Defined Contribution Retirement Plan Senior Administrator
First American Bank (Elk Grove Village IL / Hybrid)
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
" Part I: HSA Contributions and Deduction.... Part II: HSA Distributions.... Part III: Income and Additional Tax for Failure To Maintain HDHP Coverage."
"Despite experiencing such profound symptoms, claimants seeking disability benefits for long COVID frequently face a major challenge in qualifying for benefits. Because symptoms such as fatigue and pain are unmeasurable, disability insurers often dispute long COVID claims, asserting a lack of objective evidence. This blog offers a guide to winning a long COVID disability insurance claim."
Tags: Disability Plans • Health Plan Information for Employees
"What resources can I share with employees to be ready for HSA tax filing? ... Can account holders make HSA contributions for the previous tax year? ... What if people accidentally put too much money in their HSA? ... Where can people find HSA tax forms?"
"Patients can change insurance only during end-of-year enrollment periods or at the time of 'qualifying life events' ... But insurers' contracts with doctors, hospitals and pharmaceutical companies (or their arbiters, so-called pharmacy benefit managers) can change abruptly at any time.... [W]hether obtaining insurance through an employer or buying it on the marketplace, [patients] generally choose a policy based on whether it covers their desired doctors and hospital or an expensive drug they need."
Tags: Health Plan Design • Health Plan Information for Employees
"If your organization offers an FSA grace period, take time to help employees protect their health and avoid becoming one of the nearly 40% of FSA users who forfeit funds each year....There are thousands of products that are FSA eligible ... An FSA can help employees prepare their skin for spring ... [] Menstrual care products are FSA eligible ... Over-the-counter medications are covered."
Tags: Cafeteria Plans • Health Plan Information for Employees
Updated and revised Feb. 9, 2024, as follows:
Tags: Health Plan Costs • Health Plan Information for Employees
23 pages; Rev. Jan. 5, 2024. "For use in preparing 2023 returns.... What's New: ... Notice 2023-37 addresses the announced end of the COVID-19 public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic ... Notice 2023-37 also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C)."
Tags: COVID-19 • Cafeteria Plans • HSAs • Health Plan Information for Employees
24 pages; Feb. 6, 2024. "For use in preparing 2023 returns.... What's New: ... Notice 2023-37 addresses the announced end of the COVID-19 public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic ... Notice 2023-37 also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C)."
Tags: COVID-19 • Cafeteria Plans • HSAs • Health Plan Information for Employees
"Navigating the world of disability insurance claims with diabetes can be complex, as the disease uniquely affects each person's capacity to maintain their professional responsibilities. This article aims to break down the process, providing clarity and support to those grappling with diabetes diagnosis or the disability insurance benefits for diabetes."
Tags: Disability Plans • Health Plan Information for Employees
"[W]hile it's possible to contribute to an HSA after age 65, the specific rules around HSAs and Medicare introduce an additional layer of planning that's needed once an individual crosses the age-65 threshold."
Tags: HSAs • Health Plan Information for Employees • Retirement Plan Information for Employees
"To ensure that employees derive more value from their health benefits and their FSA or HSA, organizations need to educate their teams about account eligibility and how to use funds to supplement, or fill in the gaps, in health plan coverage.... [1] Doctor visits ... [2] Over-the-counter (OTC) medications ... [3] Everyday wellness products ... [4] Chronic condition management ... [5] Lifestyle management."
Tags: Cafeteria Plans • HSAs • Health Plan Information for Employees
"For use in preparing 2023 returns.... What's New: ... Notice 2023-37 addresses the announced end of the COVID-19 public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic ... Notice 2023-37 also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C). S"
Tags: COVID-19 • Cafeteria Plans • HSAs • Health Plan Information for Employees
"Both FSAs and HSAs allow you to put aside money for healthcare expenses in a tax-advantaged way. But they also have a few major differences, including who qualifies, how much you can contribute each year, and how long you can wait to spend the money on qualifying medical expenses."
"[1] Failing to review all options ... [2] Overlooking plan changes ... [3] Forgetting to consider how your life has changed ... [4] Selecting the wrong type of health insurance coverage ... [5] Missing out on employer matching contributions ... [6] Overlooking the benefits of flexible spending accounts (FSAs) and health savings accounts (HSAs) ... [7] Failing to update beneficiaries ... [8] Procrastinating "
Tags: Health Plan Administration • Health Plan Information for Employees
"[Employers can help employees] remember to not let their health and finances fall to the wayside, especially when it comes to their Health Savings Account (HSA) and Flexible Spending Account (FSA).... [1] The difference: HSA vs. FSA ... [2] Review their account balances ... [3] Understand their plan ... [4] Plan their medical expenses ... [5] Keep receipts and documentation ... [6] Use account tools ... [7] Communicate with their benefits team."
