Health savings account (HSA) holders are encouraged to save the money in their accounts for long-term health care expenses, but the less they use their accounts, the greater the risk for fraud and identity theft.
The FAQs explain the Department of Labor’s (DOL)’s enforcement policy and ongoing administration of association health plans (AHPs) following a federal court ruling striking down the DOL’s most recent AHP guidance.
WEX Health President Jeff Young says he hopes “to see employers, providers, brokers and advisers dedicate October 15 to encouraging consumers or employees to ask as many questions as possible [about HSAs] ahead of open enrollment.”
A multi-year study found employees who regularly engaged with their employer’s financial wellness program more than doubled their feeling of retirement preparedness.
Among the nearly one-third that are, they are more likely than others to have measured their employees’ financial wellness.
Employers’ growing interest in improving their workers’ financial wellness is driving the change, Prudential experts say.
The OASI Trust Fund is projected to become depleted in 2034, the same as last year’s estimate, according to this year's Trustees Report.
Companies across the country are expected to spend an average of $3.6 million on physical well-being programs in 2019, according to a survey from Fidelity Investments and the National Business Group on Health.
Employers need to understand the basics of each in order to communicate to participants accurately, and they can use the differences to help employees view HSAs as long-term savings accounts, Sara Caddy, with Dimensional Fund Advisers told webinar attendees.
Top recordkeeper financial wellness programs provide tools that offer data visualizations, calls to action, dynamic modeling and follow-up options, according to Corporate Insight.
An analysis from PeopleKeep also found in 2018, employees used an average 78% of their available QSEHRA allowance, and one-third used all of their allowance.
An analysis from Gallagher identifies ways “best-in-class” employers are controlling health care costs.
The new program allows employers to integrate charitable giving into their current benefits program.
HSA Bank recommends employers offer a guide about health plans, their costs and what they cover; a health plan comparison tool; and a tax-advantaged savings account to help employees become better health care consumers.
Last June, the Department of Labor (DOL) finalized regulations to expand the opportunity to offer employment-based health insurance to small businesses through Association Health Plans (AHPs).
With the benefit tied to its 401(k) plan, CSAA says 60% of its employees are contributing to the 401(k) for the first time or were not taking full advantage of the company’s 6% match prior to the program.
Employee student loan repayments will qualify for 401(k) employer match contributions.
In addition, Devenir found HSA investment assets surpassed the $10 million mark in 2018.