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week ending December 13th, 2019
Employers and employees alike were increasingly interested with health savings accounts (HSAs) and health benefits in 2019. From entry-level employers to top leadership executives, employee education on health benefits remained a top concern for plan sponsors. Small employers who have trouble paying their plan's health costs can implement strategies to hold down expenses, said Mercer. For HSA holders hoping to invest, Morningstar released a report suggesting employers evaluate HSA providers and investment menus. Additionally, a report explains why following up with employees after the open enrollment period could maximize their benefit, and a study warns against the risk of HSA cyber hacks. Have a great weekend!
Editor's Choice
Benefits
Entry-Level Employees to Top Executives Need HSA Education
Employee education about health savings accounts (HSAs) remains the dominant concern of plan sponsors, and plan sponsors struggle to tell employees how to allocate their savings dollars, according to a survey from PSCA.
Benefits
Strategies for Small Employers to Hold Down Health Benefit Costs
Small Employers can ask for incentives and pricing models from insurers, focus on primary care, and band together to reduced health benefit costs.
Benefits
HSA Holders Looking to Invest, But What Will They Find?
Although investment menu designs are better, there are still improvements that can be made and items plan sponsors should evaluate when selecting an HSA provider.
Benefits
Following Up on HSAs After Open Enrollment
Educating employees about health savings accounts can help them maximize their benefit.
Benefits
HSA Cybersecurity: A Threat That is Growing
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.
Popular Reads
Compliance
CARES Act Passes Congress, Including Retirement Plan Relief
Plan sponsors who have faced regional natural disasters will be familiar with many of the relief provisions adopted by Congress, from the suspension of required minimum distributions to the doubling of loan limits.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Compliance
Retirement Plan Provisions Included in Senate’s Stimulus Package
Among other things, the bill would allow for targeted, penalty-free access to tax-qualified accounts for those hit hardest by the health crisis.
Administration
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
Stopping employer matching contributions, laying off employees, adjusting DB plan contributions; plan sponsors need to understand the effects of each decision.
Benefits
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
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