Financial pressures of rising premiums are requiring many employer groups to raise deductibles and copays in order to reduce their monthly premium costs. Health saving accounts (HSAs) are becoming more popular than ever because they allow employees to save for these increased out of pocket expenses on a pre-tax basis. Together, employers and employees can contribute up to $3,350 for individuals and $6,570 for families in 2016.
Unlike Health Reimbursement Accounts (HRAs) and Flexible Spending Accounts (FSAs), HSAs are never lost or forfeited if an employee changes jobs. Also, their money is not lost at year-end if it is not used, funds simply roll over to the next year.
Implementing an HSA lowers payroll taxes. All HSA contributions are excluded from payroll taxes which generate savings for both employers and employees.
Businesses of all sizes are bracing for 2016 when new reporting, disclosure and notification requirements and penalties take effect with the Affordable Care Act (ACA). The extensive amount of data that employers are required to collect can take hours of staff time increasing costs for many, especially smaller employers.
At the same time, Department of Labor (DOL) audits are happening at a record pace with an increasing number of fines and penalties being imposed on employers.
“Many businesses mistakenly believe that penalties only occur for failure to offer health insurance if they have 50 or more employees,” says David Straight President and CEO of Benefits Network.
“However, ACA requirements are much broader and effect businesses of all sizes,” says Straight, adding, “By failing to send employee notices, not having a Wrap Document and SPD in place or improperly administering your health plan or HRA, your company and individual company officers may be at risk for substantial fines, lawsuits, and even face the risk of imprisonment.”
Benefits Network has a solution that takes the work and worry out of compliance and can save you money by not hiring extra staff or having to invest in expensive software or computer infrastructure. Your Compliance Express, is a proprietary suite of services developed by Benefits Network in partnership with NavigateHCR and is only available in Western Pennsylvania through Benefits Network.
Your Compliance Express offers packages that are tailored to each organization to cover your compliance needs no matter what size business or compliance requirements that you face. Talk to your Benefits Consultant today to see how Your Compliance Express can save you time, money and worry.
Many thanks to the more than 75 human resource and benefits professionals who attended our seminar in Somerset on Tuesday, July 21st. Please click the link below to access a copy of the presentation
ACA Compliance Seminar
Please feel free to contact our Somerset Team at 814-445-4943 with any questions!
Click the link below to view the presentation discussed at the April 2nd Compliance Seminar.
NavigateHCR Employer Seminar Presentation
Please don’t hesitate to call us at 724 940 9400 with any questions or concerns about ACA compliance or the NavigateHCR or CTR solutions.