HR & Compliance

  • Flexible Spending Accounts (Part 2) by

    Posted on: October 23, 2014Categories: HR & Compliance

    How Do Health FSAs Work? At the beginning of the year, you elect the total amount you want to have withdrawn from your paychecks to put into your FSA, and your employer will deposit the money into the account in equal allotments throughout the year. The IRS has outlined rules guiding eligibility, contributions and reimbursements. FSA Eligibility FSAs are employer-sponsored benefit plans, and the employer can choose what other type of group health plan coverage to offer with the FSA.  FSAs ca ...

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  • Flexible Spending Accounts (Part 1) by

    Posted on: October 21, 2014Categories: HR & Compliance

    What Are Health FSAs? An FSA is an employer-sponsored savings account for health care expenses. You are not taxed on the money put into the FSA, and you can then use the account to pay for qualified out-of-pocket health care costs, such as your deductible and copays, but not your premium. However, you cannot stockpile money in the account from year to year, and you will lose leftover money in the account at the end of the plan year unless your employer offers an option that allows for either a ...

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  • Health Plan Identifier (HPID) Requirement & Impact on HRA/FSA Plans by

    Posted on: October 20, 2014Categories: HR & Compliance

    New rules require health plans to obtain a unique Health Plan Identifier (HPID), which eventually must be used by plans, providers, insurers, and others in all standard transactions.  The HPID requirement is an effort to standardize health care transactions in order to reduce the cost and increase the quality of heath care.  The requirements for full compliance differ depending on the size and structure of the plan.  Although the deadline for large health plans to obtain the HPID is fast appr ...

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