This is part two of a two-part article on a comprehensive list of notices to include in your employee’s open enrollment benefits. In part one, we reviewed details on Summary Plan Description (SPD), Summary of Benefits and Coverage (SBC), Summary of Material Modifications (SMM), CHIPRA and HIPAA Notices.
Employers looking to decrease their healthcare costs often rely on workforce adoption of High Deductible Health Plans (HDHPs), which offer both employers and employees lower premiums. Unfortunately, this strategy doesn’t always work out if enrollment in HDHPs (assuming employees are given a choice) fall short of forecasts.
Let’s face it, healthcare has become a major expense for everyone in this country. To help offset a portion of this costly burden for employees, employers typically offer two very popular tax-advantaged savings accounts: HSAs and HRAs. But what’s the difference between these two healthcare savings plans and which is better for your employees and your company?
Trying to decide which of the many employer-sponsored benefits out there to offer employees can leave an employer feeling lost in a confusing bowl of alphabet soup—HSA? FSA? DCAP? HRA? What does it mean if a benefit is “limited” or “post-deductible”? Which one is use-it-or-lose-it? Which one has a rollover? What are the limits on each benefit?—and so on.