Live Well, Work Well – Cholesterol and You (September)
Cholesterol is a waxy substance found in your blood that your body needs to build cells; however, too much can pose aproblem. Cholesterol travels through the blood on proteins called lipoproteins. There are two types of lipoproteins:
1.Low-density lipoprotein (LDL), known as bad cholesterol, makes up most of your body’s cholesterol. High levels of LDL cholesterol can increase your risk for heart disease and stroke.
2. High-density lipoprotein (HDL), known as good cholesterol, absorbs cholesterol and carries it back to the liver to be flushed from the body.
More than 40% of U.S. adults with high cholesterol don’t know they have it, according to a study published in JAMA Cardiology.
View and download the latest Live Well, Work Well newsletter
Benefits Buzz – DOL Updates Model Employer CHIP Notice
The U.S. Department of Labor (DOL) has released a new model employer Children’s Health Insurance Program (CHIP) notice with information that is current as of July 31, 2024.
The Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA) imposes an annual notice requirement on employers who maintain group health plans in states that provide premium assistance subsidies under a Medicaid plan or a CHIP plan.
Compliance Tracker – September
Upcoming Compliance Dates:
A | Provide SAR to Plan Participants (Calendar-year Plans Only) – September 30, 2024
Employers must provide a summary annual report (SAR) to plan participants by Sept. 30, 2024, for calendar-year plans if the employee benefit plan’s Form 5500 deadline was not extended. Plans exempt from the annual Form 5500 filing requirement are not required to provide an SAR. Unfunded welfare plans are also generally exempt from the SAR requirement.
B | Watch for MLR Rebates (Insured Health Plans Only) – September 30, 2024
Employers with insured health plans might receive rebates if their health insurance issuers did not meet their medical loss ratio (MLR) percentage for 2023. Rebates must be provided by Sept. 30 following the end of the MLR reporting year.
Compliance Overview – Key HSA Features – 2025 Compliance
Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under an HDHP until their deductible has been met, or they can use their HSAs to pay for qualified medical expenses that are not covered under the HDHP, such as dental or vision expenses.
HSAs provide a triple tax advantage; contributions, interest and earnings, and amounts distributed for qualified medical expenses are all exempt from federal income tax, Social Security/Medicare tax and most state income taxes. Due to an HSA’s potential tax savings, federal tax law includes strict rules for HSAs, including limits on annual contributions and HDHP cost sharing.
HSAs are individually owned accounts, which means that individuals keep their HSAs even if they switch jobs or change their health plan coverage. Also, since there is no deadline for spending HSA money, individuals can use HSAs to save for future medical expenses.
Career Elevator: Companies Seek Employees With a Strong Work Ethic (August)
A new survey by HR management company ADP revealed that “a strong work ethic” is the top skill companies are looking for in new hires, but it’s the hardest to find. This research further validates the importance of soft skills in the workplace and how these behavioral skills can give job seekers a competitive edge.
Client and Employee Resources
The more your employees understand your benefit plans the more they become educated, empowered consumers. The programs you provide will also gain an enhanced value.
As your strategic partners in employee benefits, we can provide multiple avenues of ongoing support, including:
- Employee Meetings (English and Spanish)
- Webcasts
- Payroll Stuffers
- Poster Campaigns
- Newsletters
Carrier Directories
E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. Click the image below to begin.
