by admin | Dec 12, 2024 | Blog
Employee benefits often include a lot of acronyms. What do these and other acronyms mean? They are primarily used in Cafeteria Plans, Consumer-Driven Health Care, ERISA Compliance, COBRA, HIPAA, and Group Health Plan Mandates manuals. The list below provides a comprehensive collection of all the acronyms used.
AD&D Plan – Accidental Death and Dismemberment Plan
ADA – Americans with Disabilities Act
ASG – Affiliated Service Group
ASO – Administrative-Services-Only
ATIN – Adoption Taxpayer Identification Number
CE – Covered Entity
CMS – Center for Medicare and Medicaid Services
COB – Coordination of Benefits
COBRA – Consolidated Omnibus Budget Reconciliation Act
COLA – Cost-of-Living Adjustment
CONUS – Continental United States
DCAP – Dependent Care Assistance Program
DCTC – Dependent Care Tax Credit
DFVC Program – Delinquent Filer Voluntary Compliance Program
DOL – Department of Labor
EAP – Employee Assistance Plan
EBHRA – Excepted Benefit HRA
EBSA – Employee Benefits Security Administration
EDI – Electronic Data Interchange
EFAST2 – ERISA Filing Acceptance System II (electronic submission of Form 5500s)
EIN – Employer Identification Number
EOB – Explanation of Benefits
EOI – Evidence of Insurability
EPP – Employer Payment Plan
ERISA – Employee Retirement Income Security Act
ePHI – Electronic Protected Health Information
FAVR – Fixed and Variable Rate
FICA – Federal Insurance Contributions Act
FITW – Federal Income Tax Withholding
FLSA – Fair Labor Standards Act
FMLA – Family and Medical Leave Act
FSA – Flexible Spending Arrangement
FUTA – Federal Unemployment Tax Act
GCPCA – Gag Clause Prohibition Compliance Attestation
GHP – Group Health Plan
GTL Insurance – Group Term Life Insurance
HCE – Highly Compensated Employee
Source: Thomson Reuters
HCI – Highly Compensated Individual
HCP – Highly Compensated Participant
HDHP – High-Deductible Health Plan
Health FSA – Health Flexible Spending Arrangement
HHS – Department of Health and Human Services
HIPAA – Health Insurance Portability and Accountability Act
HMO – Health Maintenance Organization
HRA – Health Reimbursement Arrangement
HSA – Health Savings Account
ICHRA – Individual Coverage HRA
IIAS – Inventory Information Approval System
LTCI – Long-Term Care Insurance
LTD Plan – Long-Term Disability Plan
MACRS – Modified Accelerated Cost Recovery System
MCC – Merchant Category Code
MEWA – Multiple Employer Welfare Arrangement
OCR – Office for Civil Rights
PBM – Pharmacy Benefit Manager
PCORI – Patient-Centered Outcomes Research Institute
PEO – Professional Employer Organization
PHI – Protected Health Information
POP – Premium-Only Plan
PPO Plan – Preferred Provider Organization Plan
PTO – Paid Time Off
QB – Qualified Beneficiary
QE – Qualified Event
R&C – Reasonable and Customary
RRTA – Railroad Retirement Tax Act
SAR – Summary Annual Report
SBC – Summary of Benefits and Coverage
SIFL – Standard Industry Fare Level
SIHP – Self-Insured Health Plan
SMM – Summary of Material Modification
SPD – Summary Plan Description
STLDI – Short-Term, Limited-Duration Insurance
TPA – Third-Party Administrator
UCR Rate – Usual, Customary, and Reasonable Rate
VEBA – Voluntary Employees’ Beneficiary Association
by admin | Nov 21, 2024 | Blog
The holiday season is a time for celebration, but it can also bring its share of stress—especially when it comes to travel. To help you stay healthy and prepared, here are the top five FSA (Flexible Spending Account) and HSA (Health Savings Account) eligible items you should pack for your holiday adventures.
A well-stocked first aid kit is essential for any traveler. Look for kits that include band-aids, antiseptic wipes, and other basic supplies. Many first aid kits are FSA/HSA eligible, ensuring you’re ready for minor injuries or ailments while on the road.
Protecting your skin is crucial, even in winter. Sunscreen is often FSA/HSA eligible and perfect for those sunny holiday destinations. Choose a broad-spectrum SPF to shield your skin from harmful UV rays, whether you’re skiing or lounging by the beach.
Over-the-counter pain relievers like ibuprofen or acetaminophen are must-haves for any trip. These items are typically FSA/HSA eligible and can help you manage headaches, muscle aches, or any discomfort that might arise during your travels, ensuring you can enjoy your holiday without interruptions.
A digital thermometer is a handy tool to have, especially during flu season. Keeping track of your health is easier with this essential item. Many thermometers qualify for FSA/HSA reimbursement, making it a smart addition to your travel kit.
If you suffer from allergies, packing your allergy medications is essential. Antihistamines and nasal sprays are often FSA/HSA eligible and can help you manage symptoms while traveling. Whether it’s pollen, pet dander, or dust, having your allergy meds on hand will keep you comfortable and ready to enjoy the festivities.
Traveling during the holiday season doesn’t have to be stressful, especially when you’re prepared. By packing these five FSA/HSA eligible items, you can ensure a healthier, more enjoyable trip. Remember, taking care of your health is the best gift you can give yourself this holiday season. Safe travels!
For a full list of FSA/HSA eligible items, click here.
by Lexi Garcia | Nov 14, 2024 | Blog
When managing employee benefits, grasping the intricacies of Health Flexible Spending Accounts (FSAs) is essential, especially if your company is considering adding employer contributions like matching or seed contributions. You may be curious about how these contributions impact the IRS contribution limits.
