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Changes to consider for your benefit plans

Changes to Consider for Your Benefit Plans

If you follow Benefit Resource on LinkedIn, you may have seen the #TipsFromBRI videos that we have been releasing since mid-July. Due to COVID-19, the majority of BRI employees are currently working at home. However, they are still as dedicated as ever to ensuring that this year’s Open Enrollment goes smoothly for you. That’s why we created the ‘Changes to Consider for Your Benefit Plans‘ video series.

Check out the compilation video of tips provided by some of BRI’s Regional Sales Managers. After that, get more information on each of the tips provided in the video. Also, connect with these managers on LinkedIn!

Changes to Consider for Your Benefit Plans

Get Started Early

Frank Hogshead, Southeast & Florida Region | Watch Frank’s full video.

Get started early this Open Enrollment season and avoid surprises with your HRIS vendor. It helps to loop in your HRIS or technology platform you use early in the process to ensure things are properly set up and communicated. Similarly, your goal should be to have everything ready by your go-live date.

Pair Your HDHP with an HSA

Brooks Knoll, Mountain States Region | Watch Brooks’ full video.

HSA-qualified plans – also called high deductible health plans (HDHPs) – must meet certain requirements set by the IRS each year. For instance, the IRS sets the minimum deductible, out-of-pocket maximum, and requires both non-preventative services to be counted toward the deductible. If your plan qualifies, it’s time to offer an HSA to your employees.

Get a Commuter Benefit Plan

Jean Sicurella, New England Region | Watch Jean’s full video.

Help employees save on qualified workplace transit and parking expenses. Participants can conveniently access these funds as well as other funds available through their BRI accounts through a single card.

Consider Limited Purpose FSAs

Mark P Spiecher, East Coast (NYC) Region | Watch Mark’s full video.

Offer a Limited Purpose FSA to help employees cover vision & dental expenses. Unlike a Medical FSA, Limited Purpose FSAs are compatible with HSAs so participants can take advantage of both at once.

Add COBRA at ANY Time

Jennie Boeckmann, Great Lakes Region | Watch Jennie’s full video.

Add COBRA at ANY time regardless of your company’s situation. BRI can handle all aspects of COBRA administration and provides consistent and accurate legal and regulatory & compliance services.

Specialty Account Flexibility

Tara Brown, Chicago & Midwest Region | Watch Tara’s full video.

Support the financial priorities of your employees by taking advantage of Specialty Accounts. Their flexibility allows you to get creative with your benefits. For example, reimburse office supplies, unique transportation methods, medical costs, and more!

Avoid Making Mistakes with COBRA

Justine Sobczyk, Southern California Region | Watch Justine’s full video.

Make sure your business is compliant with COBRA requirements. This means you should know what companies are subject to COBRA, what health plans are, and when COBRA should be offered to furloughed employees. Check out our eBook for assistance.

HRA Flexibility

Christopher Fiore, NYC Metro Region | Watch Christopher’s full video.

HRAs are flexible and can be designed to meet a variety of needs. Check out our blog Best practices to keep your HRA plan design simple (but impactful) for some ideas on designing your company’s plan.

Help Employees Pay for COBRA

Larry Maistelman, NYC & Long Island Region | Watch Larry’s full video.

Offering an HSA is a great way to attract and retain top talent. For example, one benefit is that HSA funds can be used to pay for COBRA premiums. By getting your employees to enroll in your HSA plan, you give them funds to rely on if they need to sign up for COBRA.

Alternate Commuter Options

Kathy Edgington, Northern California & Pacific NW Region | Watch Kathy’s full video.

Reimburse commuter expenses of your choice with a unique type of Specialty Account. For instance, you can financially reward bikers, carpoolers, walkers, and more — something that can’t be done with a Commuter Benefit Plan.

Post Deductible HRA Benefits

Kendrick Spite, Upstate New York Region | Watch Kendrick’s full video.

Offer a post-deductible HRA to lower employee risk exposure and lessen the impact on employees when the deductible is raised. This type of HRA can also be offered in conjunction with a HDHP and HSA. Learn more about how they work.

Complete Non-discrimination Testing

John Vignoe, NJ/NY Metro Region | Watch John’s full video.

Non-discrimination testing is required by the IRS on a yearly basis for certain plans. For instance, cafeteria plans, self-insured health plans, and dependent care FSA plans must complete this testing.

Communicate Benefits Options Clearly

Mateo Rincón, NYC Region | Watch Mateo’s full video.

Use simple terms during Open Enrollment to explain your benefit plans. As a result, you help to better inform your workforce and will likely see higher enrollment rates.

Get Help This Open Enrollment Season

In conclusion, BRI is dedicated to ensuring that your company’s Open Enrollment this year, despite everything going on, is successful. For additional assistance, check out the links below.