The major stock indexes tumbled around 4%, posting their biggest weekly declines in more than two years. The Dow sank nearly 1,100 points, dropping below the 26,000-point level that it had breached just a couple weeks earlier. A sharp rise in bond yields weighed on equities as investors adjusted to expectations of rising inflation and tighter monetary policy....Continue Reading »
Employees often request mid-year changes (outside of open enrollment) to their health benefit elections. Sometimes these changes correspond with a life event such as a marriage or birth, but other times the reasons may be less clear. Employers often wish to be as generous to their employees as possible, but there may be restrictions in place on when a plan participant is able to make changes to their plan elections.
When an employee wants to make a change to their health benefits outside of the plan’s open enrollment, an employer should consider what the law and accompanying regulations allow, what their health insurance carrier allows, and what their health plan documents allow....Continue Reading »
Many employees are looking for ways to maximize the dollars they spend on healthcare. Flexible Spending Accounts (FSA) are tax-advantaged accounts that employers can sponsor which allow employees to set aside tax-free money to spend on health costs throughout the year. While FSAs do present some risk, they can be a good way to round out a company’s employee benefit offerings....Continue Reading »
Employees who lose coverage through an employer health may seek to utilize COBRA to extend that coverage. The Consolidated Omnibus Budget Reconciliation Act (COBRA), passed in 1986, is a law with health plan provisions that allows employees to continue health benefits after they leave employment or lose eligibility under the health plan. Whether or not COBRA applies to you and your employees depends on the size of your company. When COBRA does apply, it is important to be in tune with the details regarding eligibility, notice requirements, coverage duration, etc....Continue Reading »