President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act or CARES Act on Friday, March 27. This bill is intended to help Americans by providing some financial relief as we continue to face the coronavirus pandemic. We are especially happy to see these legislative changes provide greater flexibility for account holders. Employees enrolled… Continue reading 2020 CARES Act: Employee Benefits Update
Category: Employee Benefits
Coronavirus Testing & Treatment Identified as Preventative Care for HDHPs
Coronavirus testing is considered a preventive service for individuals under high deductible health plans (HDHP)s. On March 11, 2020, the IRS released guidance concerning the widespread COVID-19 coronavirus as it relates to the testing and treatment of individuals enrolled in a high deductible health plan (HDHP). The decision came swiftly due to the public health… Continue reading Coronavirus Testing & Treatment Identified as Preventative Care for HDHPs
Benefits Card: Five Things to Know Before You Swipe
Card terminal at a local physician's office where patients can use their Benefits Card for expenses. When your employer partners with P&A Group, your benefit plan will more than likely come with a P&A Group Benefits Card. Your benefit plan may also cover your dependents' expenses – and they can have their own Benefits Card,… Continue reading Benefits Card: Five Things to Know Before You Swipe
FSA Grace Period & Other Rules to Know
FSA participant reviews her company's FSA plan rules online to see if her plan offers the FSA grace period. Whether Open Enrollment is already over or you’re in the middle of your plan year, it’s helpful to know if your FSA plan offers special provisions like an FSA grace period. Understanding how your plan works… Continue reading FSA Grace Period & Other Rules to Know
IRS 2020 Contributions Limits: What’s Changing
The IRS 2020 contribution limits were released on November 6, 2019. Here's what's changing for certain employee benefit plans beginning January 1, 2020. 2020 Contribution Limits for FSAs Health FSA For 2020, the Health Flexible Spending Account annual maximum contribution will increase by $50 to $2,750 per plan year. Adoption Assistance FSA The maximum amount… Continue reading IRS 2020 Contributions Limits: What’s Changing
Adoption Assistance FSA: Save Money as Your Family Grows
Enrolling in an Adoption FSA can save you significant money on adoption expenses. One of the biggest challenges facing families who are considering adoption is the cost. According to sources, parents can expect to spend at least $40,000 adopting one child. Luckily, resources like an Adoption Assistance FSA can help reduce expenses. If you're not… Continue reading Adoption Assistance FSA: Save Money as Your Family Grows
FSA Open Enrollment: 5 Ways to Reach Employees
An employee communication strategy is important to a successful FSA Open Enrollment. FSA Open Enrollment is in full swing for many employers and employee communication is more important than ever. Effective employee communication impacts employee satisfaction by reducing uncertainty and confusion. But, that’s not all. How well benefits are communicated to workers is key for… Continue reading FSA Open Enrollment: 5 Ways to Reach Employees
NJ Commuter Benefits to be Offered for Workers in 2020
In 2020, most New Jersey employers will be required to offer a pre-tax parking and transit plan. How to get to and from work can be challenging and expensive for many workers. In order to ease the financial burden of commuting, many employers offer a pre-tax commuter benefits program for employees - also known as… Continue reading NJ Commuter Benefits to be Offered for Workers in 2020
6 Reasons to Partner with P&A Group
Do you find yourself swamped with participant complaints and questions? Are employees’ accounts not accurate, leaving you with extra work to do? Do your phone calls and e-mails to your vendor go answered? If the company you’re using isn’t working with you the way it should, then it’s time for a change. Partnering with the… Continue reading 6 Reasons to Partner with P&A Group
Health Reimbursement Arrangements: Why Employers Are Giving Them a Second Look in 2020
The IRS announced two new Health Reimbursement Arrangement options will be available in 2020. You may have heard the exciting news last month about Health Reimbursement Arrangements (HRAs) – or did you? Recently, the IRS announced that employers will be able to offer two new variations of HRAs – the Individual Coverage HRA and the… Continue reading Health Reimbursement Arrangements: Why Employers Are Giving Them a Second Look in 2020