A lot of changes in health insurance were made when the Affordable Care Act went into effect in March of 2020. One of the major changes was a mandate that certain employers had to offer their employees health insurance coverage, otherwise they could face stiff penalties. If your company fits within certain limits, you will […]
The health insurance landscape has experienced massive changes in recent years. As health care costs have increased, so, too, have the costs of providing health coverage to people all around the country. Many insurance companies have passed on those increased costs to those they insure so that premiums remain reasonably affordable. As a result, high-deductible […]
With costs rising yearly, it’s becoming increasingly difficult for everyday people to pay for their annual medical expenses. In addition to increasing health insurance premiums, the costs for the actual medical expenses that people are forced to pay out of pocket are also growing. To help offset some of these costs, the IRS has created […]
In recent years, the IRS has made available tax-advantaged savings accounts specifically designed to pay for out-of-pocket medical expenses. With healthcare costs rising across the country—and with high-deductible health plans becoming the norm increasingly—the federal government has been trying to encourage people to set money aside to pay for medical costs. One of those accounts […]
Health insurance costs are rising yearly, creating significant challenges for individuals and employers who provide health coverage to their workers. With no control over where health insurance costs will go in the future, employers are turning to alternative options to keep these expenses lower. Two major alternative options today are health insurance captives and consortiums. […]
The Affordable Care Act first went into effect in 2010. Five years later, the Employer Mandate—known officially as the Employer Shared Responsibility Provisions, or ESRPs—took effect. In essence, the Employer Mandate is a list of provisions that large employers must abide by regarding offering health insurance to their employees. If they fail to meet these […]
The proliferation of high deductible health plans has sharply increased employees’ costs for their health care. In response, the federal government has created multiple tax-advantaged accounts to pay for medical expenses. One such account is called a Flexible Spending Account (FSA). Employees can set up these accounts with their employer, allowing them to pay qualifying […]
Health insurance is commonplace among Americans, but how many people understand their coverage? The answer, unfortunately, is probably not many. Every year, Americans have a choice about what type of health coverage they wish to purchase during open enrollment. However, selecting which plan is best for you can be challenging if you don’t understand essential […]
Health Reimbursement Accounts, or HRAs, are a great tool that people can use to reimburse themselves for expenses related to dental and healthcare. However, not all expenses are eligible for reimbursement.
When the Affordable Care Act was enacted in 2010, group health plan coverage changed dramatically. The act changed how people had access to healthcare in the U.S. and also put new requirements on businesses that employ workers.
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