How Do Health Spending Accounts Work? Plan members can be reimbursed from their Health Spending Accounts for deductibles, coinsurance amounts, or amounts in excess of plan maximums that would otherwise be paid out-of-pocket. Funds in a Health Spending Account can also be used to pay for items not covered under an employee’s health or dental plan [...]
The Express Script report is 86 pages and although it makes for great reading, the skinny essentials were noted on the 1st couple of pages of the report (excerpted below): Executive Summary / Trends and a Glance According to the Express Script report, prescription drugs play an important and increasingly essential role in reducing the impact [...]
One of the most frequently asked questions by Plan Sponsors is the following. We have an employee who is on our health and dental benefits plan and is not actively at work, what is our obligation to this member? Unfortunately, when a plan sponsor asks this question, we know that it is too late as [...]
Did you know that a member could divert wages to pre-fund their HSA's An employee can utilize a compensation adjustment agreement between them and their employer at the end of their employment contract (annually, or at the expiry of a Collective Agreement) to use pre-tax dollars that would have been paid to them as ‘gross wages’ [...]
Your benefits plan includes prescription drug coverage – a significant part of your overall benefits package, especially when you consider that each year, approximately 1 in 3 claimants have drug expenses over $1,000 and 1 in 25 claim more than $5,000. Here are some tips from Great-West Life on how you can make purchasing decisions to help [...]
