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Midyear Benefits Changes
Lively · January 31, 2018 · 2 min read
Open enrollment is the defacto time to review and select benefits options. This review period starts even sooner for employers and HR professionals. Some benefits offerings are not limited to open enrollment. This creates an opportunity to add midyear benefits, like a health savings account (HSA).
Healthcare costs continue to increase (for both employers and employees). Adding benefits that mitigate against these costs reduce financial stress for employees.
Benefits Elections
There are many benefits elections that can’t be changed mid-year without a ‘qualifying life event’. Health insurance tops that list. How can you add financial security if you can’t change health insurance plans mid-year? The answer is an HSA.
Employers can add an HSA for employees and employees can switch HSA providers at any time. HSA enrollment is not limited to open enrollment. Adding an HSA for employees creates a clear path to pre-tax savings with no expiration date.
There are no calendar restrictions for opening an HSA. Delaying opening an HSA only limits future health savings for employees. This is a true HR disservice to qualified employees.
Are Midyear Benefits Changes Worth it? Should I add an HSA?
Open enrollment is a hectic time for employers and HR professionals. Reviewing benefits midyear creates a low-stress opportunity to really determine what works best for employees. It also helps employers to round out their health offerings. This will jumpstart benefits offering for next year.
It is a great time to educate employees about benefits like HSAs to help them save for health costs the same way they save for retirement (like a 401(k)). Waiting will only make open enrollment more hectic next year and your employees less prepared to save for health costs this year.
Benefits
2024 and 2025 HSA Maximum Contribution Limits
Lively · May 9, 2024 · 3 min read
On May 9, 2024 the Internal Revenue Service announced the HSA contribution limits for 2025. For 2025 HSA-eligible account holders are allowed to contribute: $4,300 for individual coverage and $8,500 for family coverage. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
Benefits
What is the Difference Between a Flexible Spending Account and a Health Savings Account?
Lauren Hargrave · February 9, 2024 · 12 min read
A Health Savings Account (HSA) and Healthcare Flexible Spending Account (FSA) provide up to 30% savings on out-of-pocket healthcare expenses. That’s good news. Except you can’t contribute to an HSA and Healthcare FSA at the same time. So what if your employer offers both benefits? How do you choose which account type is best for you? Let’s explore the advantages of each to help you decide which wins in HSA vs FSA.
Health Savings Accounts
Ways Health Savings Account Matching Benefits Employers
Lauren Hargrave · October 13, 2023 · 7 min read
Employers need employees to adopt and engage with their benefits and one way to encourage employees to adopt and contribute to (i.e. engage with) an HSA, is for employers to match employees’ contributions.
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