If you have a high-deductible health plan, a health savings accounts (HSA) offers a unique way to save for medical expenses with tax-free dollars. Understanding what you can purchase with your HSA funds is key to maximizing its benefits.

Understanding HSA Eligibility

IRS guidelines outline eligible expenses, including prescription medications, medical supplies, doctor’s visits, dental and vision care, mental health services, alternative treatments, and long-term care. It is important to ensure your purchases fall within these categories.

Navigating the HSA Shopping Experience:

To make the most of your HSA funds:

• Confirm that items or services are eligible for HSA reimbursement before purchasing.
• If you pay for any products or services that are approved by your HSA, you can reimburse yourself by using your HSA debit card to withdraw money from an ATM, write HSA checks, or transfer HSA funds through the online members portal. It is important to keep your HSA receipts in case of an audit.
• Shop for the best deals to stretch your HSA dollars further.
• If applicable, use a limited purpose flexible spending account or dependent care reimbursement account to cover items not eligible under your HSA.

Common HSA Eligible Products and Services:

• Both over the counter and prescription drugs are eligible expenses.
• Bandages, first aid kits, and diagnostic devices are among the covered medical supplies.
• Co-pays, deductibles, and other out-of-pocket expenses for medical services qualify.
• Routine vision check-ups, glasses, contacts, and dental procedures are eligible.
• Therapy sessions and psychiatric care are covered.
• Acupuncture and chiropractic care may be reimbursed.

Shopping with your HSA enables you to manage healthcare expenses effectively. By understanding eligibility and leveraging everyday eligible items and services, you can make the most of your HSA and maintain your health and financial well-being. Remember to keep records and seek advice to optimize your HSA benefits.

Partnering with Pierce Group Benefits

Pierce Group Benefits partners with the HSA Store® to provide savings to health savings account (HSA) holders through PGB’s discount code. Our goal is to help our client’s employees manage and use their funds, save on health and wellness products, maximize long-term health savings, and help ease the financial burden of medical expense. Through our partnership, we’re also here to help answer the many questions that come along with having a health savings account. For more information on HSAs and to foster a culture of wellness within your organization, speak with your Pierce Group Benefits Account Manager or get in touch with a PGB Representative at partnership@piercegroupbenefits.com.

Accidents are unpredictable and can happen to anyone, at any time. Whether it’s a slip and fall, a car crash, or a sports-related injury, the aftermath of an accident can be physically and financially impactful. Medical bills, loss of income due to temporary or permanent disability, and other unforeseen expenses can quickly add up. This is where accident insurance comes into play.

Accident Insurance

Accident insurance is a type of insurance coverage that provides financial protection in the event of an accident resulting in injury, disability, or death. Unlike health insurance, which typically covers medical expenses related to illness and injury, accident insurance specifically focuses on accidents and their consequences.

How Does Accident Insurance Work?

Accident insurance works by providing a lump-sum benefit in the event of covered accidents. The benefit amount is predetermined and paid out to the insured or their designated beneficiary, depending on the circumstances of the accident. This lump sum can be used to cover medical expenses, replace lost income, or address other financial needs resulting from the accident.

Who Should Consider Accident Insurance?

Accident insurance can be beneficial for individuals and families in various situations:

• Active Individuals: Athletes, outdoor enthusiasts, and individuals who engage in high-risk activities may face an increased likelihood of accidents. Accident Insurance can provide peace of mind knowing that they are financially protected in case of injury.
• Parents: People who are parents with young children may consider accident insurance to help cover medical expenses resulting from accidents common among children, such as falls, burns, and sports-related injuries.
• Seniors: Individuals who are seniors may be at a high risk of accidents due to age or health-related factors and can benefit from accident insurance to help cover medical expenses and provide financial support.

Accidents are an unfortunate reality of life, and their financial consequences can be significant. Accident insurance offers a valuable safety net by providing financial protection in the event of covered accidents. By understanding how accident insurance works and considering their individual needs and circumstances, individuals and families can make informed decisions to safeguard their financial future against the unexpected.

Partner with Pierce Group Benefits

Enhance the safety and security of your workforce by incorporating accident insurance in your employee benefits package. To learn more about accident insurance, speak to your Pierce Group Benefits Account Executive or contact a PGB Representative at partnership@piercegroupbenefits.com.

In today’s workplaces, Employee Assistance Programs (EAPs) are vital resources designed to support employees facing a variety of personal challenges. From mental health concerns to legal queries, these initiatives offer a spectrum of services tailored to meet diverse employee needs.

However, despite the invaluable assistance they provide, EAPs often remain underutilized. A variety of factors contribute to this, including the stigma attached to mental health issues, limited awareness about the range of services offered by EAPs, and confidentiality concerns.

