AN EMPLOYER’S GUIDE TO HEALTH SAVINGS ACCOUNTS (HSAs)

Introduction to the Guide
The following provides you, as an employer, with information about Health Savings Accounts (“HSAs”) under Internal Revenue Code (“Code”) Section 223. You should read this explanation to evaluate whether HSAs may be used either as an alternative to, or in addition to, health flexible spending accounts (“Health FSAs”) under Code Section 125 or Health Reimbursement Arrangements (“HRAs”) under Code Section 105(h).
To fully understand the requirements of these accounts, the following discusses their terms and compares their advantages and disadvantages over Health FSAs and HRAs in a question and answer format. In addition, a chart comparing both Health FSAs and HRAs with HSAs is included at the end of this explanation.
It is important to remember that this explanation is not intended to serve as a substitute for the advice of your lawyer, accountant, or other personal tax or financial advisor.

Click Here To Download The PDF HERE…

Summary of Benefits and Coverage – The New Requirement

I presented a free for a free Webinar on April 26 . During this Webinar, I reviewed all of the requirements for creating and distributing the Summary of Benefits and Coverage (SBC).This requirement applies for the first open enrollment period beginning on or after September 23, 2012 for participants and beneficiaries enrolling or re-enrolling through open enrollment.

From this Webinar, you will learn:

• The general requirements
• Who must provide the SBC?
• Who must be furnished the SBC?
• When must the SBC be Distributed?
• Form and manner to distribute the SBC
• Appearance, language, and content requirements for the SBC
• Updating the SBC: Notice of material modifications
• Consequences of failing to provide the SBC
• Resources available for creating the SBC

This webinar is approximately 60 minutes in length.