What designates an IRS “Change in Status”?
- Change in legal marital status (marriage, death of spouse, divorce, legal separation, annulment)
- Change in number of tax dependents (birth, death of dependent, adoption or placement for adoption)
- Change in dependent’s eligibility
- Change in employment status of employee, spouse or dependents
- Other changes that may permit an election change under the Dependent Care FSA are:
- Change of dependent care provider
- Change of rate charged by unrelated dependent care provider
- Child attaining age 13
- Election changes must be consistent with the event. If you experience a Change in Status, please review your Summary Plan Description, as it will provide you with important information on the deadline for reporting this event.
What is “pre-tax”?
When you participate in a payroll deduction program through your employer, deductions can be taken from your payroll before calculating your taxable federal income, FICA (Social Security and Medicare) tax and for most states, taxable state income. By taking deductions pre-tax, you reduce the dollars on which you are taxed and, as a result, reduce your total tax bill.
Increase your book of business by partnering with NueSynergy
When it comes to administering services such as COBRA, FSAs, HRAs and HSAs, all third party administrators are the same, right? Wrong! Over the last two decades, NueSynergy has separated itself from the competition by offering personalized, knowledgeable service and innovative technology-based solutions that have helped raise the bar in benefit value and overall experience. We call it the NueSynergy Difference.
If you have any clients that are looking to enhance their benefits at a zero-cost increase, let’s schedule a 10-minute call to discuss how we can work together to accomplish this task.
Contact us at 855.890.7239 or email@example.com to schedule your consultation today.
Open enrollment is almost here
It’s that time of year again. Open enrollment is around the corner. For many companies, this is the best time to review the health care needs of the organization. And with unemployment rates nearing historic lows, many businesses are enhancing their benefits package to recruit and retain top talent.
As some of you may be aware, enrollment in Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) has been on the rise over the last several years. Participation in flex-benefit plans is part of a growing trend for employees looking for perks at work. This holds especially true for Millennials, the largest generation in today’s workforce.
This is where NueSynergy can help
NueSynergy offers a fully integrated suite of administration services, managed by subject matter experts with an average of 10 years direct industry experience. Our administration services include:
Flexible Spending Arrangements
Health Savings Accounts
Health Reimbursement Arrangements
Further, NueSynergy has the in-house expertise and integrated technology to help employers maximize operational efficiencies and control rising health care costs. Our commitment to outstanding client service ensures employees have the tools and resources to manage the financial aspect of their health care. By making innovations such as insurance carrier integration, single platform administration as well as single debit card and mobile app access to all plans part of our standard solution, we have quite simply raised the bar in benefit value and overall experience.
Open enrollment and beyond
In today’s modern workforce, it’s critical for employers to recognize the role that engaged employees play in driving sustainable company growth and success. By taking the time to educate and engage with employees about their benefits package, employers can better identify what programs and services employees and their families value the most. By taking this approach, employers better position themselves to create a healthier and more productive workforce.
So if you’re looking to add flex-benefits to your company’s health plan, or need help effectively communicating and educating your employees about their available benefits, please give us a call or send us an email! We’re here to help.
Please contact us today at firstname.lastname@example.org or 855.890.7239 to schedule your consultation today.