Providing employee benefits has always been a challenge in the cannabis industry. Between banking restrictions, federal scheduling issues, and hesitant insurance carriers, traditional group health plans have often been hard to come by. Individual Coverage Health Reimbursement Arrangements (ICHRA) are emerging as a flexible, compliant solution that’s transforming benefits for cannabis employers. Ameriflex specializes in...
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…
Why employers are realizing the need to follow compliance guidelines: Organizations are facing more pressure than ever to strengthen their employee benefits packages to stay competitive in the marketplace, find top talent, and retain their best employees. But there’s more to consider than just offering a variety of benefits. When organizations fail to factor in…
The IRS has announced the 2023 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing. Health FSA: $3,050 (Increased from $2,850). This also applies to limited-purpose FSAs. FSA Carryover: $610 (Increased from $570). Commuter (Parking and Transit): $300 per month (Increased from $280). Dependent Care: The annual limits will remain $5,000 for single taxpayers…
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….