To bridge the gap and maximize the benefits of EAPs, employers can adopt proactive strategies:

Understanding the Importance of Employee Assistance Programs

Employers should prioritize transparent and regular communication regarding the availability and advantages of EAPs. This can be achieved through diverse channels such as onboarding sessions, email updates, and wellness fairs.

Overcoming Barriers to EAP Utilization

Educating employees on the confidentiality of EAP usage is paramount in building trust. Employers must highlight the legal protections in place and establish clear guidelines on data privacy.

Strategies for Employers to promote EAP Awareness and Utilization

Creating a workplace culture that actively challenges mental health stigma fosters an environment where employees feel comfortable utilizing EAP services. Employers can achieve this by promoting mental health awareness and offering resources for stress management.

Fostering a Supportive Workplace Culture for EAP Success

Continuously assessing the performance of EAPs enables employers to refine and enhance their offerings. Gathering employee feedback through surveys and individual discussions aids in tailoring EAP services to meet their evolving needs.
By implementing these strategies, employers can play a pivotal role in maximizing EAP utilization within their organizations. Employers can create a resilient and empowered workforce by fostering a supportive culture that values employee well-being and actively promoting the benefits of EAPs.

Partnering with Pierce Group Benefits

Incorporating EAPs into your benefits package can lead to a more productive and content workforce. For more information on EAPs and to foster a culture of wellness within your organization, speak with your Pierce Group Benefits Account Executive or get in touch with a PGB Representative at partnership@piercegroupbenefits.com.

The burden of student loan debt can have a profound impact on the well-being of employees, both mentally and financially, resulting in initiatives at the governmental and employer levels.

Legislation Impacting Student Loans

Recent legislative changes have expanded the landscape of student loan benefits employers can offer, providing new opportunities for support.

Cares Act

This legislation enables employers to contribute up to $5,250 annually towards their employees’ student loan payments as part of an educational assistance program. Originally scheduled to expire on December 31, 2025, there is a possibility of extensions or permanent adoption, creating a long-term avenue for employers to help their workforce with debt repayment.

Secure 2.0 Act

Effective January 1, 2024, this act enables employers to match employee contributions for qualified student loan repayments under retirement plans such as 401(K), 403(B), or SIMPLE (Savings Incentive Match Plan for Employees) IRA. This unique approach will link retirement savings with student debt relief, providing employees with extra financial support while planning for their future.

By utilizing these options, employers can not only alleviate financial burdens on their employees but also foster a culture of support and investment in their workforce’s long-term financial stability.

Employer Response and Benefits

As the spotlight shines brighter on student loan assistance, employers are incorporating relief programs in their benefits packages to retain highly educated workers and younger generations who tend to have higher levels of student debt. Organizations are meeting employee expectations by expanding benefits, including repayment assistance, financial literacy services, retirement savings, and tuition assistance, to reduce loan-related stress and improve engagement. Providing student loan support demonstrates care for employees’ well-being, fostering retention, productivity, and gives organizations a competitive edge in attracting and retaining highly educated talent.

Partnering with Pierce Group Benefits

Integrating student loan assistance into your benefits package can significantly contribute to nurturing a more content workforce. To explore the advantages of student loan assistance and cultivate a culture of financial well-being within your organization, we invite you to connect with your dedicated Pierce Group Benefits Account Executive. Alternatively, you can reach out to a PGB Representative at partnership@piercegroupbenefits.com for further information.

The increasingly aging generations bring unique healthcare needs and preferences. Chronic conditions, cognitive impairments, and functional limitations become more prevalent with age, necessitating comprehensive and integrated care solutions. Moreover, older adults often require assistance with care coordination, medication management, and access to specialized services tailored to their specific health concerns.

Key Considerations for Health Plans:

• Tailored Care Management Programs: Develop specialized care management programs designed to address the complex needs of aging patients. These programs should encompass proactive health assessments, personalized care plans, and ongoing monitoring to ensure timely interventions and prevent exacerbation of chronic conditions.
• Integration of Technology: Embrace technology-enabled solutions to enhance care delivery and improve patient outcomes. Telehealth platforms, remote monitoring devices, and mobile patient applications can facilitate convenient access to healthcare services, promote medication adherence, and enable remote patient monitoring, particularly beneficial for patients with mobility issues and those in rural communities.
• Multidisciplinary Care Teams: Establish multidisciplinary care teams comprising of physicians, nurses, social workers, pharmacists, and other healthcare professionals. Collaborative care models enable holistic assessments, comprehensive care coordination, and continuity of care across various healthcare settings, ensuring seamless transactions and optimal patient experiences.
• Health Literacy Initiatives: Prioritize health literacy initiatives aimed at empowering aging patients to make informed decisions about their health and navigate complex healthcare systems effectively. Educational resources, including written materials, workshops, and digital platforms, can enhance health literacy and promote active patient engagement in self-care management.
• Community Partnerships: Forge partnerships with community organizations, senior centers, and advocacy groups to expand access to supportive services and resources for aging patients. Collaborative efforts can promote social connectedness, address social determinants of health, and mitigate barriers to healthcare access, ultimately improving health outcomes and quality of
• Financial Planning and Support: Offer comprehensive financial planning resources and assistance to help aging patients navigate healthcare costs, insurance coverage, and available benefits. Clear guidance on Medicare options, supplemental insurance plans, and prescription drug coverage can alleviate financial stressors and facilitate timely access to necessary healthcare services.

