Entries by Adrienne Engel

HSAs & FSAs: Eligibility and Contribution Limits

HSAs (Health Savings Accounts) and FSAs (Flexible Spending Accounts): Are both accounts designed to help employees put aside money to pay for extra medical expenses on a pre-tax basis, both have rules around maximum contributions and permissible distributions, and both have remarkably similar sounding acronyms. However, the similarities for the most part, stop here.

2019 W-2s and Your Employee Benefits

The January 31st W-2 deadline will be here before you know it, and there’s a lot your team needs to prepare between now and then. As we approach 2019 year-end, employers should keep in mind certain health and welfare benefits-related information that must be reported on the W-2 Earnings Statements they provide to employees. The IRS has issued 2019 General Instructions for Forms W-2 and W-3.

State of The Market Trends – Third Quarter

Hays Companies is proud to present our Q3 State of the Market. Our experts weighed in on trends that are affecting commercial insurance and risk management and delivered unique insight into the future of P&C insurance. Topics covered include: Property Casualty Executive Risk Cyber Liability International To read the full report, please complete the below […]

Compliance Webinar | Making Sense of HSA’s

Health Savings Accounts (HSAs) inhabit a strange place in the employee benefit world: they often exist because of health coverage offered by an employer, employers can contribute to them, but they are ultimately owned by the individual and are not group sponsored health plans. Some strange rules result. In this 35-minute presentation, the Hays Compliance […]

Disaster Recovery Planning: An Overview

With another two months remaining in Hurricane season, the risk of damage from a natural disaster remains strong. Already, Hurricane Dorian has decimated the Bahamas and caused untold financial damage along the eastern coast of Florida, Georgia and the Carolinas. For most businesses in the hurricane corridor this is a fact of life, and they are prepared when the inevitable disaster strikes, using the months leading up to hurricane season to work out emergency logistics.

Moving on from Guaranteed Cost—a Strategy for Reducing Workers Compensation Costs

Workers’ compensation is usually the most expensive insurance coverage for construction companies and contractors, with guaranteed cost programs being the most commonly used. The International Risk Management Institute (IRMI) defines guaranteed cost programs as “premiums charged on a prospective basis without adjustment for loss experience during the policy period. A rate is agreed on at the inception of the policy and is multiplied by the appropriate exposure base (e.g., sales, payroll, number of vehicles, or square footage) to yield the premium.”*

Health FSAs: Nondiscrimination Testing Under IRC §105(h)

Author: Andrew Wilson, Regulatory and Legislative Specialist, Hays Companies Overview of IRC §105(h) Nondiscrimination Testing Health Flexible Spending Accounts (HFSAs) are a type of tax-advantaged medical account that reimburses employees for eligible health care expenses and are a component of many employer-sponsored cafeteria plans. Specifically, IRC §105(h) prohibits those plans from discriminating in favor of “highly compensated […]