Being Prepared Helps Ensure Successful HSA Rollout
Many employers are intrigued with the most recent consumer-driven health plan concept, health savings accounts (HSAs). HSAs offer to individuals who are covered by a high-deductible health plan (HDHP) a tax-favored way to save for and pay for medical expenses.
Created by the Medicare Prescription Drug and Modernization Act of 2003, HSAs could be established beginning January 1, 2004. Among the employers that have seriously considered making an HSA part of their health plan offering, many have delayed implementation, in part because IRS guidance on HSAs has been lacking. Now with solid guidance in place, the time is ripe to move forward.
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Preparing Workers for Retirement While There Is Still Time
According to a national study of retirement income adequacy by the Employee Benefit Research Institute (EBRI), retirees will face a jaw-dropping income shortfall of $45 billion annually by 2030.
Nearly half (49%) of employees worry they are not saving enough for retirement, and an additional 18% say they're not sure whether they're saving enough or not, according to a survey of 3,500 employees at large companies by Hewitt Associates. The average 401(k) savings rate among these employees ranged from 5% to 6%.
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HSA Dollars: Contributions and Distributions
Health care spending accounts (HSAs) provide a tax-favored way to save for and pay for medical expenses. HSAs can be established by individuals who participate in high deductible health plans (HDHPs), or by employers that offer an HDHP option for health care coverage, in which case HSA eligibility is limited to employees who choose the HDHP option. Either the employer or the individual, or both, can make contributions to the HSA. Amounts paid from an HSA for qualified medical expenses are distributed tax-free.
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Vision Benefits Offer Affordability in Today’s Climate of Rising Health Care Costs
In today’s employee benefits marketplace, with health care costs on a steep rise, vision benefits continue to represent an affordable and valued benefits offering.
Statistics argue a strong case for offering vision benefits coverage. An estimated three-quarters of the U.S. population between the ages of 25-64—i.e., the bulk of the American work force—require some type of vision correction.
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