The aging patient population presents both challenges and opportunities for health plans to redefine and optimize healthcare delivery. By embracing innovation, collaboration, and patient-centered approaches, health plans can effectively prepare for the evolving needs of older adults and ensure they receive high-quality, coordinated care that promotes optimal health and well-being. As we navigate the complexities of aging generations, proactive adaptation and strategic planning will be paramount in the goal of delivering equitable, accessible, and person-centered care for senior patients.

Partnering with Pierce Group Benefits

Reach out to your Pierce Group Benefits Account Executive or contact a PGB Representative at partnership@piercegroupbenefits.com to explore how your organization can leverage these innovative solutions to benefit your employees. Our team is dedicated to helping you create a workplace that attracts and retains top talent while fostering a culture of well-being and success for all ages of your workforce.

Employers face persistent challenges in the ongoing quest to attract and retain talent amid the post-COVID-19 era. Despite a slight cooling in the labor market for 2024, competition for skilled individuals remains intense. To thrive in this dynamic environment, employers must stay agile and adapt to emerging labor and market trends shaping the year ahead.

Facing Increased Healthcare Costs

The pressing need to balance rising healthcare costs and inflation while providing valuable benefits to employees is a critical challenge. Projections for 2024 indicate a significant surge in healthcare costs, estimated between 6% and 8.5%, marking the highest increase in over a decade. Employers are exploring diverse strategies to mitigate these escalating medical costs like analyzing and redesigning health plan options and allowing the maximum limits for health flexible savings accounts (health FSAs).

Prioritizing Employee Mental Health

Recognizing the widespread impact of mental health issues on employees, employers are making mental health a central theme in 2024. The combination of stress, lack of motivation, and reduced focus has become pervasive, affecting workplace productivity, retention, and morale. Employers are adopting measures such as finding specialized mental health treatment, providing meditation and mindfulness resources, and expanding employee assistance programs.

Promoting Preventative Care Services

Preventative care services take center stage in 2024 as employers recognize their role in maintaining employee health to mitigate long-term costs and enhance overall well-being. Challenges from 2023, such as record-high inflation and soaring medical care costs hindering employees from seeking preventative care, prompt employers to focus on educating employees about the importance of routine care, benefits maximization, and becoming informed healthcare consumers through workshops, newsletters, and other forms of communication.

Understanding and adapting to these key employee benefits trends are critical for employers aiming to attract and retain talent in the evolving labor market. A comprehensive benefits plan contributes to a healthy and engaged workforce and plays a pivotal role in organizational productivity.

Partnering with Pierce Group Benefits

Reach out to your Pierce Group Benefits Account Executive or contact a PGB Representative at partnership@piercegroupbenefits.com to explore how your organization can leverage these trending benefits and other innovative solutions to maximize employee satisfaction. Our team is dedicated to helping you create a workplace that attracts and retains top talent while fostering a culture of well-being and success.

The Internal Revenue Service (IRS) released Revenue Procedure 2023-34 (Rev. Proc. 23-34), outlining key updates to health flexible spending account (FSA) contributions and carryovers for 2024.

Per Employee Limitation

For the 2024 plan year, employees can contribute a maximum of $3,200 in salary reductions. Family members benefiting from the FSA have individual limits, allowing a married couple with separate FSAs to each contribute up to $3,200, subject to employer-imposed limits.

Health FSA Rollover

Revenue Procedure 23-34 raises the maximum carryover amount to $640 for 2024. Employers can choose to set lower carryover limits. Unused funds exceeding the maximum are subject to the IRS’ use-or-lose rule and will be forfeited.

Partnering with Pierce Group Benefits

The IRS’s release of Revenue Procedure 2023-34 brings critical updates to health FSA contribution limits and carryovers for the 2024 plan year. Employers should take proactive steps to ensure compliance with the revised limits, communicate changes effectively, and provide employees with the necessary information to make informed decisions about their health FSA contributions. As the healthcare landscape continues to evolve, staying up to date of regulatory changes remains paramount for both. If you have questions about how these updates impact your health FSA plan, please reach out to your Pierce Group Benefits Account Executive or contact a PGB Representative at partnership@piercegroupbenefits.com.

