On June 20, 2019, the Department of Labor (DOL), Department of Health and Human Services (HHS), and the Department of Treasury (Treasury) (collectively, the Departments) published their final rules regarding health reimbursement arrangements (HRAs) and other account-based group health plans.
Archive for month: July, 2019
The Internal Revenue Service (IRS) released a memorandum.
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Join Symetra Life Insurance Company for a Wisdom Workplace webinar hosted by Marien Diaz, VP stop loss claims, and Todd Dzen, director of product management for group life, disability and Select Benefits.
Gen Z is Coming: Are You Prepared?
Soon, Generation Z—those born between 1996 and 2010—will be entering the workforce. Is your company somewhere they can thrive? Is it somewhere they would even want to work?
If you want to attract this budding workforce, you need to understand Gen Zers’ motivations.
For instance, Gen Zers have never known a life without technology. This means if your business still touts outdated tech, Gen Zers likely won’t give you a second thought.
Consider areas where your company’s tech falls short and brainstorm how you can improve. Getting new hardware may be sufficient, but another option is hiring a tech expert to conduct an audit and make suggestions. (Hint: This might be a good job for a Gen Zer.)
Beyond prizing their tech, Gen Zers also value their company’s culture. Like their millennial predecessors, Gen Zers want vibrant, collaborative spaces—think bright colors, open workspaces and natural light.
However, Gen Zers also identify as scrappier than millennials. They have a “self-made” attitude and value healthy competition.
With that in mind, your workplace and culture should accommodate some isolated spaces for Gen Zers to hunker down and get things done.
For more tips on attracting this valuable workforce, talk to one of our experts!
Making Emotional Intelligence Work for You
Emotional intelligence (EQ) is the ability to understand and manage your emotions, as well as others’. It’s similar to empathy, but the ability to manage the emotions effectively is key.
Many businesses are flocking to high-EQ individuals for their attractive leadership style.
Leaders with high EQ are able to communicate their feelings effectively, look at a situation from all perspectives and maintain a positive outlook regardless of the situation.
Do We Need EQ Here?
Effective managers tend to have higher EQ than others, so you may already have leaders like them on board. They have good people skills, can self-regulate and lead by example. Managers who operate by more authoritarian practices get a much different view of their workplaces than high-EQ leaders.
Authoritarian managers are identified by their lack of self-awareness, making them hard to confide in. You want employees to feel comfortable talking to their managers.
If your managers have high EQ, they will likely have a better rapport with employees and be able to manage their needs more effectively.
Most importantly, fostering high EQ invites more democratic corporate management, which is critical for effectively managing differences in opinion. You don’t have a shouting match when your leaders are able to have a mature discourse.
2020 Updated HSA and HDHP Limits
On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include:
- The maximum HSA contribution limit
- The minimum deductible amount for HDHPs
- The maximum out-of-pocket expense limit for HDHPs
These limits vary based on whether an individual has self-only or family coverage under an HDHP.
HSA Contribution Limits for 2020
The IRS limits for HSA contributions increase for 2020. Eligible individuals with self-only HDHP coverage will be able to contribute up to $3,550 for 2020, while eligible individuals with family HDHP coverage will be able to contribute up to $7,100 for 2020.
The $1,000 catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older will remain unchanged.
HDHP Cost-sharing Limits for 2020
For self-only coverage in 2020, the HDHP minimum deductible will increase to $1,400 and the out-of-pocket maximum will increase to $6,900. For family coverage, these limits will increase to $2,800 and $13,800, respectively.
Action Steps
Because these limits change for 2020, employers that sponsor these plans may need to make plan design changes for plan years beginning in 2020.
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