As a small business, a few bad reviews online can greatly affect your business. These reviews can undermine your business’ reputation and cost you money. It’s necessary in today’s world to know how to respond to these complaints and avoid losing business. Click on the image to download or print the tip sheet.
RV trips are a great way to spend time with loved ones and see sights all around the country. Before you hit the road, it’s important to be aware of the safety hazards of your RV that differ from your car. Click on the image to download or print the safety sheet.
May is National Allergy Awareness Month. Spring brings new life, but it also brings pollen and other common allergens. Click on the image to download or print the safety sheet.
For business owners, it’s important to be aware of changes in employment laws. These updates can impact your business, especially if your employee handbook isn’t updated accordingly. Click on the image to download or print the policy sheet.
Consumer-driven health plans like health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs), can help soften the blow of continually rising health care costs, but it’s important to understand what each option requires and provides. Here are brief descriptions of the similarities and differences concerning HSAs, FSAs and HRAs:
HSAs
Due to their tax-favored status, HSAs require individuals to meet these qualifications:
Be covered by a high deductible health plan (HDHP)
Not have any other health coverage (with some exceptions)
Not be claimed as a dependent on another person’s tax return
Not be covered by Medicare
The employer and employee can contribute to the HSA in the same year, subject to annual limits. Employers may allow employees to make pre-tax salary reduction contributions to fund their HSAs. Individuals may roll over unspent funds in the HSA from year to year. Since the HSA is a tax-exempt account owned by the employee, he or she may keep the account upon termination of employment or retirement.
FSAs
Health FSAs provide a means for employees to reduce their income tax liability through salary reduction. The Affordable Care Act (ACA) limits employee’s pre-tax contributions to their health FSAs to $3,050 (adjusted for inflation for future plan years). Since only employees can participate in a health FSA, self-employed individuals can establish health FSAs for their employees, but cannot set up their own accounts. Also a “use-it-or-lose-it” provision, meaning that employees must use every dollar in the account by the end of each year, which can lead to overfunding the account and then spending unnecessarily at the end of the year to avoid forfeiting the money. Some options for protecting those unused funds exist, but it is best to check with a qualified benefits expert first.
HRAs
HRAs allow employees to use employer contributions to pay for (or reimburse) eligible medical care expenses. HRAs can only be funded with employer money, and unused HRA balances may accumulate from year to year. There is no specified cap on the amount an employer is allowed to contribute to an HRA. Also, an HRA is not subject to the uniform coverage rule that applies to health FSAs. Like health FSAs, only employees can participate in an HRA, which means that self-employed individuals cannot participate in an HRA on a tax-favored basis.
Introducing consumerism into your health plan requires an evaluation of the benefits and disadvantages of HSAs, FSAs and HRAs. No single solution is right for every employer. If your organization is considering implementing a consumer-driven health plan, the Benefits team at Evergreen Insurance can help determine the best plan for you.
Copyright 2023 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
Spring is here, and with it can come spring thunderstorms. Thunderstorms can become quite severe, and knowing what to do in the event of a storm can help protect you and your family. Click on the image to download or print the safety sheet.
Do you own an e-bike? They are an easy and fast way to get around. Even though you may think of it as a toy, it’s important to consider insurance coverage for it, as you would for any other vehicle. Click on the image to download or print the information sheet.
Happy National Small Business Day! Evergreen Insurance is here to support and help protect your small business from the risks and liabilities you may face. Choosing the right business insurance for your company can be overwhelming. Click on the image to download or print the sheet for details on different types of insurance.
May is Motorcycle Safety Awareness Month. Due to the warmer weather, more bikers are out on the road. There are precautions both motorcycle riders and drivers can take to prevent accidents and save lives. Click on the image to download or print the safety sheet.
Hurricane season is approaching, and the storm winds and rains can cause a lot of damage to your property. Now’s the time to prepare your home and family so you can protect yourself. Click on the image to download or print the safety sheet.
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