Author: MDG Benefits Admin
Benefits 101: What Is a FSA?
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When it comes to health insurance, there is a lot of jargon and plenty of acronyms. Many people have heard of FSAs, but may not actually know — what is a flexible spending account, exactly? If you have an employer-sponsored health plan, a flexible spending account (FSA) is often available as part of the benefits…
The Pay or Play Percentage Increase for 2025
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The Affordable Care Act (ACA) requires large employers to offer affordable health insurance coverage to their full-time employees or face a penalty known as the “Pay or Play” tax. This tax is based on the employer’s average monthly wage (AMW) and the number of full-time employees. The affordability rate for employer-sponsored health coverage will increase from 8.39% to…
Bridging the Generational Divide: Leveraging Technology for Effective Communication
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In today’s diverse workplaces, effective communication across generations is essential for fostering collaboration, productivity, and a positive work environment. Understanding the unique communication preferences of each generation can help bridge the gap and create a more inclusive and harmonious workplace. Technology can play a crucial role in bridging the generational gap and facilitating seamless communication.…
Medicare Drug Coverage Changes for 2024 Open Enrollment
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Medicare open enrollment runs from Oct. 15 to Dec. 7 every year. During this period, enrollees can make certain changes to their current enrollment coverage. The decisions made during open enrollment can significantly affect the cost and coverage of your health care as well as the providers and pharmacies that are in-network. As such, it’s…
Empowering Gen Z: Building a Competitive Benefits Package
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Get ready for a new wave of talent! Gen Z (born between 1997 and 2012), or Zoomers, is the youngest generation entering the workforce, and they’re bringing fresh perspectives and priorities. Unlike previous generations, Gen Z isn’t just punching a clock. They crave opportunities for personal and professional growth, a workplace that prioritizes mental well-being,…
Understand Your Spending Power: What You Can Buy with Your FSA, HSA, or HRA
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HSA, FSA, and HRA can typically be used for: Expenses that might be covered, but check your plan: Important Considerations: Additional Tips: By understanding the nuances of HSAs, FSAs, and HRAs, you can make informed decisions about how to use these accounts to your advantage and maximize your healthcare savings.
Navigating the Alphabet Soup: HRAs, HSAs, and FSAs Explained
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Managing healthcare costs can feel like deciphering a complex code. Three acronyms frequently pop up: HSAs, HRAs, and FSAs. But what exactly do they mean, and which one is right for you? Let’s break down these accounts and explore how they can help you save on qualified medical expenses. Understanding the Accounts: Who Can Use…
Benefits 101: What Is an HDHP?
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In today’s world of complex health insurance options, High Deductible Health Plans (HDHPs) have become increasingly popular. But with a name like “high deductible,” it’s natural to have questions. Let’s break down the basics of HDHPs: What is an HDHP? An HDHP is a health insurance plan with a higher deductible than traditional plans. This means you…
Benefits Buzz
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Final Forms and Instructions for 2023 ACA Reporting Released The IRS has released final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: No major substantive changes were made to the final forms and instructions for 2023 reporting. However, the 2023 instructions include information on the new electronic filing threshold…
Revealed – Survey Responses about Employee Wellness and Benefits
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The connection between employee wellness and the benefits of the job might seem obvious. But the conversation should be more nuanced than merely a discussion about health insurance, access to mental healthcare like employee assistance programs (EAPs), and well-being apps to reach zen. Indeed, Human Resources professionals must reconsider their definition of benefits. It must extend to all the pros of…