Curious about when you should notify a participant about a change to their health care plan?  The answer is that it depends!  Notification must happen within one of three time frames: 60 days prior to the change, no later than 60 days after the change, or within 210 days after the end of the plan year. For modifications to the summary plan description (SPD) that…

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For the last three years she has been a company-wide resource, available to answer questions and support new initiatives with her precision, focus, and attention to detail.  She is tenacious and seeks clarity in all that she does here at Kainos Partners.  Her favorite part of the job is working with clients to effectively communicate the intricacies and benefits of their coverage.  “Hina has contributed…

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As the costs of health care soar, many consumers are looking for ways to control their medical spending. Also, with the rise of enrollment in high deductible health plans, consumers are paying for more health care out-of-pocket. From medical savings accounts to discount plans for prescriptions, patients are growing increasingly conscious of prices for their healthcare needs. Price shopping procedures and providers allows you to…

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In its March 15, 2018, decision, the U.S. Court of Appeals for the Fifth Circuit overturned the U.S. Department of Labor’s (DOL) Fiduciary Rule that expanded the definition of an investment advice fiduciary under the federal Employee Retirement Income Security Act (ERISA). Under the Fiduciary Rule, investment brokers were going to be required to put the interest of their clients before their own when advising…

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Q. Can we provide summary plan descriptions (SPDs) electronically? A. Yes. However, just sending them is not enough to meet ERISA requirements; you must ensure the intended recipients are actually getting them. Specifically, ERISA requires SPDs to be furnished using “measures reasonably calculated to ensure actual receipt of the material” via “methods likely to result in full distribution.” Electronic delivery is one way to meet…

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  Medical savings accounts help you save on healthcare expenses and give you control of spending  

Fear of missing out—is more than just a hashtag. Many Millennials admit that #FOMO drives a lot of their decisions on what they wear, what they do, even what they eat and drink. We live in a world of social influence. But one area where #FOMO really does you a disservice? No one is afraid of missing out on the benefits of life insurance. And…

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Taking control of health care expenses is on the top of most people’s to-do list for 2018.  The average premium increase for 2018 is 18% for Affordable Care Act (ACA) plans.  So, how do you save money on health care when the costs seems to keep increasing faster than wage increases?  One way is through health savings accounts. Health savings accounts are used in conjunction…

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Our February 7, 2018 blog post reported on the late February release of the Form W-4 and guidance on the income withholding rules that changed under the Tax Cuts and Jobs Act. On February 28, 2018, the federal Internal Revenue Service (IRS) released the new 2018 Form W-4 and an updated withholding calculator. Why a Withholding Calculator? The IRS encourages the use of the withholding…

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  This year’s flu season is a rough one. Although the predominant strains of this year’s influenza viruses were represented in the vaccine, they mutated, which decreased the effectiveness of the immunization. The flu then spread widely and quickly, and in addition, the symptoms were severe and deadly. The U.S. Centers for Disease Control and Prevention (CDC) reported that the 2017 – 2018 flu season…

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