With nearly 37.5 million open health savings accounts (HSAs) as of 2023, it’s clear that the accounts are growing in popularity with employees, and with good reason. When used effectively, HSAs can help…
EBC Insights
Choosing the Right Partner: 5 Things to Look for in a TPA
In today’s rapidly evolving landscape, where reliability, efficiency, and expertise are of the utmost importance, finding the right third-party administrator (TPA) to administer your employee benefits is crucial. As…
Navigating COBRA: A Cautionary Tale Against Self-Administering
The Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 requires most companies that sponsor group health plans to offer their health plan participants and the participants’ families…
7 Strategies to Keep the Benefits Conversation Going
With open enrollment season in the rear-view mirror, benefits often fade into the background for most employers until the next open enrollment period approaches.
Empowering Your Benefits Experience: A Recap of 2023 Enhancements
As we step into a new year, we are excited to reflect on the strides we made in 2023 to elevate your experience with EBC. Our valued partners, employers, and participants…
An Introduction to Annual Elections and Common Permitted Election Changes
Prior to each plan year, employees make elections under their employer’s cafeteria plans. This includes, but is not limited to, pre-tax payroll deduction elections for funds…
HSA Security: Protect Your Account From Fraud
Health savings accounts (HSAs) have been rapidly growing in popularity over the last several years, with more than 35.5 million active accounts totaling $104 billion in assets. Since many people…
2024 FSA and Commuter Limits
The IRS has officially announced, under Revenue Procedure 2023-34, the 2024 flexible spending account (FSA) and commuter limits. FSA Limits The Health Care (standard or limited) FSA annual maximum plan contribution limit will increase from $3,050…
4 Ways Employers Can Prepare for the End of the Year
With the end of the year quickly approaching, it’s more important than ever for employers to stay on top of their benefits administration. Depending on what types…
Unlocking the Full Potential of an HSA
While most employees are familiar with, and may even use, a health savings account (HSA), there’s a good chance they aren’t reaching the full potential of the account. Average contributions are just above the minimum allowable deductible amount…