If you’re spending a lot on medical bills, you’re not alone. Healthcare costs are projected to rise about 4.5% each year, and while some employers foot the bill for health insurance, those steady increases will likely result in higher premiums, copays, and out-of-pocket costs. You chose your FSA or HSA because you saw value in...
In the intricate web of corporate governance, fiduciary duty stands tall as a beacon of ethical responsibility. It dictates that those entrusted with managing organizational affairs must do so with integrity, loyalty, and care. However, this duty doesn’t exist in a vacuum—it intersects with legislative acts that shape the landscape of business operations and employee…
Employee benefits play a pivotal role in attracting and retaining top talent while fostering a positive work culture. However, designing a comprehensive benefits strategy requires careful consideration, especially within the regulatory framework of laws like the Consolidated Appropriations Act. In this article, we’ll explore the essential steps to creating an effective employee benefits strategy while…
Following the success of our webinar, Telescope Health and the CAA, which delved into the implications of the Consolidated Appropriations Act (CAA) for employers, it became evident that attendees departed with a host of questions. In response, this article is dedicated to addressing those inquiries, to help foster a deeper understanding of the intersections of…
The Consolidated Appropriations Act (CAA) was passed in 2021, and although it brought significant changes that will continue to impact employers offering group health insurance and their employees, many organizations still haven’t made changes to meet the mandates. What are the key requirements of CAA legislation that employers need to act on? Gag Clause One…
What is the Transportation Benefits Program Act? The State of Illinois recently passed the “Transportation Benefits Program Act” that will go into effect January 1, 2024, and require employers with 50 or more employees located in specific areas to offer a pre-tax commuter benefit to “covered employees.” Employees who take advantage of the benefit can…
It’s true that Health Savings Accounts can pay for medical expenses now, but the most powerful tax advantages and benefits come from saving the balance for later, even into retirement. With the growth in HSA popularity over the last few years, anyone looking for employee benefits has read about or heard of the triple-tax advantage…
President Biden has announced that both the COVID-19 Public Health Emergency and the related National Emergency, ongoing since March 2020, came to an end on May 11, 2023. As a result, the corresponding Outbreak Period will end 60 days later on July 11, 2023. Impact on our COBRA and Consumer-Driven Healthplan (CDH) clients COBRA: During…
What are the benefits of a High-Deductible Health Plan and Health Savings Account (HDHP/HSA)? Lower premiums can be one of the most significant benefits of a High-Deductible Health Plan (HDHP). By offsetting the higher deductible, lower premiums can often save participants money in the long run. Another big benefit is the ability to partner an…
A Health Savings Account can be a powerful tool to have in your healthcare and retirement toolbox. With the cost of healthcare rising every year, it is becoming a more popular method for investing and saving for future medical expenses. So, knowing how they function has also become a topic of interest for participants and…
What is ACA Compliance? The Affordable Care Act requires organizations to offer affordable insurance with minimum essential coverage and file the corresponding forms by the designated deadlines. 2024 ACA Compliance Changes & Penalties What is the compliance threshold? The ACA mandates that large employers, those with over 50 full-time equivalent employees, offer affordable minimum value…