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The IRS has released 2024 contribution limits for FSAs, HSA and commuter benefits:
FSA (medical, limited, and combination FSAs): $3,200 per year
FSA carryover: $640 per year
Commuter benefits: $315 per month
QSEHRA: $6,150 ($12,450 for family coverage)
HSA: Single $4,150 and Family $8,300 per year
View full comparison breakdown here
ESG offers a variety of employee benefit plans including health, dental, vision, life, and disability insurance.
Our health insurance coverage area includes all 50 states in the US. We partner with major insurance carriers to offer comprehensive coverage options.
To enroll in an employee benefit plan, please contact ESG and one of our representatives will guide you through the enrollment process.
Eligibility criteria may vary depending on the specific benefits program. Generally, full-time employees who work at least 30 hours per week are eligible for our benefits programs. Some programs may also have specific eligibility requirements based on job title or length of service.
An HSA, or Health Savings Account, is a tax-advantaged savings account that you set up to pay for qualified medical expenses for you and/or your spouse and dependents.
To qualify for an HSA:
Qualified medical expenses that can be paid for with HSA funds include deductibles, copayments, prescriptions, and certain medical procedures and services. For a complete list of qualified expenses, please refer to IRS Publication 502.
The Health Savings Account (HSA) triple tax advantage refers to the unique tax benefits associated with HSAs, which are specialized accounts designed to help individuals save and pay for qualified medical expenses. The "triple tax advantage" refers to three key tax benefits that HSAs offer:
In essence, the HSA triple tax advantage allows individuals to contribute to the account with pre-tax dollars, earn investment returns tax-free, and withdraw funds for eligible medical expenses without incurring taxes. This combination of tax benefits makes HSAs a powerful tool for managing healthcare costs and saving for medical expenses in a tax-efficient manner. It's important to note that in order to take full advantage of the triple tax benefits, you need to use the HSA funds solely for qualified medical expenses.
ESG HSA program offers both self-directed and mutual fund investment options available for investing excess cash held in your ESG HSA bank account. These funds are invested by you based on your investment objectives and goals, ESG is not an investment advisor. Results of mutual funds are reported monthly and available for your review and possible reallocation of funds. You can personally control the investment of funds held in excess of $2,500 (minimum cash for day-to-day healthcare expenses).
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows eligible participants to elect continuation coverage for a certain period after experiencing a qualifying event that would otherwise result in the loss of group health coverage. Generally, eligible individuals have 60 days to elect COBRA coverage after the qualifying event.
It's important to note that the 60-day clock starts ticking from the later of two dates: either the date of the qualifying event or the date the individual receives the COBRA election notice from the employer or plan administrator. This notice typically needs to be provided within 14 days after the plan administrator receives notice of the qualifying event.
Keep in mind that COBRA rules may vary, and it's always advisable to check with the specific plan or employer to get accurate and up-to-date information regarding COBRA election timelines.
The Consolidated Omnibus Budget Reconciliation Act of 1985, commonly know as COBRA became effective in July of 1986. It was a mixture of legislation but is mostly known as a law mandating (most) employers to offer employees and/or their covered dependents the right to continue their group coverage should they experience a “qualifying event.”
All companies offering a group health plan are required to offer COBRA continuation coverage with the exception of 1) Employers with less than twenty employees; 2) Church Groups; and the Federal Government. The “Small Employer Exception” states employer groups with less than twenty employees on half the days in the previous calendar year (with part-time employees equaling a percentage of a full-time employee) are not required to offer continuation coverage during the current year. (Some states have lowered the minimum for the Small Employer Exception by mandating state continuation coverage similar to COBRA).
The six qualifying events are – termination of employment, reduction in work hours, employee’s death, divorce or legal separation, Medicare entitlement and loss of “dependent status.” Individuals experiencing a qualifying event are called “qualified beneficiaries” or “QBs.”
The length of time for COBRA continuation coverage is based upon the qualifying event experienced. Employees experiencing a termination of employment and a reduction in work hours shall be eligible for up to eighteen months of continuation coverage. Dependents experiencing an employee’s death, divorce, Medicare entitlement or a dependent (usually a child) who no longer qualifies as a “dependent” under the insurance company’s group contract are eligible for thirty-six months of coverage.
A multiple (or second) qualifying event is when a qualified beneficiary (with dependents) experiences a termination or employment or reduction in work hours and elects COBRA. During the eighteen months of continuation coverage, another qualifying event occurs (such as the employee’s death, divorce/legal separation, Medicare entitlement or loss of “dependent” status). At this point the dependents should be offered the right to extend their coverage for a total of thirty-six months from the employee’s original COBRA start date.
Employers are responsible for providing a COBRA Qualifying Event Letter explaining the employee’s (and covered dependents) continuation rights under COBRA. The employer has fourteen days from the later of the date of the qualifying event or the date coverage is lost to send this notification. Legislation states employers shall send the notification via first class mail to the last known address of the employee. The qualified beneficiaries then have up to sixty days to notify the employer of their decision to accept COBRA. Once accepted, they have up to forty-five days to make their first premium payment.
COBRA states you must provide an initial forty-five day grace period (from date of COBRA acceptance) to pay COBRA premiums. In most cases, premiums are retroactive back to the date coverage was lost, henceforth “continuation coverage.” After the initial payment, COBRA participants have a thirty day grace period. In other words, if June’s premiums are not postmarked by June 30th, coverage may be terminated.
Employees who are disabled within the first sixty days of COBRA continuation may be offered an eleven month extension (or a total of twenty-nine months) provided they receive a determination from the Social Security Administration (SSA) during the first eighteen months. Both the employee and covered dependents are eligible for this extension. If the person is considered to no longer be disabled during the extension period, COBRA coverage may be terminated.
A health reimbursement arrangement (HRA) allows employers to reimburse employees for various medical expenses listed in IRS Publication 502, which includes more than 200 eligible expenses. The type of HRA you have determines the eligibility of expenses.
For example, if you have a qualified small employer HRA (QSEHRA) or an individual coverage HRA (ICHRA), your organization can reimburse you for your individual health insurance premiums. But if you have an integrated HRA, also known as a group coverage HRA (GCHRA), your health plan premiums aren’t eligible for reimbursement. However, you may submit your copayments, coinsurance, and deductible amounts for reimbursement.
While the IRS initially prohibited employers from reimbursing employees tax-free for some medical items, the CARES act expanded eligible items to include over-the-counter medicines without a prescription and menstrual care products in 2020.
With an HRA, you can purchase the expenses that make sense for you and your family’s health. Check out our the list below to see what medical services and items are eligible for reimbursement to get the most out of your health benefit.
✔ : Items that are eligible for reimbursement
✔ RX : Items that are eligible with a prescription from your doctor
✔ NOTE : Items that are eligible with a note from your doctor
X : Items that aren't eligible for reimbursement
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