Contribution Limits Overview
For plan years starting in 2024, the IRS sets the limit for health FSA salary reduction contributions at $3,200, which will increase to $3,300 in 2025. It’s important to note that this limit applies solely to contributions made through employee salary reductions.
Do Employer Contributions Count?
The good news is that nonelective employer contributions, such as matching or seed contributions, typically do not count toward this limit. However, there’s an important caveat: if employees can choose to receive these contributions in cash or as a taxable benefit, they will be considered salary reductions and will count toward the limit if contributed to the health FSA.
Compliance Considerations
Introducing employer contributions can also bring additional compliance challenges. For example, if contribution amounts differ among employees, your plan might violate the nondiscrimination rules outlined in the Internal Revenue Code.
Additionally, to qualify as an excepted benefit, the maximum benefit payable for the year must not exceed either twice the employee’s health FSA salary reduction election or the salary reduction election plus $500, whichever is greater. If employer contributions are included, it’s crucial to ensure they don’t push the health FSA beyond this maximum benefit threshold.
While employer contributions can enhance your benefits package, they require careful planning to maintain compliance with IRS regulations. By understanding how these contributions interact with the limits and other compliance issues, you can make informed decisions that benefit both your employees and your organization.
If you have any further questions or need assistance with your cafeteria plan, feel free to reach out!
Source: Thomson Reuters
by admin | Oct 24, 2024 | Blog
The IRS announced the 2025 contribution limits for all Flexible Spending Account (FSA) plans. Below is an overview of the limit increases across all the types of FSAs except for Dependent Care FSAs, which remain the same at $5,000 per year.
Health Flexible Spending Account
The Health FSA, which provides employees the ability to set aside money on a pre-tax basis to pay for eligible medical, dental, and vision expenses will have an increase to its contribution maximum from $3,200 to $3,300 for 2025. The new contribution limit will also apply to the Limited Purpose FSA which reimburses eligible dental and vision expenses. Limited Purpose FSA limits will also increase from $3,200 to $3,300 for 2025.
Carryover Limit
The FSA Carryover limit provides employers the option to transfer a maximum amount of remaining FSA balances at a plan year’s end to carryover for use during the next plan year. This is available with Healthcare and Limited Purpose FSAs only. The carryover limits for this account will increase from $640 to $660 for 2025.
Commuter Benefits
Commuter Benefits help employees pay for certain parking, mass transit, and/or vanpooling expenses with pre-tax dollars. The contribution limits for this account will increase from $315 to $325 for 2025.
Adoption Assistance
The Adoption Assistance FSA helps employees pay eligible adoption expenses such as agency fees and court costs by contributing to the account with pre-tax money from their paycheck. The contribution limits for this account will increase from $16,810 to $17,280 for 2025.
For more information about this major change, read our latest handout.
by admin | Oct 18, 2024 | Blog
NueSynergy was honored to be recognized by Morningstar as a Top HSA Administrator in 2024. This recognition highlights NueSynergy’s commitment to offering exceptional HSA services that help individuals and families manage their healthcare expenses effectively.
Why NueSynergy Stands Out
NueSynergy has earned its place among the top HSA providers by offering a range of features that cater to the needs of its users:
- Investment Options: NueSynergy was recognized for its extensive variety of value-based investment options, with the majority consisting of gold rated Morningstar funds.
- Competitive Interest Rates: Account holders benefit from competitive interest rates on their deposits, ensuring their money grows even as they use it for medical expenses.
- User-Friendly Platform: The intuitive platform makes it easy to manage accounts, track expenses, and make informed investment decisions.
National HSA Day
Earlier this week, we celebrated National HSA Day, which recognizes the importance of Health Savings Accounts (HSAs), raising awareness about their benefits. HSAs can be used not only for immediate medical expenses but also as a strategic tool for retirement planning. By understanding and utilizing HSAs, individuals can take control of their healthcare finances and secure a healthier financial future.
As we celebrate National HSA Day, it’s the perfect time to explore the benefits of HSAs and consider why NueSynergy is a top choice for managing your healthcare savings. With its competitive interest rates and robust investment options, NueSynergy stands out as a leader in the industry. Take advantage of this day to learn more about HSAs and how they can benefit you and your family.
What is an HSA?
A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals with high-deductible health plans (HDHPs) save for medical expenses. HSAs offer a triple tax benefit: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free. This makes HSAs a powerful tool for both current healthcare spending and long-term savings.
About NueSynergy
NueSynergy is known for industry-leading service, innovative technology, and excellence in providing full-service administration of consumer-driven and traditional account-based plans to employers of all sizes and sectors. NueSynergy offers a fully integrated suite of administration services, which include Health Savings Account (HSA), Health Reimbursement Arrangement (HRA), Flexible Spending Account (FSA), Lifestyle Savings Account (LSA), and COBRAcare+ administration as well as SpouseSaver Incentive Account, Combined Billing, Direct Billing, and Specialty Solutions. For more information, visit https://nuesynergy.com/
About Morningstar
Morningstar is a leading provider of independent investment research and insights. The company offers a wide range of products and services for individual investors, financial advisors, asset managers, and institutional investors. Morningstar provides data and research on various investment offerings, including mutual funds, ETFs, stocks, and bonds. Additionally, they offer investment management services through their subsidiaries, managing approximately $286 billion in assets as of December 31, 2023. Morningstar operates in 32 countries, empowering investor success globally.
