10 Things Your Employees Need to Know about Health Plans
While it’s no surprise that the #1 employer benefits challenge is rising healthcare costs, employee benefits education is a strong second. And, the two are related. Not understanding the basics of how a plan works can significantly driv...
The Hazards of Making a Health Plan Exception
Allowing health plan changes outside of open enrollment without a permitted mid-year election change is risky. Doing so may lead to the following: 1. Cancellation of your group health insurance plan, 2. Disqualification of your cafeteria plan, an...
Top 6 Benefits Challenges in 2020
In preparation for 2020, Lumity surveyed CEOs, finance, and HR professionals at U.S.-based companies to understand their biggest benefits challenges. We received 1,648 responses from employers in the 50 - 1,000 employee size. Below, I’ve shared...
Employers, Domestic Partnerships, and the IRS
Tax and Coverage Rules When it comes to health benefits for domestic partners, employers often struggle with the tax and coverage rules. Multiple factors compound the complexity, so if you’re not an expert, it’s easy to spin in circles...
HSA Expansion Option for Employers
If you're wondering how IRS Notice 2019-45 ("HSA Expansion") affects your employer-sponsored High-Deductible Health Plan (HDHP), you're not alone. This was the most asked question in a recent "2020 Employer Benefits Legisl...
The Game Theory Behind Health Plan Renewals
For most U.S. employers, providing employee health care coverage is a cost of doing business, not your core business. And it's the second largest operational expense after wages. Yet HR and finance professionals have little—or no—visi...
