drink. We live in a world of social influence.But one area where #FOMO really does you a disservice? No one is afraid of … Continued

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