Open enrollment can be a turbulent time for both employers and employees. It’s the one chance for employees to select and adjust their benefits each year but missing the deadline can lead to severe consequences. The financial impact on employees and the administrative burden on employers can be significant. To avoid these issues, understanding the implications of missing open enrollment is critical. This blog will review the legal aspects, potential repercussions, and strategies to help both employers and employees make the most out of the open enrolment period.

What Happens if an Employee Misses Open Enrollment?

Legal Responsibilities for Employers

Legally, employers are not obligated to make exceptions for employees who miss the open enrollment deadline. Benefit plans often have strict timelines and missing them can result in loss of coverage or the inability to modify benefit elections.

How Can Employers Support Employees During Open Enrollment?

Educational Opportunities

Providing comprehensive benefits education before and during open enrollment is essential. Use various communication channels—flyers, posters, emails, videos, and personal consultations—to reach employees effectively.

Seeking Employee Feedback

Understanding employee preferences is critical. Conduct surveys to gather feedback on information distribution methods and address unanswered questions. Demonstrating a commitment to employee concerns can reduce the likelihood of missed enrollments.

Assisting Employees Who Missed Open Enrollment

For employees who miss the deadline, offer opportunities for them to meet with HR or attend informational sessions. While there may be limited options, providing education, and seeking feedback can help prevent similar issues in the future.

Partnering with Pierce Group Benefits

Navigating open enrollment requires a proactive approach. Pierce Group Benefits offers comprehensive support to ensure your employees are well-informed and empowered during this critical period. From understanding legal obligations to implementing effective communication strategies, our dedicated team is ready to help. For more information, speak to your Pierce Group Benefits Account Executives or contact a PGB Representative at partnership@piercegroupbenefits.com.

 In the ever-evolving landscape of employee benefits, it’s important for organizations to adapt and occasionally make changes to their offerings. However, the success of these changes’ hinges on effective communication. Here’s a guide on how to navigate the process of communicating benefits changes to your employees.

1. Transparency is Key: Start by being transparent about the reasons behind the benefits changes. Whether it’s cost-related, compliance-driven, or aimed at enhancing employee well-being, clear communication fosters understanding and trust.

2. Craft a Clear Message: Develop a concise and clear message that outlines the changes. Avoid jargon and use plain language to ensure that every employee, regardless of their background, can comprehend the information.

3. Choose the Right Channels: Utilize various communication channels to reach different segments of your workforce. This could include emails, company-wide meetings, intranet announcements, or even video messages from leadership. Tailor your approach to ensure maximum visibility.

4. Highlight the Positives: Emphasize the benefits of the changes. Whether it’s improved coverage, enhanced wellness programs, or increased flexibility, showcasing the positive aspects helps employees see the changes as opportunities rather than setbacks.

5. Address Concerns Proactively: Anticipate potential concerns and questions employees might have. Create a comprehensive FAQ document or hold open forums where employees can voice their concerns and receive direct responses from leadership or HR.

6. Offer Support Services: Introduce support services to assist employees during the transition. This could involve additional HR support, informational sessions, or workshops to help employees navigate the new benefits structure.

7. Utilize Employee Feedback: Actively seek feedback from employees throughout the process. This not only helps in understanding their concerns but also makes them feel heard and valued. Use this feedback to make any necessary adjustments or improvements.

8. Train Managers to Address Questions: Managers often serve as a direct link between employees and the organization. Provide them with the necessary training and resources to address questions and concerns effectively, fostering a supportive environment.

9. Measure and Iterate: After the changes have been implemented, gather feedback and analyze the impact. Use this information to refine your communication strategy for future benefit changes, creating a continuous feedback loop.

Effective communication is the linchpin when it comes to successfully implementing benefits changes. By prioritizing transparency, clear messaging, and ongoing support, organizations can navigate these transitions with the understanding and cooperation of their employees.

Partnering with Pierce Group Benefits

At Pierce Group Benefits, we take pride in being one of the leading regional providers of employee benefits to the Public Sector. Our substantial buying power enables us not only to consistently enhance benefits for our current clients but also to offer prospective clients the opportunity to optimize their employee benefits packages.

For our current clients, we understand the importance of maintaining a benefits package that not only meets but exceeds expectations. We are committed to tailoring our offerings to ensure continued satisfaction, often elevating benefits while maintaining or reducing current rates. To explore these enhancements further, connect with your dedicated Pierce Group Benefits Account Manager.

If you are a prospective client seeking to elevate your employee benefits program, we invite you to discover the advantages of partnering with Pierce Group Benefits. Our comprehensive services are designed to provide outstanding benefits, and our experienced team is ready to customize a solution to meet your unique needs. Connect with a PGB Representative at partnership@piercegroupbenefits.com to take the proactive step toward optimizing your employee benefits package with Pierce Group Benefits.