You’ve gone and done it. You’ve switched (maybe for the first time ever) to a high deductible health plan (HDHP). The plan can save you money, but you’ll need to navigate a Health Savings Account (HSA)—a special type of savings account that comes with your new plan. Along with helping you cover the [...]
Changing your health benefits package is hard. Even though adjustments are necessary (and sometimes out of your control), they are often met with anxiety and frustration by employees. Providing the best possible benefits package is a balancing act. Compliance concerns, economic changes, health and wellness strategies, long-term organizational goals—these are just a few of [...]
This post was originally published on Newswire. Free new tool helps employers eliminate inequitable benefit design and promote workplace DEI (Portland, ME) January 12, 2021. MyHealthMath today announced a new health benefits equity audit to help employers optimize their benefit design to promote diversity, equity, and inclusion. Employers can use the [...]
Consumer-Driven Health Plans (CDHPs) have significant financial advantages, namely lower monthly premiums and the triple tax benefit of a health savings account (HSA). Employers can help lower wage earners overcome barriers to HSA adoption, so that employees across income level can benefit. The advantages of an HSA-Eligible plan Along with lower monthly premiums, CDHPs [...]
Open enrollment has arrived. It’s once-a-year opportunity for employees to update their health benefits—and sadly, it is historically underutilized. More than 90 percent of people choose the same health plan year after year, even though their health needs and budgets regularly change. As a result, millions of Americans end up in the wrong health [...]
Did you know that many preventive drugs are covered by the Patient Protection and Affordable Care Act (ACA)? The ACA regulated the coverage of many preventive services to make sure they are available under all benefit plans—including private health insurance. In addition, insurance providers often fully cover additional preventive services on some High Deductible [...]
Do you know how to read your Summary of Benefits and Coverage document (or SBC)? This is a consumer facing document outlining the coverage provided by a health insurance plan. Devoid of legalese, this summary helps to clarify the cost-sharing structure of a plan without the need to digest lengthy fine print from an [...]
Choosing between the different types of health insurance plans is hard. The first thing to do is understand the basics. Get started with this easy overview of the different types of health insurance plans: High Deductible Health Plan (HDHP) An HDHP plan is defined by the IRS as having a higher deductible than most [...]
What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a medical savings account that you own! In this guide to health savings accounts, you'll learn about the basics to see if an HSA is right for you. If you are enrolled in a High Deductible Health Plan (HDHP), both you [...]
Wondering about the difference between HSAs, HRAs, and FSAs? You're not the only one who feels like there are too many acronyms and too little time. HSAs, HRAs, and FSAs are accounts used to pay for qualified medical expenses, prescription drugs, dental and vision expenses. Health Savings Account (HSA) – is a savings account [...]
