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Latest Post August 11, 2022

WRAP Document 101

What is an SPD and WRAP Document? A Summary Plan Description (SPD) contains specific information, required under federal law, describing the terms of the group health plan in a manner that is easily understood by the participants. The descriptions in an SPD include the plan name, employee eligibility requirements, employee rights and responsibilities, and more....

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Keep your employees safe and financially secure when disaster strikes Under IRS Code Section 139, a Qualified Disaster Relief (QDR) account gives employers the ability to reimburse their employees for disaster-related expenses resulting from COVID-19 on a pre-tax basis. Employers may make payments to cover the increased per-employee costs such as: Personal, family, living or funeral expenses…

If you have a Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA), it’s likely you’ve received an email requesting a receipt for a purchase you made – even for an expense that was perfectly eligible. You may be asking yourself, “Why was my card approved but now you want me to prove my…

You’ve seen this movie a thousand times. There’s only a handful of weeks left in the plan year, and unless your employer offers an FSA rollover, you’re rushing to use any money you still have in your Flexible Spending Account (FSA) or it will be forfeited. If you’re like the 44% of people surveyed who…

If you are in the business of selling, providing, or administering tax-advantaged health plans, you likely already understand the benefits of a flexible spending account (FSA). But for the millions of people who don’t, the benefits can seem rather unsubstantial. That’s why it is your job to articulate these benefits in a way that people…

Nationwide, many employers are choosing to offer HSAs and HSA-qualified high-deductible health plans. However, employers and employees often have several questions regarding adding an HSA into the mix. Read on to learn the top things you need to know before introducing a successful HSA offering. Q1. What’s the best way to communicate an HSA offering?…

At an orientation session for my first real job out of college, many (many) years ago, an HR manager explained to our new hire class the benefit of investing in the company 401(k) plan. For a 20-something living paycheck to paycheck, seeing any dollar amount, no matter how small, disappear into an investment vehicle instead…

There are three common types of savings account plans employees choose from, depending on what’s offered under their employer’s benefit plan. They are: Flexible Spending Account (FSA) Health Savings Account (HSA) Health Reimbursement Account (HRA) Although they each have their own unique benefits, they are all alike in that they are tax-advantaged. In plain English,…

Flexible spending accounts (FSA) and health savings accounts (HSA) are creatures of the federal tax code, which is notoriously complicated. To try to make things easier, we in the benefits industry sometimes use shorthand, but sometimes these only complicate things further, especially to those unfamiliar with benefits suchs as FSAs and HSAs. Especially confusing are…