Employers subject to the San Francisco Health Care Security Ordinance (HCSO) must complete and submit the online 2018 Annual Reporting Form by April 30, 2019. Covered employers who fail to make this required submission by the deadline will be subject to penalties for non-compliance: Up to $100 per employee per quarter for failure to make expenditures and up to $500 per quarter if annual reporting is not submitted.
Many companies offer FSA plans to help with rising medical costs. We discussed the basics of an FSA and the differences between other similar plans in our post: What is an HRA, FSA & HSA? An FSA is an account that you are able to put pre-tax dollars from your paycheck into that can be used (without being taxed) on eligible health and dependent care expenses. But how exactly do you use your FSA?
Employees often come to us throughout the year asking if they can change their plan, cancel their insurance, join a plan they aren’t on, etc. Insurance carriers are very strict regarding when you are allowed to enter, exit, or make changes to the group plan. Other than open enrollment (which is different for every company) or when you are first hired, you are only allowed to make changes if you have a qualifying event.
According to the Fidelity Plan Sponsor Attitude Survey, employers are most concerned with ensuring their retirement plan is effectively preparing employees for retirement.
HSA eligible plans are extremely popular these days. However, not everyone has had experience using an HSA with their benefits. This can be confusing since the plans do function differently from other plans with their ties to a bank account - the HSA itself.