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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
Administration
Rules for Retaining Benefit Plan Records
Electronic filing is popular, but benefit plan sponsors need to know the rules about what documents can be stored digitally and how.
Compliance
Effect of the Biden Administration on Health and Retirement Benefits
Health and retirement benefit plan sponsors will likely see efforts to reduce health costs for Americans and a rolling back of current administration efforts, especially on ESG investing.
Benefits
What Happens When Student Loan Payment Deferral Ends?
Employers can steer employees to help when they have to restart student loan debt repayments, and there is hope that more government help is on the horizon.
Administration
COVID-19 and Biden Policy Could Intertwine to Affect DB Plan Funding
The future health and political landscape could make a big difference on assumptions used for calculations and defined benefit plan funding policy.
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