Amwins Connect provides insightful articles that cover various topics as resources to brokers and agencies of all sizes within the Group Benefits industry. As a General Agency, Amwins Connect is always working hard to provide product knowledge and relevant health insurance information. This recap includes topics ranging from one-third of employees' stay for the health insurance, the toll COVID-19 has taken on employee mental health, employers often overlook the benefits of an HSA, compliance alerts, and more.
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One-Third of Employees Stay for the Health Insurance
As record numbers of Americans leave their jobs in the "Great Resignation," a new survey finds that health insurance is holding back some workers from joining the wave. Thirty-three percent say they would be very or somewhat likely to leave their jobs in the near future if health insurance weren't a factor, according to an annual survey from Policygenius. I
Employees Face Rising Costs and A Need for Mental Health Benefits
While the COVID-19 pandemic has taken a toll on mental health, only 31% of employees say their employers have stepped up efforts to address employee wellbeing, according to a survey by the Employee Benefit Research Institute. Nearly half of employees say mental health wellness programs are more important now than they were before the pandemic. Less than half are satisfied with their work-life balance, which could significantly affect mental health.
Employers Often Overlook the Benefits of an HSA
It’s clear that employers need help educating employees on health savings accounts (HSAs). Fifty-six percent of employers don’t know that an employee needs a high deductible health plan (HDHP) to be eligible for an HSA and 50% don’t know that an HSA is portable, according to a survey of 5,000 employers by Bend Financial.
Compliance Alert: OSHA Releases Emergency Temporary Standard Regarding COVID-19 Vaccination Mandate
On November 4, 2021, the Occupational Safety and Health Administration (OSHA) released its highly anticipated emergency temporary standard (ETS) requiring businesses with at least 100 employees to mandate that their employees get vaccinated against the coronavirus or wear a mask and test for COVID-19 on at least a weekly basis.
HSA Exception for Telehealth Ends December 31
The ability of HSA plans to cover telehealth at 100% is ending effective January 1, 2022 for calendar year plans. Under the CARES Act, a high deductible health plan (HDHP) can temporarily cover telehealth and other remote care services without a deductible or with a deductible below the minimum annual deductible otherwise required by law. The temporary exception only applies to services provided on or after Jan. 1, 2020, with respect to plan years beginning on or before Dec. 31, 2021.
2022 Health FSA Contribution Cap Rises to $2,850
The Society for Human Resource Management reports that employees can put an extra $100 in their health care flexible spending accounts (FSAs) next year. The IRS announced on November 10 that the annual contribution limit is rising to $2,850. But with open enrollment for the 2022 benefits year already under way at many organizations, the increase may have come too late for some employees to take advantage of it.
Outbreak Period - Guidance on Extended Timeframes for COBRA Elections and Payments
The SocieThe Internal Revenue Service (IRS) released Notice 2021-58, which further clarifies how to apply the extended deadlines for COBRA elections and COBRA premium payments during the Outbreak Period (i.e., the National Emergency + 60 days) that is still in effect.