Tags: Cafeteria Plans • HSAs • Health Plan Administration • Health Plan Information for Employees
"Despite the law's clear promise of parity between mental health and medical or surgical benefits, that promise has not been kept. People living with treatable mental health conditions commonly face red tape when seeking care, such as unexpected charges, strict preauthorization requirements and provider networks with far too few options available. This is wrong, it's illegal and it must stop.... [EBSA is] proposing new regulations, committing unprecedented resources to bringing plans into compliance with the law, and reaching out to communities across the United States to ensure that more of America's workers and families understand their rights and are better able to exercise them, including by contacting us for help when they need it."
Tags: Health Plan Administration • Health Plan Design • Health Plan Information for Employees • MHPAEA
"Federal employees and annuitants will, on average, pay 7.7% more in FEHB premiums next year. OPM cites increased cost and use of prescription drugs, emergency room care, and outpatient care as the primary reasons for the increase in premiums.... [This article will describe] changes in popular plans, discuss which ones saw their premiums increase above and below the average, provide enrollment advice for two-person families, and discuss FEDVIP dental and vision plan premium changes."
Tags: Federal Government Plans • Health Plan Information for Employees
"[If] you are pursuing a benefits claim under an ERISA-governed plan, you cannot seek any other damages besides the benefits due under your plan, as well as an award of pre-judgment interest and/or attorneys' fees, at the discretion of the court. Unlike ordinary insurance litigation, extra-contractual bad faith damages are unavailable under ERISA.... Equitable relief may be sought when a claim for benefits is not available under the plan's terms, or in addition to a claim for benefits, so long as the alleged injury and/or requested relief is not duplicative. "
Tags: Health Plan Information for Employees • Retirement Plan Information for Employees
10 pages. "This guide: [1] helps you figure out whether your health plan must provide parity and follow these rules; [2] explains the protections the law provides; [3] highlights 'red flags' to look out for; [4] tells you how to learn about your mental health and substance use disorder benefits; and [5] walks you through what to do if coverage of your mental health and substance use disorder benefits has been denied."
Tags: Health Plan Design • Health Plan Information for Employees • MHPAEA
"This is the first of two notices planned for the coming months informing the public of the availability of the complete lists of all geographic areas, population groups, and facilities designated as primary medical care, dental health, and mental health professional shortage areas (HPSAs). This notice includes the lists of HPSAs in a designated status as of April 28, 2023.... HRSA is extending the transition time communicated in the notice published on July 7, 2022, for jurisdictions and facilities to prepare for potential loss of HPSA designation."
"This article will: [1] Highlight the potential benefits of continuing your pre-retirement health care coverage through COBRA. [2] Explain why spouses with different health records may be better off buying health insurance separately. [3] Outline the tax credits and cost sharing reductions that may help you keep your health care premiums under control."
Tags: Health Plan Information for Employees • Retiree Health Plans
"[1] Don't forgo clinical services.... [2] Take steps to manage anxiety.... [3] Improve sleep.... [4] Explore complementary approaches.... [5] Try pressure therapy."
Tags: Cafeteria Plans • HSAs • Health Plan Information for Employees
"[1] What steps should a person take if they have an offer of employer-sponsored health insurance? ... [2] When can eligible employees enroll in employer-sponsored insurance ... [3] For people who enroll in employer-sponsored insurance during a special enrollment period, when will their coverage start? ... [4] What happens if someone misses the deadline to enroll in employer-sponsored insurance? ... [5] Can a person enroll in a marketplace plan if they have an offer of employer-sponsored insurance? Will they be eligible for financial help?"
Tags: Health Plan Administration • Health Plan Information for Employees
"[Y]our employee benefits plan could account for as much as 30% of your total compensation.... [Q]uestions to get the most from employee benefit plans: [1] Has your family situation changed? ... [2] How much are you contributing to your retirement plan? ... [3] How much do you typically spend on medical expenses? ... [4] Are you protecting your future (and your family's)? ... [5] Are you leaving any benefits on the table?"
Tags: Health Plan Information for Employees • Retirement Plan Information for Employees
"[N]oncompliance with proper coverage of mental health and substance use disorder treatment under MHPAEA remains a significant issue. ... [This article explores] Mental Health Parity in greater detail, including what it requires, which plans are subject to it, and how it is enforced."