High-deductible health plans are gaining ground on traditional insurance plans, according to a new report from the Centers for Disease Control and Prevention. Over the past 10 years, adults aged 18 – 64 with employment-based coverage have increasingly opted for high-deductible health plans both with and without health savings accounts. The percentage of adults enrolled […]
Odds are your clients are struggling with higher insurance costs and worried about incurring any future medical bills. Here’s one option advisors can help them explore: health savings accounts. These accounts, which are offered in combination with high-deductible health insurance plans, provide a unique opportunity for clients to save. Better still, they afford triple tax […]
The California Supreme Court last week issued an opinion concluding that Starbucks must pay its employees for off-the-clock duties that take several minutes per shift. In issuing its opinion, the Court rejected the coffee giant’s request to invoke a federal wage rule (known as the de minimis doctrine) that excuses employers from paying employees for […]
Health savings accounts are at the top of the health policy agenda as Congress grapples with how to rein in ever-rising costs. House and Senate committees have held several hearings over the past few months on how to expand HSAs and update the rules, and House on Wednesday just passed two healthcare bills containing a broad array […]
You have a seven-month window to enroll in Part A, which is free and covers hospital services. The enrollment period begins three months before the month you turn 65 and ends three months after your birthday month. You can enroll in Medicare online at SocialSecurity.gov or visit your local Social Security office, even if you’re not ready […]
Q.What are the penalties for failing to comply with Section 125 requirements, such as failing to follow a cafeteria plan document’s terms? A: An operational failure occurs when a plan fails to follow its cafeteria plan document’s terms. There are several potential penalties for operational failures, including: Cafeteria plan disqualification Requiring the cafeteria plan to comply […]
In the past, we have highlighted some of the legal risks of employing commission-based employees, as well as some of the methods for limiting those risks. A new court decision out of Illinois provides a good reminder that vaguely described policies and restrictive payment rules can expose employers to large liabilities. In this case, a longtime office furniture salesperson worked under a […]
Are the questions you’re asking potential employees truly helping you identify the best candidate? Increasingly, employers are learning that questions don’t need to be interesting, just effective. Instead of asking a candidate about their favorite superhero, which is essentially another way of asking them what their super power would be, ask them what they like to […]
Summer is approaching, which means your employees are probably looking to get away for a well-deserved vacation — or, at the very least, a staycation that includes unplugging for the week. The low unemployment rate and an increasing number of job openings signal to employers that they need to offer more time off to compete […]
Are only the largest retirement plans audited? The truth is that plans of any size can be audited by the IRS and the DOL. Your plan could be selected for a random audit, or as a result of IRS datasets that target certain types of plans. However, lots of audits are triggered by specific events. […]
