Compliance Tracker – August
No Key Compliance Deadlines for August
Employers with calendar-year plans should start preparing for open enrollment for the plan year starting Jan. 1, 2025. This process should include reviewing your company’s benefit offerings, working with vendors to make any benefit adjustments, updating benefit limits and contribution amounts for 2025, and preparing employee communications.
Compliance Overview – Spousal Incentive HRAs
Spousal incentive health reimbursement arrangements (HRAs) are a type of tax-advantaged medical reimbursement account that employers use as a cost-savings strategy. A spousal incentive HRA works like a traditional HRA in many respects, but it is only available to employees who enroll in health coverage through a spouse’s employer. By reimbursing employees on a tax-free basis for their eligible out-of-pocket expenses under a spouse’s health plan, this type of HRA incentivizes employees to enroll in health coverage through their spouse’s employer instead of their own employer.