by Lexi Garcia | Feb 21, 2023 | Blog
Everyone in the employee benefits field uses acronyms like COBRA, FSA, and CDHC. What do these and other employee benefit acronyms stand for?
Here’s an explanatory list of common employee benefit acronyms used:
ACA – Patient Protection and Affordable Care Act
AHP – Association Health Plan
ASG – Affiliated Service Group
ASO – Administrative-Services-Only
ATIN – Adoption Taxpayer Identification Number
BA – Business Associate
CDHC – Consumer-Driven Health Care
CE – Covered Entity
COB – Coordination of Benefits
COBRA – Consolidated Omnibus Budget Reconciliation Act
COLA – Cost-of-Living Adjustment
CONUS – Continental United States
DCAP – Dependent Care Assistance Program
DOL – Department of Labor
EIN – Employer Identification Number
EAP – Employee Assistance Plan
EBHRA – Expected Benefit HRA
EBSA – Employee Benefits Security Administration
EEOC – Equal Employment Opportunity Commission
EFAST2 – ERISA Filing Acceptance System II
EOB – Explanation of Benefits
EOI – Evidence of Insurability
ePHI – Electronic Protected Health Information
ERISA – Employee Retirement Income Security Act
FICA – Federal Insurance Contributions Act
FLSA – Federal Labor Standards Act
FMLA – Family and Medical Leave Act
FSA – Flexible Spending Amount
FUTA – Federal Employment Tax Act
GHP – Group Health Plan
HCE – Highly Compensated Employee
HCP – Highly Compensated Participants
HDHC – High Deductible Health Coverage
HDHP – High Deductible Health Plan
Health FSA – Health Flexible Spending Arrangement
HHS – Department of Health and Human Services
HIPPA – Health Information Technology for Economic and Clinical Health Act
HMO – Health Maintenance Organization
HRA – Health Reimbursement Arrangement
HSA – Health Savings Account
ICHRA – Individual Coverage HRA
IIAS – Inventory Information Approval System
MCC – Merchant Category Code
PBM – Pharmacy Benefit Manager
PCOR Fees – Fees for Patient-Centered Outcomes Research
PEO – Professional Employer Organization
POP – Premium-Only Plan
PPO Plan – Preferred Provider Organization Plan
QB – Qualified Beneficiary
QE – Qualifying Event
QMCSO – Qualified Medical Child Support Order
QSEHRA – Qualified Small Employer Health Reimbursement Arrangement
R&C – Reasonable and Customary
RRE – Responsible Reporting Identity
SBC – Summary of Benefits and Coverage
SMM – Summary of Material Modification
SPD – Summary Plan Description
TPA – Third Party Administrator
UCR Rate – Usual, Customary, and Reasonable Rate
VEBA – Voluntary Employees’ Beneficiary Association
by admin | Dec 14, 2022 | Blog
In the spring, NueSynergy touched on how to utilize the FSA Store to take advantage of FSA-eligible items. With the 2022 calendar year ending, now is a good time to detail the utilization of the HSA Store.
The HSA Store is akin to the FSA Store, as it’s an outlet for consumers to buy eligible products to fit their Health Savings Account needs. This online store carries over 2,500 products — from first-aid kits, orthodontia to pregnancy tests.
To best utilize the HSA Store, search any HSA eligible item you need for purchase. From there, add a promo code to any purchased HSA eligible item. All promo codes can be turned into points for future purchases.
The smallest denomination of points that can be redeemed for later use is 350 ($10) and largest is 1,500 ($50). You cannot redeem fewer than 350 points at a time. Balances under 350 points cannot be exchanged for a partial value dollar reward. Points expire six months (180 days) following your last order date. To learn about all HSA Store eligible items, look here.
by admin | Nov 30, 2022 | Blog
A Health Savings Account (HSA) is an individually owned, tax-favored account that allows participants to pay for qualified healthcare expenses, such as pregnancy test kits, eyeglasses, and more. Here is an overview of the five potential benefits that an HSA provides.
Benefit #1: HSAs provide triple-tax coverage; meaning contributions are made tax-free, grow tax-free, and can be withdrawn tax-free. This is possible if it’s coupled with a High Deductible Health Plan (HDHP).
Benefit #2: Unused HSA funds are rolled over annually, enabling them to be used for future expenses.
Benefit #3: Contribution limits continue to increase with this account. Participants can now use up to $3,850 in annual funds to pay for healthcare expenses individually. If participants wish to use up funds for family coverage, the annual limit is now $7,750.
Benefit #4: Participants who are Medicare eligible, but not enrolled in Medicare, can contribute to an HSA to save for retirement. If 65 or older, HSA funds can also be used without a penalty.
Benefit #5: Even if a participant loses employment, HSA funds can still be used to pay for qualified expenses. However, the ability to continue contributing depends on if the participant chooses to enroll in an HSA qualified health insurance plan either through COBRA, their new employer or an individual policy.
by admin | Oct 11, 2022 | Blog
Several months ago, NueSynergy wrote about what happens to Flexible Spending Accounts (FSAs) when employment ends and what happens to Health Savings Accounts (HSAs) when retirement starts. Now, it’s time to talk about HSAs following the loss of employment. Here is what you need to know.
- Since HSAs are owned by participants and not employers, HSAs remain available even after employee termination. This means that HSAs can continue to be used for qualified expenses. However, the ability to continue contributing to this account depends on if a participant is enrolled in an HSA Qualified Health Insurance Plan either through an employer or an individual policy.
- All future salary redirections from HSAs will end.
- Any admin fees previously covered by employer will be withdrawn directly from HSA on the 1st of each month.
- Current NueSynergy HSA debit card will be turned off while a new one will automatically be issued at the physical address associated with account.
- Account and routing numbers associated with HSA will remain the same.
For further information about this topic, read here.
by admin | Sep 14, 2022 | Blog
Health Savings Account (HSA) participants can use their HSA funds to pay for qualified health care expenses such as deductibles and prescription drugs. What many don’t know is that HSA funds can also cover these commonly used products and services:
- Dental treatment
- Pregnancy test kits
- Orthodontia
- Hearing aids and batteries
- Ambulance services
- Contraceptives
- Insulin
- Prescription eyeglasses
- Nursing services
- Physical therapy
To learn even more about HSA-eligible items, check out our extensive list.