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HRAs, HSAs, and Health FSAs – What’s the Difference? | Employee Benefits Ohio

Health reimbursement arrangements (HRAs), health savings accounts (HSAs) and health care flexible spending accounts (HFSAs) are generally referred to as account-based plans. That is because each participant has their own account, at least for bookkeeping purposes. Under the tax rules, amounts may be contributed to these accounts (with certain restrictions) and used for health care … Continued

How to Benchmark Your Health Plan | Ohio Employee Benefits Broker

Are you benchmarking your health plan correctly? If you are using data from your carrier or a small study of only large employers, chances are you are not effectively analyzing your rates. To truly benchmark your plan, you need to compare your plan to others in your state, industry, and size category. That’s the best … Continued

Industry Differences Among Health Savings Accounts | Ohio Employee Benefits

By Bill Olson, Chief Marketing Officer at United Benefit Advisors While recent survey data shows that, on average, employers are decreasing the amount they’re willing to contribute to employee Health Savings Accounts (HSAs), there are some industries that have not seen such trends. On average, employees saw a 10 percent decrease in their average single … Continued

Health Care Enrollment Efforts Heat Up

WASHINGTON — With only a month left to sign up for online-marketplace health insurance this year, the Obama administration and support groups are ramping up their outreach efforts as the Feb. 15 deadline nears. Federal officials expect fewer than 10 million people to enroll in coverage on the state and federal marketplaces this year. That’s … Continued

IRS Releases Guidance on Retroactive Transit Benefit Increase for 2014 – Ohio Benefits Broker

Yesterday, the Internal Revenue Service (IRS) released Notice 2015-2 providing guidance on the retroactive transit benefit increase recently enacted by Congress. Employers that offered a commuter or transit benefit plan in 2014 must comply with the guidance if their 2014 plan had provided both pretax and aftertax benefits. No action is required, however, for employers … Continued

Know the Minimum Wage in Your State? You Might Want to Check Again – Ohio Employee Benefits

2014 was an odd year in regards to minimum wage. Although Congress failed to pass any legislation regarding the federal minimum wage, nearly half the states had minimum wage increases that went into effect on January 1, 2015. In addition, at least 20 states will have minimum wage increases in 2016 (due to scheduled minimum … Continued